Top Stories from this week's IFR Asia magazine
Released online Saturday 23:00 Hong Kong / Friday 16:00 London
China’s desperate efforts to restore confidence in mainland equities last week failed to halt a market crash that has wiped out almost 30% of market value in just three weeks.
At least a dozen Indian infrastructure developers are turning to the local bond market to cut funding costs, in an early sign that institutional investors are warming to project financings.
Asian credit held firm last week even as fears for Greece’s future in the eurozone slammed the brakes on new issues, lifting Asia’s appeal as a safe haven from the European crisis.
BoCom International, the Hong Kong-based investment banking unit of Bank of Communications, has bought a stake in Huaying Securities from RBS to be the first Chinese bank to enter the domestic securities industry in more than a decade.
Australia’s biggest specialist fixed-income broker has launched a daily pricing service for the over-the-counter secondary bond market, in a bid to boost transparency for smaller investors.
Holders of senior debt from Singapore’s banks will have reason to breathe easy if the Monetary Authority of Singapore implements proposals to limit its statutory bail-in framework to subordinated debt.
Singapore’s bid to complete its first main board IPO of 2015 ran into fresh challenges last week as the Greek debt crisis dented demand just as books opened on a REIT from Canadian insurer Manulife.
Fitch Ratings handed Malaysia a surprise vote of confidence on Tuesday as it affirmed the country’s A– sovereign rating and upgraded its outlook to stable from negative.
Asian issuers sold a record amount of international bonds in the first half of 2015, underlining the region’s resilience in the face of mounting turmoil in the rates markets.
A slowdown in regional economies due to weak exports and soft consumer demand saw syndicated loan volumes in Asia Pacific, excluding Japan, fall 15% to US$214.1bn in the first half of 2015 from US$252.4bn for the same period last year.
Jumbo equity offerings from Chinese brokerages powered Asia-Pacific equity offerings to a record in the first half of 2015, lifting deal volumes more than 75% on the previous year and putting Goldman Sachs on top of the bookrunner league table.
Investment banking fees in Asia Pacific, excluding Japan, climbed more than 3% in the first half of 2015, outperforming declines in every other major region.
IFR's daily digest of views & news for capital markets professionals
Suspensions dilute official equity support measures.
IFR editor-at-large Keith Mullin looks at US regulatory plans to dent bonuses.
Asian currencies need to prove they can withstand the storms in Europe.
Keith Mullin on a real gap in the market…
Wyndham Worldwide rolled out a new US$275m timeshare deal on Tuesday, making it the only US ABS issuer to step out in a market preoccupied with the Greek debt crisis, bankers said.
MasterCraft, a maker of speed boats used for water skiing and wakeboarding, brushed off a last-minute patent infringement lawsuit from arch-rival Malibu Boats to launch its IPO.
Five high-grade borrowers broke the week-long drought in primary issuance Tuesday with US$5.4bn of deals, but double-digit premiums were needed given the worries coming out of Greece.
Bank Nederlandse Gemeenten on Tuesday will provide the first test of appetite for European SSA issuers since the Greece referendum was announced, playing it safe with a short-dated dollar floater.
The European Central Bank has raised the haircut on the collateral that the beleaguered Greek banks must provide to secure emergency funding, piling further pressure on negotiations around the country’s future.
The Greek crisis has halted new issuance for now, but there are plenty of deals yet to surface in the European market.