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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.

Mega QR National IPO breathes life into Aussie ECM

IFR Asia 639 - March 13, 2010

After a dull start to the year, primary issuance activity in Australia is getting a much needed shot in the arm with QR National appointing bookrunners for its estimated A$4.2bn–$5.25bn (US$3.8bn–$4.8bn) IPO that is set to be the country’s biggest public offering in 2010.

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.

Government stake sales to make ECM space busier

IFR Asia 631 - January 9, 2010

The Indian ECM space is set to get busier with government disinvestments in key state-run companies expected to hit the markets starting in the next few weeks. State-run power firm NTPC is expected to launch its up to US$2bn follow-on offering first later this month or early February via leads Citi, JP Morgan, Kotak and ICICI Securities. The Indian government will be looking to sell 5% of its 89.5% stake in NTPC.  

Ascendas pioneers CB with CMBS characteristics

IFR Asia 640 - March 20, 2010

Necessity is the mother of invention and Singapore’s REIT sector is fast turning out to be a laboratory for capital markets instruments that push boundaries. Last week, Ascendas REIT raised S$300m (US$215m) through a path-breaking CB that could become a harbinger for more issuance to follow from the beleaguered S-REIT sector.

Asian airlines shed excess baggage ahead of equity fundraisings

IFR Asia 635 - February 6, 2010

Planned equity raisings by two Asian airlines that have struggled with mountainous debt in recent years are yet another indication of the market’s recovery. Indonesian state-owned airline Garuda is in the final stages of a US$760m debt restructuring following which it will launch a US$300m IPO, while Thai Airways intends to raise up to Bt25bn (US$755m) via a rights offer.