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Sunday, 19 November 2017

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Top Stories from this week's IFR Asia magazine

Released online
Friday 1600 Hong Kong / Friday 0900 London

Technology shift

IFR Asia 1018 - November 18, 2017

Asian investors’ current enthusiasm for the Chinese technology sector poses an unlikely conundrum for bond issuers. Do the biggest names in tech need US investors anymore?

Pause for thought

IFR Asia 1018 - November 18, 2017

Are the wheels falling off Asia’s high-yield bond bandwagon? After a record year, the demise of three new issues last week has given lower-rated borrowers pause for thought. A chance for investors to catch their breath, however, may in fact be a good thing.

Asian high-yield run falters

Asian high-yield run falters

IFR Asia 1018 - November 18, 2017

Three high-yield bond offerings failed to clear the market in the past week in Asia as a softening market and an overhang of upcoming deals kept investors on the sidelines.

People walk past the R&D centre of Contemporary Amperex Technology Ltd (CATL) in Ningde, Zhejiang province, China.

ChiNext to host record private-sector IPO

IFR Asia 1018 - November 18, 2017

Battery giant Contemporary Amperex Technology (CATL) is working on a record A-share IPO from China’s private sector, tapping into investor enthusiasm for new energy technology.

Moody’s upgrade boosts Indian bonds

Moody’s upgrade boosts Indian bonds

IFR Asia 1018 - November 18, 2017

Moody’s surprise upgrade of India’s sovereign rating sent credit spreads tighter on Friday, brightening the outlook for public sector companies preparing to sell dollar bonds.

Koji Fujiwara, President and CEO of Mizuho Bank, core banking unit of Mizuho Financial Group, attends an interview with Reuters at the bank's headquarters in Tokyo, Japan.

Mizuho to shrink headcount after profit dips

IFR Asia 1018 - November 18, 2017

Mizuho Financial Group will slash its headcount by around a quarter in the next decade in an effort to shrink its cost base and boost dwindling profitability.

CBA prints rare major RMBS

CBA prints rare major RMBS

IFR Asia 1018 - November 18, 2017

Commonwealth Bank of Australia issued its second home loan securitisation of the year on Friday, adding to a bumper year in a market shunned by the country’s other major banks.

Lexin joins shaky IPO pipeline

Lexin joins shaky IPO pipeline

IFR Asia 1018 - November 18, 2017

Chinese online microlender LexinFintech filed for a Nasdaq listing last week, joining an IPO pipeline that is already showing signs of indigestion after a glut of offerings from the sector.

Mascots of Tencent are displayed at a registration counter during a news conference announcing the company's results in Hong Kong, China.

Tech fever reaches Asian debt market

IFR Asia 1018 - November 18, 2017

At least three of China’s leading technology companies are preparing to sell US dollar bonds, taking advantage of strong earnings and surging appetite for the sector to lock in low funding costs.

No call, no problem for Wing Lung T2

No call, no problem for Wing Lung T2

IFR Asia 1018 - November 18, 2017

Wing Lung Bank managed to sell US$400m of Tier 2 bonds at tight pricing last Wednesday, despite surprising investors by failing to call its existing Tier 2 notes a week earlier.

Logos of Woodside Petroleum are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan.

Woodside block lights up Aussie ECM

IFR Asia 1018 - November 18, 2017

Energy giant Shell capitalised on a rally in oil prices last week to offload its entire A$3.5bn (US$2.7bn) stake in Woodside Petroleum in Australia’s largest block trade since early 2015.

Japanese lenders warm to infra funds

Japanese lenders warm to infra funds

IFR Asia 1018 - November 18, 2017

Infrastructure funds are gaining a foothold in the Japanese debt markets as the maturing solar power sector provides alternative lending opportunities for Japan’s liquid banks.

Listed InvITs turn to debt for growth

Listed InvITs turn to debt for growth

IFR Asia 1018 - November 18, 2017

India’s two listed infrastructure investment trusts (InvITs), India Grid Trust and IRB InvIT Fund, are for the first time issuing debt to fund their expansion plans and improve returns for shareholders, following slumps in their share prices.

China lenders broaden FIG horizons

China lenders broaden FIG horizons

IFR Asia 1018 - November 18, 2017

China’s rapidly expanding micro-loan and online consumer finance companies are turning to the syndicated loan market for funding, providing some welcome diversification for lenders.

Hebei Construction to premarket IPO next week

17 November 2017 By Fiona Lau

Hebei Construction Group plans to start premarketing a Hong Kong IPO of about US$300m next Monday, according to people close to the deal.

A$715m Blackstone acquisition loan launches into general

17 November 2017

A A$715m (US$542m) four-year acquisition loan to back private equity firm Blackstone Group’s acquisition of a portfolio of logistic property assets from Goodman Group has been launched into general syndication.

Shandong Trust to premarket US$400m Hong Kong IPO next Monday

17 November 2017

Shandong International Trust is set to start premarketing a Hong Kong IPO of about US$400m next Monday, according to people close to the deal.

Barclays achieves savings with S$200m T2

17 November 2017 By Kit Yin Boey

Barclays yesterday sold S$200m (US$147.6m) of 12.5-year non-call 7.5 bonds at 3.75% in its first issue of subordinated Tier 2 notes in Singapore.

Cofco Womai to premarket IPO next Monday

17 November 2017 By Fiona Lau

Cofco Womai, an online grocery store under Chinese food giant Cofco, is set to start premarketing a Hong Kong next Monday, according to people close to the deal.

IFC provides US$185m loan to VIB

17 November 2017 By Chien Mi Wong

International Finance Corporation and commercial banks have provided a US$185m syndicated loan to Vietnam International Commercial Joint Stock Bank to narrow the financing gap for micro, small and medium enterprises, as well as a lack of affordable housing in the country.

Gulf Energy IPO books covered

16 November 2017 By S Anuradha

The books of Gulf Energy Development’s Bt24bn (US$726m) IPO are covered, according to two persons with knowledge of the transaction.

Edelweiss prices Rs15bn share sale at Rs280

16 November 2017

Edelweiss Financial Services has raised Rs15bn (US$229m) from the sale of new shares to qualified institutional investors at the bottom of a Rs280–Rs285 price range, a person with knowledge of the transactions said.

Shougang launches loan of up to US$300m

16 November 2017

Chinese state-owned steelmaker Shougang has launched a two-year loan of up to US$300m.

MOVES-Westpac names Williams head of debt products for Asia

16 November 2017

Westpac Banking Corporation has appointed Michael Williams as head of debt products for Asia.

All Latest news

IFR Asia RMB Bonds Roundtable 2017: New connections

IFR Asia RMB Bonds Roundtable 2017: New connections

The renminbi bond markets are undergoing a dramatic transformation. As China continues with the gradual internationalisation of the currency, many foreign investors and issuers are getting their first chance to participate in the onshore renminbi market.

Koji Fujiwara, President and CEO of Mizuho Bank, core banking unit of Mizuho Financial Group, attends an interview with Reuters at the bank's headquarters in Tokyo, Japan.

Mizuho to shrink headcount after profit dips

IFR Asia 1018 - November 18, 2017

Mizuho Financial Group will slash its headcount by around a quarter in the next decade in an effort to shrink its cost base and boost dwindling profitability.

Index test looms for China bonds

Index test looms for China bonds

IFR Asia 1018 - November 18, 2017

China’s efforts to open its domestic bond market to foreign investors may soon be rewarded with inclusion in some of the world’s biggest debt indexes.

Jonathan Rogers

The sweet smell of Chinese bonds

IFR Asia 1018 - November 18, 2017

Donald Trump’s recent visit to China brought with it all the symbolism of the new world order. America, a country in terminal decline, stood in an overcoat in the Forbidden City and gushed failure from every pore. Trump talked up his business deals and lambasted his enemies, but abandoned his anti-China rhetoric and still came away with few real concessions.

More Special Reports

IFR Asia Green Bonds Roundtable
Asia’s Green bond market is beginning to bloom. Even in a quiet year for China’s domestic market, the arrival of first-time issuers from the likes of India, Australia and Singapore is adding new depth to the region’s green finance push.

IFR Asia Issue 1000
2017 is a significant year in the history of Asia’s financial markets. It is now 20 years since the devaluation of the Thai baht marked the beginning of a crippling financial crisis that rippled across Asia. It’s also 20 years since Hong Kong returned to Chinese rule, following the handover of the former British colony.

IFR Asia Asian Development Bank Roundtable
IFR’s annual ADB roundtable, held as part of the Asian Development Bank’s annual meetings hosted this year by Yokohama, took place at a significant moment. This year marked not just the 20th anniversary of the Asian financial crisis but more importantly perhaps the 50th anniversary of the founding of the Asian Development Bank.

Asian Development Bank
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.

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