Latest News
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BONDS: Bank Of China Rmb25bn 15yNC10 Arrives At Low-end
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BONDS: Shenhua Delays Rmb10bn MTN; But Others Keep Going
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BONDS: ADBC Rmb18.94bn 7-year Well Received
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BONDS: Pricing Surprises On SMHL 2010-1 AOFM-Backed RMBS
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BONDS: HSBC Sells Debut Kangaroo
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BONDS: Midea Group & Nanjing Com Cons To Offer MTNs
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BONDS: JP Morgan Returns To Australia
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BONDS: Wesfarmers Closes Euro Debut
Kexim prices global in Korea Inc's fastest offshore execution
The Export-Import Bank of Korea last Tuesday priced a US$1bn Reg S/144a SEC-registered global with the lightning quick same-day execution more typical of the Republic of the Philippines than a South Korean borrower in the G3 offshore space.
Philippines affirms credentials with JBIC-guaranteed Samurai
The Republic of the Philippines burnished its reputation in the G3 bond markets last week printing a ¥100bn (US$1.12bn) 10-year private Samurai, partially guaranteed by Japan Bank for International Cooperation, that stood out for its massive oversubscription amid an environment of sovereign debt-related volatility. The trade not only helped the sovereign complete its US$2.5bn offshore funding requirement but also underscored the increasing popularity of the JBIC-guaranteed product with issuers a
Structured Finance
Zhongsheng stuns market with steep valuation
Zhongsheng Group, one of China’s largest auto dealer groups, immediately caught attention across the market last week as it started premarketing its IPO with an aggressive indicative valuation. BOC International, Morgan Stanley and UBS are the leads on the US$1bn Hong Kong float, with the domestic firm offering the most ambitious numbers.
China bars trusts from funding land reserves
The China Banking Regulatory Commission sent out a notice on February 12 ordering trust companies to stop funding the accumulation of land banks by PRC property developers. Domestic trust companies have channelled many billions of renminbi to cash-strapped PRC property companies via trust products, mostly quasi-securitisation deals, in the past two years.
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China's draft CMBS rules finally arrive
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Hope abounds for Aussie CMBS as Leda secures last-minute refinancing
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Landmark Psalm ABS scaled down
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Home truths: GHB looks to revive long-awaited RMBS sans offshore tranche
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Offshore investors ride to the rescue of Aussie RMBS
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Moody’s liquidity call imperils Singapore CMBS
Domestic
JP Morgan Kangaroo wins over cash-rich investors looking for yield
JP Morgan Chase last week returned to Australia’s Kangaroo market for the first time since June 2007 in what could have been the market’s harshest test of domestic investor confidence since the collapse of Lehman Brothers.
The big sale: Lotte Shopping to sell debt to fund M&A
South Korea’s Lotte Shopping is planning to sell a W600bn (US$520.4m) domestic bond next month to help pay for its acquisition of rival GS Retail’s department and discount store operations, and to cover capital expenditure. It could potentially be the first in a series of bond issuances in the first half of the year,
Temasek's domestic bonds return sets benchmark
Setting benchmarks across the yield curve has been one of Temasek Holdings’ goals. The Triple A rated borrower (S&P/Moody’s) did that in style last week with a quick return to the Singapore dollar bond markets through a S$1bn (US$709m) 15 and 25-year bond.
Thai issuers' plans to go offshore in doubt following global sell-off
Borrowers from Thailand will be hoping that the sell-off in G3 credit markets late last week was just a temporary blip as otherwise it will put paid to their plans of tapping the offshore bond markets, which had shown promise as an alternative funding avenue.
Islamic
RoI eyes July sukuk
The Republic of Indonesia is likely to launch its global sukuk in July, a slight delay from an earlier target schedule. Its sukuk issue has been pushed back mainly because the government is planning to sell a JBIC-guaranteed Samurai issue of US$750m-US$1bn in May or June. No size has been finalised yet on the sukuk, as that will depend on how much the Samurai can bring in. The RoI could begin the beauty contest for lead managers in the global sukuk as early as next month.
Bank Pembanguan eyes bonds
Bank Pembangunan Malaysia is believed to have mandated AmInvestment Bank and one other bank, rumoured to be HL Islamic Bank, for a planned ringgit bond offering. The government-owned development bank has recently received approval from the government for an irrevocable and unconditional guarantee on a balance of M$6bn under a M$7bn conventional/Islamic MTN programme. The programme was set up by CIMB and HSBC a few years ago.