A muted response to recent Asian bond issues backed by standby letters of credit (SBLCs), including deals from Hebei Iron and Steel and from Tewoo Group, have sparked suggestions that credit enhancements are losing their shine because of concentration risk. But the bulls are adamant that the structure is merely going through a rough patch and is here to stay, writes Rev Hui.
Jasmine International Public Company, which is setting up an infrastructure fund for its broadband internet business, plans to begin investor education next week for the roughly $1bn Thailand IPO.
A $120m dividend recap loan for diesel engine component maker ASIMCO Technologies has become a talking point among bankers because of uncertainty over whether the arranging bank for the loan will take a hold in the financing.
- Stuttering SBLC-backed bonds are here to stay
- Korean issuers need to change tack and pay up
- Korea Expressway slams on brakes over bond pricing
- Tata Motors goes the distance with surprise 10 year
- SEA bursts into life as Jasmine, Keppel pre-market
- Kepco nets $808m in largest S Korean trade
- CESC lights up $80m QIP, exercises full greenshoe
- BAML: delayed Stock Connect to launch by year end
UBS has made a senior appointment to its leveraged finance team in Hong Kong, hiring a banker from a rival lender to head its leveraged capital markets for Greater China.
Canada’s financial sector is lobbying for a $30bn swap line with China and an Rmb80bn ($13bn) RQFII quota. Alongside the country’s provincial governments, the industry has been making a strong case for why Canada would strongly benefit from the establishment of a formal RMB hub in the country. This week's pricing of a second offshore RMB bond by the government of British Columbia (BC) may well prove to be the tipping point.
- UBS hires new Greater China levfin chief
- SC loses equity syndicate head as Welch retires
- Barclays names new Korean leadership
Singapore this month took what it must hope is a big step forward in livening up its ECM market by overhauling the Companies Act. The move is certainly positive, but the city-state is mistaken if it thinks allowing dual-class structures will be the answer to its troubles. They are far more deeply rooted than that.
You’ve got to hand it to Bank of China. This week it priced the biggest Basel III bank capital deal ever, in what bankers are calling the worst market conditions since 2008. But while the deal was certainly one step forward for Bank of China, it looked like two steps back for the international capital markets.
Don’t switch off. Ebola may not have hit your P&L yet, but it’s going to, soon, and hard, whatever your job is. And look at the charts. The logic is inexorable: the longer we take to overcome the disease, the worse the cost will be – for the global economy and in human life. This is not about a few percentage points of GDP. Modern civilisation itself is at risk.
From The Weekly
- Asia HY pipeline healthy as bankers shrug off yield spike
- Chunky Samsung IPOs set to rejuvenate South Korean market
- Aussie lenders warm to Asian names in search of loan growth
- SSI bags $146m with top pricing on rare IPO
- One down, three more to go: ICBC eyes November AT1
- PE firms talking to banks for Indian acquisition
Cartoon of the Week
- HKEx, China Merchants Group sign MoU on RMB derivatives
- Total Derivatives: PMI backs CNY bid; plenum nears end
- RMB futures launch in Singapore, turnover exceeds Rmb1.1bn
- Markit iBoxx index to boost liquidity in offshore RMB
- Total Derivatives: one year CNY rate expected to attract payers
- Total Derivatives: CNY curve steeper on PBoC easing news
- Total Derivatives: CNY offered on price data
- Total Derivatives: PBoC repo move steepens CNY curve
- Total Derivatives: CNY curve steepens on risk aversion, data
- Total Derivatives: CNY bid on IMF upgrade
More from Asia
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Latest news and league table performance
Asiamoney: September 2014
- Narendra Modi’s state silver sale
- CLSA stands on the shoulders of Citic
- Murray’s inquiry could leave Australia bank profits flagging
- Indonesia focus: Educating an infant Islamic finance industry
- Middle East & North Africa focus: MENA accelerates trading ties with Asia
- Middle East & North Africa focus: Reflecting on sukuk’s cross-regional appeal
- Asia’s foreign currency kings revealed
- Asia’s Best Managed Company Awards
- Australia Capital Recycling Roundtable: Selling the old to build the new
- Thailand Roundtable: Clearing the hurdles for growth
full digital edition
Bookrunners of Asia-Pac (ex-Japan) ECM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|4||Bank of America Merrill Lynch||15,909.82||93||6.52%|
Asian polls & awards
Taiwanese firms set the standard for corporate governance this year as CTBC Financial Holding Co (CTBC) won the most prestigious "Overall Winners: Best Companies in Asia for Corporate Governance" category in Asiamoney's Corporate Governance poll, while semiconductor manufacturer giant TSMC took third place. Thailand-based Precious Shipping Public Company Limited came in second.
Asiamoney has published the detailed results of its latest Fixed Income poll. Please use the following links to access the related coverage.
Asiamoney has published the detailed results of its latest FX poll. Please use the following links to access the related coverage.
The region’s leading companies combine astute business models with targeted aggression, a willingness to think long term and confidence to challenge their business models during times of stress. Asiamoney reveals the leading companies and top executives across the region.
The world’s foreign exchange market continues to grow in depth on the back of mounting international trade and investment. ASIAMONEY reveals which banks most impress regional corporates and financial institutions for their capabilities.