Bonds/Structured Finance
Not so fast: McDonald’s takeaway hits regulatory hurdle
The landmark renminbi-denominated bond launched on August 19 by global fast food chain McDonald’s has hit a snag, market participants said last week.
Local government bonds in spotlight
In the latest move to address fears of a municipal debt crisis, China has imposed further restrictions on local governments’ access to the bond market. Nethelie Wong reports.
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China lowers bond market barriers
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McDonald's adds to renminbi menu with first EMTN
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Chinese duo keeps open Asian high yield amid poor appetite
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Chinese developers test limits of offshore debt, equity markets
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China plans massive bond sale to fund bank recaps
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Hopewell arrives on the renminbi bond highway
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Renminbi revaluation fails to excite primary capital markets
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Building blocks for high-yield
Loans
Renminbi revaluation fails to excite primary capital markets
Much like the muted reaction it received in the foreign currency markets, China’s decision last weekend to remove the peg tying its currency to the US dollar had little immediate impact on primary issuance in Asia’s capital markets. The move might not have done enough to appease critics of China’s currency policy, but it does have longer-term implications for China’s capital markets.
Parkson Retail woos lenders with growth story
Hong Kong-listed Parkson Retail Group, the largest foreign-owned department store operator in China, is attempting to win over lenders with a debut US$200m three-year bullet loan. With five banks mandated already as bookrunners and a strong growth story, Parkson Retail’s loan looks set to become a rare successful debut for a mid-tier credit.
Equities
Magnificent 17? Hong Kong braces for IPO onslaught
At least 17 companies are lining up to launch Hong Kong listings in September, with the deals to be worth a combined US$8.5bn. The many deals will test the limits of the city’s IPO market, but come amid signs of improving sentiment towards new equity offerings.
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Trony Solar prepares to warm hearts of Hong Kong investors
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Chinese developers test limits of offshore debt, equity markets
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Mingyang sails close to the wind with US IPO plan
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Sino-Ocean sets new course with a debut perpetual CB
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Rongsheng to test IPO waters with scaled-down transaction
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IPO markets take breather after listing of ABC
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Taikang set to lead new wave of Chinese insurance IPOs
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ABC hopes pricing strategy will help it to record IPO
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Renminbi revaluation fails to excite primary capital markets
People & Markets
China lowers bond market barriers
China’s central bank laid out its latest set of reforms last week, opening the renminbi bond market to foreign investors a little more. Is this the ’big bang’ that China watchers have been hoping for, or just another small step that will have limited immediate impact? Nethelie Wong reports.