Top Stories from this week's IFR Asia magazine
Friday 1600 Hong Kong / Friday 0900 London
The contrasting fortunes of two Chinese IPOs last week hinted at the potential for Hong Kong’s stock market, should the Exchange’s much-discussed reforms go ahead.
In a rational market, increasing the supply of a product tends to lower the price. In the Chinese offshore bond market, somehow it has the opposite effect.
The People’s Republic of China is finalising the underwriting syndicate for its first US dollar sovereign bond since 2004, moving closer to a deal that has already had an impact on corporate credit curves.
The first major financial technology IPO in Hong Kong has drawn overwhelming demand from both institutional and retail investors, showing the city’s ability to support high valuations for new-economy companies.
Asia Pulp & Paper, the group behind Asia’s biggest corporate default, is looking to sell US dollar bonds for the first time since 2001 as it rebuilds trust among international investors.
UBS Group’s top investment banker is looking to its onshore Chinese securities venture to drive growth in an uncertain period for global investment banking.
Under pressure from a rapidly appreciating currency, Thailand is easing restrictions on baht bond sales for foreign issuers.
Chinese logistics company Best last week raised half of the targeted amount from its NYSE IPO after investors refused to accept the pricey valuation the Alibaba-backed company had sought.
Bain Capital’s proposed ¥2trn (US$18bn) acquisition of the memory-chip business of Japan’s Toshiba is set to stretch the boundaries of Asian leveraged finance as the region’s largest buyout.
Offshore lenders to Dalian Wanda Group met twice this month to discuss their options, sources said, in a sign of growing concern over the Chinese property-to-entertainment giant’s overseas debts.
Deutsche Bahn pushed this year’s record tally of Australian corporate bond offerings further down the track on Thursday with a A$600m (US$480m) Kangaroo debut, the biggest so far for a European corporate issuer.
Two of India’s biggest renewable energy companies, Greenko Group and ReNew Power Ventures, plan to sell a combined US$750m of rupee-denominated bonds in the domestic market, as regulatory restrictions have made it impossible to target foreign buyers.
China National Petroleum Corporation is set to give a further boost to China’s fast-growing exchangeable bond market with plans for a record domestic issue only two months after its debut.
Goldman Sachs has revamped its Asia leadership with a number of internal promotions in Hong Kong and South-East Asia, as the US bulge-bracket bank replenishes its senior ranks following recent retirements.
IFR Asia is looking for the most impressive deals and the institutions that have best delivered on their chosen strategy across Asia’s financing markets over the past 12 months.
Cromwell European Real Estate Investment Trust (CEREIT) has shelved its downsized €927m (US$1.1bn) Singapore Exchange IPO due to insufficient demand.
Chinese online game developer NetDragon Websoft Holdings has launched a top-up placement of about US$125m.
Mercuria Energy Trading has mandated 11 banks on a US$850m loan* to refinance and extend a multi-tranche facility signed last November.
Japan Post Holdings has covered the chunky domestic retail portion of its ¥1.33trn (US$12.3bn) follow-on offering, putting the deal on course for a successful completion, according to a source close to the situation.
Grameen Koota is hiring banks for its proposed IPO of Rs5bn–Rs6bn (US$80m–$92m), targeted for launch next year, according to a person with knowledge of the plan.
The books on SBI Life Insurance’s Rs84bn (US$1.3bn) IPO have been 1.18 times covered, data on the local stock exchanges show.
State-owned Beijing Automotive Group is still awaiting consent from lenders to its request for a waiver on registration of its latest €265m (US$317m) five-year offshore loan with Chinese regulators after completing the same.
Hong Kong-listed Kingboard Chemical Holdings is back for a HK$5bn (US$640m) four-year loan, two years after raising a HK$6bn refinancing facility.
Postal Savings Bank of China (A2/A/A+) yesterday printed Asia’s largest bank capital offering with a US$7.25bn sale of Additional Tier 1 non-cumulative perpetual offshore preference shares.