In a year when bond offerings reached new heights, China embraced global markets and equity financings put India and Australia back on the world stage, one bank captured every trend. For its unrivalled breadth of expertise, Citigroup is IFR Asia’s Bank of the Year.
Top Stories from this week's IFR Asia magazine
Released online Saturday 23:00 Hong Kong / Friday 16:00 London
Hong Kong’s IPO market ended the year with polarised results last week. While Dalian Wanda Commercial Properties managed to price the city’s biggest IPO of the year near the top of its target range, shares of funeral services group Nirvana Asia plummeted on debut.
Beijing Energy Investment Holding sold a three-year offshore Rmb1bn (US$162m) bond on Tuesday, braving a softer market with one of the last Dim Sum offerings of the year.
Philippine canned fruit maker Del Monte Pacific is planning to meet investors at the beginning of next year ahead of a rare US$360m offering of offshore preference shares, according to sources close to the transaction.
Equity capital markets specialists are gearing up for another busy year in Asia in 2015, despite more challenging market conditions.
After a couple of blockbuster years, offshore loans from Indonesia will face new hurdles in 2015 following a currency slump and looming borrowing restrictions from the country’s central bank.
Asia could set another record for international bond issues in 2015 if Chinese companies continue to borrow offshore at the same voracious pace they did this year, while bankers expect a heavy redemption schedule and larger pipelines from India and Indonesia to lift activity.
Singapore’s City Developments has sold the rights to present and future cash flows from a luxury development on Sentosa Island in a securitisation that is thought to be the first of its kind in Asia.
More Chinese onshore bond sales were pulled last week following the implementation of a new regulation on December 8 banning the use of paper rated below Triple A as collateral for repurchase agreements.
Benchmark rates have fallen in the Singapore dollar bond market, making for conducive conditions for new issues early in 2015 as issuers begin refinancing S$11.13bn (US$8.5bn) of bonds due to mature in 2015.
The Samurai bond market is expected to remain busy for the remainder of Japan’s fiscal year, as the central bank’s monetary-easing programme continues to squeeze domestic yields and global lenders step up their search for alternative sources of funding.
Slumping currencies in Indonesia and Malaysia are unwelcome reminders of the region’s financial crisis, says Jonathan Rogers.
Creditors of Bakrie Telecom have approved its restructuring plan, after it missed a November 2013 coupon payment on its US$380m 11.5% bonds due 2015, but some bondholders were unhappy that they were barred from voting.
IFR's daily digest of views & news for capital markets professionals
Some investors in the failed Icelandic banks Landsbanki, Kaupthing and Glitnir are pressing the Nordic island’s government to settle outstanding monies with them individually rather than reach one grand solution.
Keith Mullin looks back on some alternative winners and losers of 2014.
Slumping currencies in Indonesia and Malaysia are unwelcome reminders.
Anthony Peters sees a calamity coming – but just not yet.
Keith Mullin examines Paul Young’s decision to jump ship.
(Reuters) - Greek Prime Minister Antonis Samaras’ surprise offer to lawmakers to go to the polls late next year in exchange for a vote for his presidential nominee has injected fresh momentum into his flight against the anti-austerity left.
(Reuters) - Banks in Britain need to do more than pass health checks on their ability to withstand financial shocks, the Bank of England said, urging boards to improve the way their companies are run.
(Reuters) - Russia’s richest man Alisher Usmanov has transferred his holdings in mobile operator Megafon and iron ore producer Metalloinvest to Russian entities after President Vladimir Putin urged businessmen to bring their assets home.
The swaps market received an early Christmas present this week as the European Commission lightened the burden for loading existing derivatives trades into central clearing by postponing the start-date for the controversial frontloading requirement.
Hong Kong Broadband Network, the city’s second-largest broadband services provider, has filed an application to the Stock Exchange of Hong Kong for a proposed IPO, according to a source familiar with the situation.