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Wednesday, 29 June 2016

P&M: Fubon opens Beijing branch

29 June 2016

Fubon Bank (China) has opened a branch in Beijing, becoming the first Taiwanese lender to have an outlet in the Chinese capital.

P&M: Chandgothia leaving ICICI for Taiwanese bank

29 June 2016

Abhishek Chandgothia, chief manager in the international syndications group at ICICI Bank, is leaving to join CTBC Bank. *

EQUITIES: HHI and HSHI selling US$195m Hyundai Motor block

29 June 2016

Hyundai Heavy Industries (HHI) and Hyundai Samho Heavy Industries (HSHI) are selling a US$191-$195m block of shares in Hyundai Motor Company.

EQUITIES: Orient Securities raises US$1bn from Hong Kong IPO

29 June 2016

China’s Orient Securities has raised HK$7.8bn (US$1bn) from a Hong Kong IPO, after pricing it in the lower half of an indicative price range, according to sources close to the deal.

LOANS: Pertamina mandates seven for up to US$1.5bn loan

29 June 2016

Indonesian oil and gas company Pertamina has mandated seven banks for a five-year financing of up to US$1.5bn, which is slated for launch into general syndication in end-July. 

BONDS: AfDB taps June 2026s

29 June 2016

African Development Bank made its first public visit to the Kangaroo market since January 2015 for today’s A$60m (US$44.4m) addition to its 4.5% June 2 2026 bonds to raise the issue size to A$215m. 

P&M: Goldman Sachs India ECM head leaves

29 June 2016

PV Krishna has left as managing director and the ECM head at Goldman Sachs India, says a source aware of the matter.

EQUITIES: Vocus launches A$652m equity raising

29 June 2016

Australia’s Vocus Communications has launched a A$652m (US$481m) equity raising, including a rights issue and a placement, according to a company statement.

EQUITIES: Telekom raises US$250m from Treasury block

29 June 2016

Telekomunikasi Indonesia raised Rp3.3trn (US$250m) from a block trade of Treasury shares after increasing the number to 864m from 425m.

EQUITIES: Rici Healthcare decides against IPO launch

29 June 2016

Rici Healthcare, a private medical services group in China, has decided not to launch its Hong Kong IPO of US$150m–$200m this week, according to sources close to the plans.

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Brexit rocks Asian markets

Brexit rocks Asian markets

IFR Asia 948 - June 25, 2016

The United Kingdom’s vote to leave the European Union sent a chill through Asian credit markets on Friday, with risk-averse investors piling into US Treasuries and ditching sterling.

Quartet ignores Brexit risk

Quartet ignores Brexit risk

IFR Asia 948 - June 25, 2016

Four Asian companies proceeded with IPOs of a combined US$2.8bn last week, with structures that gave them wide pricing discretions amid  market uncertainty.

China crimps backdoor listings

China crimps backdoor listings

IFR Asia 948 - June 25, 2016

Companies looking to bypass China’s backlogged IPO pipeline through backdoor listings face new hurdles in light of draft regulations intended to clamp down on reverse takeovers.

A man speaks on the phone outside the Bank of China head office building in Beijing, China.

China has US$1trn TLAC problem

IFR Asia 948 - June 25, 2016

China’s big four banks may struggle to meet an estimated capital requirement of US$1trn, the world’s largest shortfall in total loss-absorbing capacity, as this kind of paper will prove a tough sell for onshore investors.

A man walks past the Reserve Bank of India (RBI) head office in Mumbai, India.

Indian investors look beyond Rajan

IFR Asia 948 - June 25, 2016

Raghuram Rajan’s shock decision to step down as Reserve Bank of India governor threw the rupee bond market off balance last Monday, but local investors soon took the view that his reforms would endure and they quickly recovered their composure.

China faces US$1.1bn IPO test

China faces US$1.1bn IPO test

IFR Asia 948 - June 25, 2016

Bank of Jiangsu has started premarketing China’s largest domestic listing since the country resumed IPOs last November, in a sign that regulators may be loosening controls on the size of listings one year after the market’s collapse.

China faces US$1.1bn IPO test

Aussies hatch year's largest IPO

IFR Asia 948 - June 25, 2016

Preparations for Australia’s largest listing of the year are under way as poultry producer Inghams Enterprises has mandated six banks for its potential IPO of A$1.5bn (US$1.1bn).

A Chinese national flag is seen in front of a chimney of a heat supply plant in Beijing.

PRC issuers gain forex freedom

IFR Asia 948 - June 25, 2016

China’s foreign-exchange watchdog says domestic companies can now convert offshore proceeds freely into local currency, a relaxation of restrictions that promises to transform offshore bond issuance.

GFSec back on borrowing trail

GFSec back on borrowing trail

IFR Asia 948 - June 25, 2016

After a challenging year for stock markets in China, GF Securities is back in the market for a loan of HK$3.5bn (US$451m), significantly bigger than its last borrowing.

Sogo shops for refinancing

Sogo shops for refinancing

IFR Asia 948 - June 25, 2016

Department store Sogo, the owner of a prime piece of real estate in Hong Kong, is wooing lenders for a refinancing loan of HK$8bn (US$1bn), which comes with rarity value and tight pricing amid a lack of deal flow in the city.

India tries hybrid ETF again

India tries hybrid ETF again

IFR Asia 948 - June 25, 2016

The Indian government is looking to trim its stakes in private companies through the launch of a new exchange traded fund, two years after first failing to set up such a vehicle.

Public sector revives Masala plans

Public sector revives Masala plans

IFR Asia 948 - June 25, 2016

Indian public-sector enterprises are again preparing to issue Masala bonds under growing pressure from the government, market sources say.

Creating quality jobs, developing the private sector, and combating climate change are key to a sustainable region, ADB President Takehiko Nakao said in his opening address at the 49th Annual Meeting of ADB’s Board of Governors in Frankfurt.

IFR Asia Asian Development Bank Roundtable 2016: Internationalising Asia’s capital markets

Asia’s bond markets are at the centre of a concerted marketing effort. From Pandas and Dim Sum bonds to Masalas and Formosas, many of Asia’s local debt products are already firmly established in the world’s financial lexicon.

All in this together

IFR Asia 948 - June 25, 2016

If anyone ever thought that Asia would be insulated from the outcome of the referendum on Britain’s future in (or out of) the European Union, such an idea was quickly put to rest when the first shocking results started trickling out of Sunderland. Britain is leaving the EU – and Asia has no more hope of escaping the consequences than Europe itself.

Rajan's legacy

IFR Asia 948 - June 25, 2016

When Raghuram Rajan steps down as governor of the Reserve Bank of India on September 4, he will be the first governor in a quarter century to leave after a single term. Paradoxically, his legacy is very likely to outshine that of his longer-tenured predecessors.

Jonathan Rogers

Indonesia's coal offers a cautionary tale for creditors

IFR Asia 948 - June 25, 2016

Forgive my returning to Indonesia just a week after my last column on the topic but it’s worth the deja vu, since a big(ish) restructuring over there is winding its way to the supposed finish line and it shines a light on much else besides.

A man walks past the Reserve Bank of India (RBI) head office in Mumbai, India.

Indian investors look beyond Rajan

IFR Asia 948 - June 25, 2016

Raghuram Rajan’s shock decision to step down as Reserve Bank of India governor threw the rupee bond market off balance last Monday, but local investors soon took the view that his reforms would endure and they quickly recovered their composure.

Regulators want bigger say on HK IPOs

IFR Asia 948 - June 25, 2016

Market participants have welcomed a proposed overhaul of Hong Kong’s equities listing regime, while seeking more clarity on the detailed implementation of the changes.

PBOC may let domestic banks do offshore renminbi trades

IFR Asia 948 - June 25, 2016

China is considering allowing local commercial banks to do offshore renminbi trades, says the central bank.

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