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Saturday, 24 June 2017

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Top Stories from this week's IFR Asia magazine

Released online
Saturday 0800 Hong Kong / Friday 0000 London

Volatily index

IFR Asia 997 - June 24, 2017

Two years ago, MSCI’s decision not to include Chinese A-shares in its benchmark emerging market index marked the end of a bull market for mainland equities. In a bizarre twist, this year’s review in favour of Chinese stocks has again ushered in a new bout of volatility.

Supply pressure

IFR Asia 997 - June 24, 2017

Just as a leopard never changes its spots, Chinese property developers will always have an aggressive approach to financing.

Market buckles under Evergrande

Market buckles under Evergrande

IFR Asia 997 - June 24, 2017

China Evergrande Group’s voracious debt appetite and jitters in the Chinese market left investors nursing huge losses on almost US$10bn of new high-yield bonds last week.

GLP buyout stirs Asian lenders

GLP buyout stirs Asian lenders

IFR Asia 997 - June 24, 2017

The potential buyout of Singapore-listed Global Logistic Properties has the Asian loan markets buzzing in anticipation of a record leveraged financing.

Moody's warns on Aussie housing

Moody's warns on Aussie housing

IFR Asia 997 - June 24, 2017

Fears of an impending Australian housing crash resurfaced last week after Moody’s downgraded the country’s Big Four lenders, though the market response was notably muted.

MSCI relents on A-share inclusion

MSCI relents on A-share inclusion

IFR Asia 997 - June 24, 2017

China’s equity markets received their biggest global endorsement so far as US index provider MSCI finally opted to include mainland A-shares in its benchmark emerging markets index.

Shandong Gold takes fees to new low

Shandong Gold takes fees to new low

IFR Asia 997 - June 24, 2017

The up to US$1bn Hong Kong IPO of Shandong Gold Mining has emerged as the latest example of Chinese banks turning to low fees to squeeze out their international rivals.

The BPCE bank logo is seen outside their headquarters in Paris.

BPCE gives Samurais social twist

IFR Asia 997 - June 24, 2017

BPCE last week became the first foreign bank to sell social bonds in the Samurai market.

A customer walks past a logo of Malaysia's mobile network operator Maxis at its headquarters in Kuala Lumpur.

Malaysian bounce lacks force

IFR Asia 997 - June 24, 2017

Investors won healthy price concessions on two high-profile Malaysian financings last week, in a sign of measured enthusiasm for the country’s rebounding equity markets.

A decoration is seen on the headquarters of Kyobo Life Insurance in central Seoul.

Kyobo premieres Korean hybrids

IFR Asia 997 - June 24, 2017

Kyobo Life Insurance is planning to issue hybrid capital securities in its first visit to the US dollar bond market, potentially setting a template for other Korean insurers looking to comply with stricter rules.

EBC switches off on lenders

EBC switches off on lenders

IFR Asia 997 - June 24, 2017

The cancellation of another acquisition in Taiwan’s cable TV industry has left lenders disappointed for the second time in three months.

Road King in dual capital boost

Indian munis start with a bang

IFR Asia 997 - June 24, 2017

Pune, a city in India’s western state of Maharashtra, set a tight price last week for the country’s first municipal bond in over a decade, but investors are sceptical that many will follow given the poor finances of most municipal corporations.

Road King in dual capital boost

Road King in dual capital boost

IFR Asia 997 - June 24, 2017

Last week was a busy one for Hong Kong-listed Road King Infrastructure, which sold its second fixed-for-life perpetual bond in five months and launched an IPO of its toll-road assets.

Perp fever returns in Singapore

Perp fever returns in Singapore

IFR Asia 997 - June 24, 2017

The search for higher returns has bolstered demand for corporate perpetual securities in Singapore, driving first-half issuance to S$2.15bn (US$1.55bn), double that of the whole of 2016.

MOVES-Citigroup poaches two senior bankers from UBS

23 June 2017

Citigroup has snagged two senior bankers from UBS in Asia, while the Swiss investment bank also announced several changes.

BGF Retail block raises W252bn

23 June 2017

Hong Seok Hyun and Hong Ra Young have raised W252bn (US$221m) from the sale of shares in BGF Retail.

ICG senior loan fund adds to Australian HY liquidity

23 June 2017 By Sharon Klyne

UK-listed asset manager Intermediate Capital Group has raised around A$425m (US$321m) with the first closing of its flagship Australia Senior Loan Fund, targeting high-yield opportunities in leveraged finance.

Icon Cancer Care launches LBO loan

23 June 2017

A five-year senior leverage buyout financing of A$460m (US$347m) for the acquisition of Icon Cancer Care has been launched through joint underwriters Goldman Sachs and Credit Suisse. This follows roadshows in Sydney, Hong Kong and Singapore.

Singapore ECM volume down 62% in first half

23 June 2017

Share issue proceeds dropped 62% in Singapore in the first half of this year to S$1.46bn (US$1.05bn), from S$3.87bn a year earlier, Thomson Reuters data show.

HDFC to place Masalas to IFC

23 June 2017

Housing Development Finance Corp will place Masala, or offshore rupee, bonds of Rs13bn (US$258m) to International Finance Corp, according to a BSE filing.

GIS raises US$207m from GDR sale

23 June 2017

General Interface Solution has raised US$207m from the sale of global depository receipts.

Shenwan Hongyuan files for Rmb12bn private placement

23 June 2017

Shenwan Hongyuan Group has applied for approval to the China Securities Regulatory Commission for a proposed private share placement of up to Rmb12bn (US$1.76bn).

CBRC orders checks on loans to acquisitive firms - sources

22 June 2017

(Reuters) China’s banking regulator has ordered a group of commercial banks to assess their exposure to offshore purchases by a handful of acquisitive Chinese corporate groups, two people familiar with the matter said on Thursday.

BGF Retail block to raise W233bn

22 June 2017

Sole bookrunner Goldman Sachs has launched a block of up to W233bn (US$204m) in BGF Retail at an indicative price range of W100,000–W102,000.

All Latest news

A dock worker sits next to shipping containers at the main Sri Lankan port in Colombo.

Asian Development Bank: Mobilising resources

Yokohama is an apt setting for the Asian Development Bank’s 50th anniversary meeting. The Japanese port city was one of the earliest to open to international trade, and one of the first beneficiaries of infrastructure financing that combined public and private resources at home and overseas.

MSCI relents on A-share inclusion

MSCI relents on A-share inclusion

IFR Asia 997 - June 24, 2017

China’s equity markets received their biggest global endorsement so far as US index provider MSCI finally opted to include mainland A-shares in its benchmark emerging markets index.

China orders checks on offshore loans

IFR Asia 997 - June 24, 2017

Industrial and Commercial Bank of China said on Friday its checks of loans to companies that made overseas acquisitions were routine, following reports that the regulator had ordered lenders to assess credit extended to a handful of highly acquisitive firms.

More disclosures for Indian munis

IFR Asia 997 - June 24, 2017

The Securities and Exchange Board of India has put out new guidelines to make municipal bonds more investor-friendly as Pune Municipal Corp reopened the market last Monday after over a decade to sell 10-year notes of Rs2bn (US$31m).

Addition to Aussie HY liquidity

IFR Asia 997 - June 24, 2017

UK-listed asset manager Intermediate Capital Group has raised around A$425m (US$321m) with the first closing of its flagship Australia Senior Loan Fund, targeting high-yield opportunities in leveraged finance.

ICBC Chairman_Yi Huiman_ifraweb

ICBC looks to future challenges

IFR Asia 997 - June 24, 2017

The head of China’s largest bank sees credit risks, interest rate liberalisation and fintech as the biggest challenges for the country’s banking sector.

More Special Reports

Outlook for Asian Credit Roundtable
The outlook for Asian credit has rarely been brighter. The first quarter of 2017 was a record for international bond issues from Asia, beating the previous three-month record by 25%, and high-yield offerings are booming.

China Securitisation Roundtable
The opening of China’s domestic bond market is the single biggest opportunity in the global fixed income arena today, and securitisation is likely to be among the biggest beneficiaries.

ESG Financing Roundtable
Environmental, social and governance factors are becoming ever more important in investment decisions. Whether fund managers worry about climate change or simply want to protect the long-term value of their portfolio, sustainability is now high on the agenda.

LGFV Funding Roundtable
The finances of China’s local governments are once again capturing the attention of capital markets participants, but for very different reasons.

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