Top Stories from this week's IFR Asia magazine
Released online Saturday 23:00 Hong Kong / Friday 16:00 London
A bidding war for the Hong Kong listing of China’s biggest reinsurer has raised concerns that intense competition is making it harder for IPO sponsors to recoup their costs.
Investors flocked to onshore and offshore share sales last week from the red-hot Chinese brokerage sector, snapping up the chance to buy into the soaring A-share market at attractive valuations.
JP Morgan has underwritten a €6.8bn (US$7.3bn) bridge loan for China National Chemical Corp (ChemChina), in a rare example of a mainland state-owned enterprise turning to a single foreign bank to support an overseas acquisition.
Car lender Astra Sedaya Finance took advantage of pent-up demand for exposure to Indonesia’s growing consumer sector with a US$300m bond that rivalled terms the country’s state-owned banks had achieved.
Rising benchmark rates in Singapore are reducing the appeal of bonds to wealthy individuals, as it becomes more expensive for them to buy on the margin.
The lethargic Malaysian IPO market is heading for an even slower year after indebted state fund 1MDB decided to sell its power assets and Qualitas Medical Group postponed its float.
HSBC and Standard Chartered each turned to the US dollar market to boost their Additional Tier 1 capital ratios last week, raising a combined US$4.25bn after global investors piled in a staggering US$38bn of orders.
Bankers are preparing for an onslaught of bank capital offerings from Asian financial institutions, as the first international issue of the year from China looms large.
Citic Securities latest to posts 100% profit growth
BOC Aviation received a stellar response from US investors last Monday for its first 144A bond offering, taking advantage of a buyer base more familiar with the aircraft-leasing business than the one at home.
India has approved new rules for its municipal-bond market that pledge to give local governments easier access to funding as they seek to meet urban infrastructure growth targets.
Citigroup has hired Catherine Cai from Bank of America Merrill Lynch as chairman and head of China investment banking.
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Risks previously created by excess leverage have been replaced by chronic illiquidity risks.
The local yokel strategy, born of political imperative, means RBS will miss out on Citizens’ rebound.
Lee Kuan Yew’s legacy will live on in Asia’s capital markets, says Jonathan Rogers.
(Reuters) - Greece is unlikely to exit the euro, either intentionally or accidentally. But it might be forced to introduce an alternative means of payment, in parallel to the euro, to pay some domestic bills if a reform-for-cash deal with its creditors is not secured soon, several euro zone officials said.
While we are approaching a crucial period with regards to Grexit/Grexident risks, markets remain optimistic that ECB QE will continue to limit contagion.
(Reuters/IFR) - A legal conundrum is threatening plans to ease Ukraine’s debt burden and possibly its entire US$40 billion IMF-led bailout: should a $3 billion Eurobond held by Russia be classed as bilateral sovereign debt or a plain vanilla bond?
Confusion reins over the status of the Russian bond to Ukraine after the IMF rolled back remarks.
Anthony Peters sees buying opportunities on the back of global jitters.
(Reuters) - Debt in the euro zone has entered the “danger zone”, the head of Germany’s Bundesbank said on Friday, calling for banks’ exposure to the debt of individual countries to be capped.
A global hunt for yield enabled Freddie Mac to price its second risk-transfer RMBS with a first-loss piece much tighter than the previous deal, even though it includes riskier features.