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Saturday, 20 March 2010

Is the price right for Shouguang’s HK listing?

IFR Asia 640 - March 20, 2010

China Shouguang Agricultural Product Logistic Park, an agricultural products market operator, has set itself a tall ask on its proposed Hong Kong IPO given the terms of its recent US$600m pre-IPO financing.

CLP lights up debt markets with funding binge

IFR Asia 639 - March 13, 2010

CLP Holdings, the blue-chip Hong Kong power utility, is ramping up its funding activity, having launched last Friday a US$500m 10-year Reg S trade as well as self-arranging a HK$6bn (US$774m) five-year facility that will set a new post-crisis pricing benchmark in the territory’s loan markets.

Charity begins at home for banks on Indian state selldowns

IFR Asia 639 - March 13, 2010

Bookbuilding on Indian state-owned miner NMDC’s Rs99.6bn–Rs116.2bn (US$2.18bn–$2.55bn) follow-on began with a muted response last week – though this was not surprising considering the measly fees the Indian government was paying the six bookrunners on the deal. Observers are now blaming the Indian government’s stinginess on fees for the limited success of its privatisation programme this year.

Lenders cringe as pricing on Bharti’s mammoth loan goes into freefall

IFR Asia 639 - March 13, 2010

In an ominous sign of where Indian loan pricing is heading, the US$10bn acquisition financing backing Bharti Airtel’s US$10.7bn bid for Zain Africa is expected to pay much less than early indications suggested.