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Saturday, 21 July 2018

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Top Stories from this week's IFR Asia magazine

Released online
Friday 1600 Hong Kong / Friday 0900 London

Strained connections

IFR Asia 1050 - July 21, 2018

Last week’s spat over the Stock Connect link between Hong Kong and China has dredged up some uncomfortable questions over the future of the parallel markets. It needn’t have.

Project: impossible

IFR Asia 1050 - July 21, 2018

Asia’s first securitisation of project finance loans is cause for celebration. Keeping the party going, however, will be another story.

Hot demand for HK biotech IPO

Hot demand for HK biotech IPO

IFR Asia 1050 - July 21, 2018

A strong response to the HK$3.59bn (US$457m) Hong Kong IPO of Ascletis Pharma, the city’s first under new rules accommodating early-stage biotech companies, is setting a positive tone for at least nine other such deals this year.

Default spurs buyside rethink

Default spurs buyside rethink

IFR Asia 1050 - July 21, 2018

The shock offshore default of China Energy and Reserve Chemicals Group could force one of the country’s biggest institutional investors to be more cautious on its investments in offshore Chinese bonds.

HNA disposal spooks bondholders

HNA disposal spooks bondholders

IFR Asia 1050 - July 21, 2018

A unit of embattled Chinese conglomerate HNA Group may be heading for a showdown with bondholders over the sale of five warehouses in Singapore, analysts warned last week.

Hong Kong Exchanges and Clearing Chief Executive Charles Li speaks during a news conference introducing Shenzhen-Hong Kong Stock Connect, at the Hong Kong Exchanges in Hong Kong.

Bankers shrug off Stock Connect tiff

IFR Asia 1050 - July 21, 2018

Bankers in Hong Kong have shrugged off the surprise decision by China’s stock exchanges to exclude companies with dual-class shares from the Shanghai and Shenzhen Stock Connect schemes.

An SGX sign is pictured at Singapore's stock exchange.

SGX set for first dual-class IPO

IFR Asia 1050 - July 21, 2018

Singapore Exchange could see its first dual-class share listing later this year as Jubilant Pharma, a unit of India’s Jubilant Life Sciences, mulls such a structure for an IPO of up to US$500m.

A man walks outside a commercial building at the financial Central district in Hong Kong, China.

Asia bond buyers play hardball

IFR Asia 1050 - July 21, 2018

Some asset managers have resorted to a new trick to win concessions in Asia’s ailing US dollar bond market: holding new issues to ransom.

First project loan CLO hits Asia

First project loan CLO hits Asia

IFR Asia 1050 - July 21, 2018

Singapore’s Clifford Capital last week began marketing a groundbreaking securitisation of project finance loans, which aims to free up capital for banks and give institutional investors access to a new asset class.

Loan rush for China non-banks

Loan rush for China non-banks

IFR Asia 1050 - July 21, 2018

China Citic Bank’s overseas investment banking unit is poised to make its debut in the offshore loan markets with a US$500m facility, the latest of several financings for non-banking subsidiaries of Chinese banks.

A visitor looks at a model of a new apartment complex at a showroom of Evergrande Real Estate Group in Wuhan, Hubei province.

Developers turn to buybacks

IFR Asia 1050 - July 21, 2018

While many high-yield Chinese property developers are battling to maintain their access to the international capital markets, others are buying back their securities in an unusual bid to bolster investor confidence.

A man works at a transmission tower in Kakogawa, Hyogo Prefecture, Japan.

Biomass boost for Japanese project finance

IFR Asia 1050 - July 21, 2018

Japan’s project finance industry is embracing alternative forms of renewable energy as the country broadens its energy mix and prioritises clean fuels.

Sunil Mehta, chief executive officer of India's Punjab National Bank (PNB), reacts during an interview with Reuters at his office in New Delhi, India.

India swoops in to prop up PNB

IFR Asia 1050 - July 21, 2018

India is planning a capital injection of Rs113.36bn (US$1.6bn) in five public sector banks, including scandal-hit Punjab National Bank, ahead of the interest-payment date for Basel III-compliant Additional Tier 1 bonds.

Chairman of Sunac China Holdings Ltd. Sun Hongbin speaks during a strategic cooperation signing ceremony with Dalian Wanda Group and R&F Properties in Beijing, China.

Developers won't be put upon

IFR Asia 1050 - July 21, 2018

Chinese property developers are offering juicy step-ups on onshore puttable bonds to relieve growing refinancing pressures, but the sweeteners are not swaying domestic investors worried about rising default risks.

Greentown plans to list house building unit in US$300m IPO

20 July 2018

Hangzhou-based developer Greentown China is planning to list its house building unit in a Hong Kong IPO that could raise about US$300m, according to people close to the deal.

Full exercise of Jiangxi’s overallotment

20 July 2018 By Candy Chan

The underwriters of Jiangxi Bank’s float have fully exercised the greenshoe option to expand the IPO size to HK$8.6bn (US$1.1bn).

MOVES-ANZ's head of debt syndicate for Asia steps down

20 July 2018

Alan Roch has resigned from his job as head of Asia debt syndicate at Australia and New Zealand Banking Group. The bank has so far not named a replacement for him.

India’s ReNew Power likely to defer up to US$1.3bn IPO

20 July 2018 By S Anuradha

Indian renewable energy company ReNew Power is likely to postpone its US$1bn–$1.3bn IPO as investor demand is coming in below guidance, people with knowledge of the transaction said.

HSBC fined over "systemic deficiencies" in bond sales

20 July 2018 By Thomas Blott

Hong Kong’s securities regulator has fined HSBC HK$9.6m (US$1.2m) for “systemic deficiencies” in its bond selling practices.

Trafigura pays same pricing as on October facility

20 July 2018 By Prakash Chakravarti, Evelynn Lin

Commodity trader Trafigura Beheer is paying the same pricing on its latest US$1.5bn-equivalent financing as it did on last October’s visit to the loan market. 

Inke fully exercises IPO greenshoe

20 July 2018 By Candy Chan

The underwriters of Chinese live-video-streaming operator Inke’s IPO have exercised the overallotment option in full, lifting the size of the float to HK$1.3bn (US$170m).

CMB Financial Leasing returns with US$400m facility

20 July 2018

CMB Financial Leasing is returning to the market for a US$400m three-year term loan after it raised a bigger borrowing in June last year.

Biomass boost for Japanese project finance

20 July 2018 By Wakako Sato

Japan’s project finance industry is embracing alternative forms of renewable energy as the country broadens its energy mix and prioritises clean fuels.

Basis swap moves could trigger Kangaroo bounce

20 July 2018 By John Weavers

The Kangaroo market may be set for an upturn in financial and corporate issuance after short-end funding pressures in the US contributed to significant shifts in Australian/US dollar cross-currency basis swap levels.

All Latest news

Hong Kong Exchanges and Clearing Chief Executive Charles Li speaks during a news conference introducing Shenzhen-Hong Kong Stock Connect, at the Hong Kong Exchanges in Hong Kong.

Bankers shrug off Stock Connect tiff

IFR Asia 1050 - July 21, 2018

Bankers in Hong Kong have shrugged off the surprise decision by China’s stock exchanges to exclude companies with dual-class shares from the Shanghai and Shenzhen Stock Connect schemes.

SFC bans ex-StanChart IPO banker

SFC bans ex-StanChart IPO banker

IFR Asia 1050 - July 21, 2018

Hong Kong’s Securities and Futures Commission has banned a former Standard Chartered banker from re-entering the industry for three years following its probe into the 2009 China Forestry IPO.

Digital Edition

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IFR Asia Asian Development Bank Roundtable 2018: Solving the capital markets conundrum

IFR Asia Asian Development Bank Roundtable 2018: Solving the capital markets conundrum

The Philippines, the host of this year’s Asian Development Bank annual meetings, provided an ideal backdrop for a forthright debate on the role of the capital markets in funding Asian infrastructure projects.

More Special Reports

IFR Asia Asian Development Bank 2018
It is hard to think of a more appropriate setting for this year’s Asian Development Bank annual meetings. Manila, the Philippines capital, has long been a case study for under-investment in infrastructure, but the current administration is doing its best to shake off that reputation with an ambitious development plan.

IFR Asia Outlook for Asian credit Roundtable 2018
The end of the first quarter of 2018 provided the ideal backdrop for a debate on the future of Asia’s credit markets. After a bumper year for Asian bonds in 2017, followed by the busiest January for international issuance on record, rising US Treasury yields and renewed diplomatic tensions have injected a note of uncertainty.

IFR Asia Reg S Bonds Roundtable 2018
The growth of the Reg S bond market has been one of the defining trends of the Asian capital markets in recent years. Driven by the seemingly unstoppable rise of Asian wealth – especially deep-pocketed Chinese investors – US dollar bond sales in the region no longer depend on the participation of US institutions.

IFR Asia IMF/World Bank Roundtable 2017
The IMF/World Bank annual meetings this year provided an ideal backdrop for a discussion on the internationalisation of Asia’s capital markets.