IFR's daily digest of views & news for capital markets professionals
While Russia is trading weaker as investors wait to see if the EU follows the US with further sanctions, the rest of the market is in great shape, with Turkey in particular catching a bid, spurred by an upbeat inflation report, leaving room for possible rate cuts.
Tata Steel’s appetite for overseas bond financing is increasing as it seeks to address its roughly US$5bn in debt maturities next year.
Boparan’s high-yield bonds issued in June plunged to new lows on Thursday, after a national newspaper published a scathing exposé alleging hygiene failings at the company’s poultry factories.
They exclude retail money market funds, says James Saft.
Peters returns from lunch to find the postie has lost €10m.
Former Republican CFTC Commissioner Scott O’Malia will become CEO of chief derivatives lobby group ISDA on August 8, marking a dramatic shift that could signal a change in course for the traditionally hard-line anti-regulation lobbying Association.
Citgo Petroleum and Micron Technology raised a combined US$1.8bn in the high-yield market Wednesday, but investors are clearly demanding more in concessions to compensate for market weakness.
Internet giant eBay Inc took advantage Wednesday of a solo turn on the investment-grade stage – and a dearth of recent corporate paper – to price a US$3.5bn five-part bond.
(Reuters) - US securities regulators adopted rules on Wednesday to curb the risk of investor runs on institutional money market funds, mainly by requiring their value to float instead of maintaining a value of US$1 per share.
Atara Biotherapeutics has postponed its IPO ahead of expected pricing this evening, despite strong investor demand for the offering. The decision to postpone followed the receipt by the company of data on ongoing clinical trials, according to several market sources close to the situation.
Top Stories from this week's IFR Asia magazine
Released online Saturday 23:00 Hong Kong / Friday 16:00 London
Advanced Semiconductor Engineering has sold the first Green bond from Asia’s private sector in an issuance that highlights the potential for sustainable investing in the region.
The pipeline for Asian high-yield bonds is building once more after a relatively quiet second quarter. This time, however, non-Chinese borrowers are taking centre stage as investors seek to diversify their portfolios beyond the PRC real-estate sector.
A renewable energy company with a highly leveraged balance sheet and short track record may be about to open a new overseas funding avenue for Indian issuers.
Malaysian tycoon Vincent Tan plans to list his e-payment services provider MOL Global in the US, but the firm has had to warn investors not to pay attention to his comments to the media.
Web giant Yahoo indicated last week it would sell fewer shares in the forthcoming IPO of Alibaba Group Holding after amending a share buyback agreement with the Chinese e-commerce company.
Market participants have shrugged off talk of a looming default in China’s domestic bond market after a small construction company warned it may be unable to repay short-term debt maturing on July 23.
Trading in China sovereign credit default swaps has more than doubled in the past year as fears over slowing growth and rising corporate defaults in the world’s second-largest economy have transformed the contract into the go-to Asia hedge for macro investors.
The local bond market in Thailand is heading for a record year as more companies rush to lock in low funding costs before an expected rise in interest rates next year.
Postal Savings Bank of China is expected to sell China’s first domestic securitisation of residential mortgages in seven years, which could spark a wave of similar issues backed against Rmb10trn (US$1.6trn) of PRC mortgage loans outstanding.
Chinese budget smartphone maker Xiaomi , accustomed to making waves in the world of telecoms and technology, looks set to do the same in the loan markets, with a US$1bn borrowing following a botched attempt earlier this year.
A capital gains tax hike has dealt a new blow to India’s local corporate bond market, barely two months after it recovered from the last regulatory scare.
A rebound in equity offerings and mergers and acquisitions is triggering a round of hiring in Asia as international banks add more senior bankers and fill vacant positions.