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Sunday, 21 April 2019

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Top Stories from this week's IFR Asia magazine

Released online
Friday 1600 Hong Kong / Friday 0900 London

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Funds rethink India credit risk

Funds rethink India credit risk

IFR Asia 1086 - April 20, 2019

The flight to quality in India’s bond market is set to continue after delayed redemptions highlighted the risks facing mutual funds, among the biggest buyers of lower-rated corporate bonds.

First CDR whirrs into view

First CDR whirrs into view

IFR Asia 1086 - April 20, 2019

Ten months after regulators rushed out rules to attract domestic listings from China’s technology sector, the first overseas-domiciled company has filed to sell Chinese depositary receipts on Shanghai’s new tech board.

Education sector faces IPO test

Education sector faces IPO test

IFR Asia 1086 - April 20, 2019

The Stock Exchange of Hong Kong has tightened its review of IPO applications from Chinese K-12 education companies because of policy uncertainty surrounding the sector, according to people familiar with the situation.

Aussie ABS set for expansion

Aussie ABS set for expansion

IFR Asia 1086 - April 20, 2019

The Australian ABS market is about to broaden following parliamentary approval of the A$2bn (US$1.42bn) taxpayer-funded Australian Business Securitisation Fund.

Tailwind energises Japanese PF

Tailwind energises Japanese PF

IFR Asia 1086 - April 20, 2019

Japanese banks are braced for a surge of project financings from the wind power sector that could total as much as ¥3trn (US$26.8bn) as the country scales up its use of renewable energy.

Frasers Property boosts green credentials

Frasers Property boosts green credentials

IFR Asia 1086 - April 20, 2019

Frasers Property boosted its environmental credentials with a A$600m (US$429m) five-year Green loan, the Singaporean company’s third since its debut late last year and the first Aussie dollar-denominated Green deal.

Election boost for Indonesian bonds

Election boost for Indonesian bonds

IFR Asia 1086 - April 20, 2019

Early results indicating a victory for Indonesian president Joko Widodo in last Wednesday’s elections bode well for the country’s debt capital markets as investors look forward to five more years of macro stability and infrastructure spending that will help fuel a growing economy.

China pushes credit hedging for corporate bonds

China pushes credit hedging for corporate bonds

IFR Asia 1086 - April 20, 2019

Chinese regulators have asked securities firms to offer credit hedging tools alongside corporate bond sales from private-sector issuers in the exchange market, according to people familiar with the guidance.

Credit Suisse seeks control of China JV

Credit Suisse seeks control of China JV

IFR Asia 1086 - April 20, 2019

Credit Suisse has joined a growing list of banks in taking a majority shareholding in a Chinese securities joint venture, potentially paving the way for the Swiss bank to make a big push in secondary trading.

Asia's tech giants zero in on banking

Asia's tech giants zero in on banking

IFR Asia 1086 - April 20, 2019

Asia’s internet firms are challenging the region’s traditional banks in consumer finance, tapping their massive user networks for business and following a trail blazed in China by tech giants Alibaba and Tencent.

RBNZ extends feedback deadline

RBNZ extends feedback deadline

IFR Asia 1086 - April 20, 2019

The Reserve Bank of New Zealand has extended the deadline again, from May 3 to May 17, for stakeholder feedback on its proposal to raise the minimum amount of capital that banks must hold. The original deadline was March 29.

FTSE Russell mulls China inclusion in bond index

FTSE Russell mulls China inclusion in bond index

IFR Asia 1086 - April 20, 2019

FTSE Russell has confirmed that it is considering adding Chinese government bonds to its flagship World Government Bond index, while placing Malaysia on notice for removal from WGBI.

China tech board lures first international sponsor

18 April 2019

UBS has become the first international bank to sponsor a proposed IPO on China’s new tech board, even after the Shanghai Stock Exchange said earlier this week that sponsors would be required to invest in the deals they bring to market.

Kakao Page mandates banks for KRX IPO

18 April 2019 By Candy Chan

Kakao Page, a Korean digital content marketplace, has mandated NH Investment & Securities and KB Securities to work on a proposed Korea Exchange IPO, according to people with knowledge of the transaction.

Books covered for SNK's KRX IPO

18 April 2019 By Candy Chan

The books of SNK’s KRX IPO of up to W170bn (US$150m) are multiple times covered, according to a person close to the deal.

Life360 to raise A$145m via ASX IPO

18 April 2019 By Candy Chan

US family tracking app operator Life360 is set to raise A$145m (US$104m) from an ASX IPO that could be Australia’s largest technology float in three years.

Two clear CSRC IPO hearing

18 April 2019

Shandong Yuanli Science and Technology and Hongta Securities have cleared a China Securities Regulatory Commission hearing for proposed Shanghai IPOs.

Shenwan Hongyuan raises HK$9.08bn from HK listing

18 April 2019

Chinese brokerage Shenwan Hongyuan Group has raised HK$9.08bn (US$1.16bn) from a Hong Kong listing, according to people close to the deal.

Quartet clubs Asia's largest unitranche

18 April 2019 By Sophia Rodrigues

Four lenders have clubbed a unitranche loan of around A$1.125bn (US$808m) for the leveraged buyout of Australian education provider Navitas, in what is the largest such financing from Asia.

China to embrace first CDR listing

18 April 2019

Ten months after regulations were put in place, a Chinese company has filed for the first time to issue Chinese depositary receipts.

Malaysia’s Hextar sells M$121m Halex shares

18 April 2019 By S Anuradha

Hextar Holdings has raised M$121m (US$29m) through the sale of 155m shares in Malaysia’s Halex Holdings at a fixed price of M$0.78, people with knowledge of the transaction said.

Sterling and Wilson starts investor education for Rs45bn IPO

18 April 2019 By S Anuradha

Indian solar engineering procurement and construction company Sterling and Wilson has started investor education for an IPO of up to Rs45bn (US$646m), according to a term-sheet.

All Latest news

Credit Suisse seeks control of China JV

Credit Suisse seeks control of China JV

IFR Asia 1086 - April 20, 2019

Credit Suisse has joined a growing list of banks in taking a majority shareholding in a Chinese securities joint venture, potentially paving the way for the Swiss bank to make a big push in secondary trading.

Asia's tech giants zero in on banking

Asia's tech giants zero in on banking

IFR Asia 1086 - April 20, 2019

Asia’s internet firms are challenging the region’s traditional banks in consumer finance, tapping their massive user networks for business and following a trail blazed in China by tech giants Alibaba and Tencent.

Digital Edition

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Paragliders fly in the sky attempting to break a record in Gunung Payung, Badung regency, Bali, Indonesia.

IFR Asia Outlook for Asian Credit Roundtable 2019: Clearer skies

The skies have cleared, and Asian credit is on a roll. After the end of 2018 produced one of the stormiest periods in years, the retreat of major headwinds has helped cement a solid backdrop for Asian bonds at the start of 2019. The US Federal Reserve has slammed the brakes on monetary tightening, trade tensions have subsided for now, and market stability has become a top priority for China as it wrestles with deleveraging its economy.

More Special Reports

IFR Asia IMF/World Bank 2018 Roundtable
Delegates at the IMF’s annual meetings in Bali got an uncomfortable reminder of Asia’s vulnerability to unforeseen shocks with an earthquake in the small hours of October 11. The financial markets have been doing their part, too.

IFR Asia RMB Bonds Roundtable 2018
Onshore renminbi bonds are poised to become the next big thing in the global capital markets, as international investors brace for index inclusion and issuers embrace the Panda bond market as an alternative source of funding. While China has rolled out the red carpet, however, international participants appear to be holding back.

IFR Asia Belt & Road Financing Roundtable 2018
Almost five years since Chinese President Xi Jinping outlined his vision for a massive infrastructure programme to strengthen China’s trading connections, the Belt and Road initiative is beginning to make its presence felt in Asia’s financing markets.

IFR Asia Green Financing Roundtable 2018
When Green finance first hit the market, there were high hopes that issuers raising funds in such a way would benefit from improved pricing, given the increased transparency and forecast growth in demand from investors.

IFR Asia India debt capital markets Roundtable 2018
IFR’s latest India seminar took place in Mumbai during a timely break in the summer monsoon rains. Over two sessions, delegates debated the outlook for Indian fixed income and the potential for Green finance, tapping into two of the hottest topics in the country’s capital markets.

IFR Asia Asian Development Bank Roundtable 2018
The Philippines, the host of this year’s Asian Development Bank annual meetings, provided an ideal backdrop for a forthright debate on the role of the capital markets in funding Asian infrastructure projects.