Hebei Iron and Steel was forced to price its debut offshore bond more than 20bp wider than its closest comparables on October 20, despite the fact the bond was supported by a standby letter of credit from one of the joint global co-ordinators, Agricultural Bank of China. While SBLCs have reduced pricing in the past, it failed to help this time around as choppy markets proved to be too much of a match.
Indian online search engine Just Dial, which listed in May last year, is considering raising up to Rp10bn ($163m) in a deal that will put some life back into the country’s equities market.
Private equity firms are sounding out banks for a loan to finance their purchase of a stake in Indian firm CMS Info Systems from Blackstone, which is currently the majority owner.
- Tewoo gets SBLC backing for debut
- IDBI pounces on falling Treasuries to price amid vol
- SBLC no match for volatility as Hebei Iron debuts
- KHNP returns with dollar five year
- Just Dial to make connection for $163m deal
- India, Korea and Sri Lanka to stand tall in 2015: BlackRock
- SSI sets price guidance at top for $146m IPO
- Samsung SDS throws open $1.1bn IPO to strong interest
Baker & McKenzie has appointed Chen Yih Pong as principle in a move aimed at reinforcing the law firm’s capital markets offering.
The high level of demand for the UK’s debut offshore renminbi bond this week, the first from a non-Chinese sovereign, will be encouraging for other countries looking at printing in the internationalising currency. Two more are thought to be looking at selling renminbi bonds.
- Baker & McKenzie beefs up its capital markets with Pong
- Suwanapruti to lead ANZ’s global rates research
- Change at the top: Credit Suisse picks new Apac CEO
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.
Alibaba’s record breaking $25bn IPO was supposed to be the trigger that dispelled investor fears about Asian technology companies and opened to door to future listings. But as the volatility in such stocks has shown, investor sentiment in the sector is subject to wild swings. And that is hurting the IPO pipeline.
From The Weekly
- Bank of China prefs pull in whopping $21.8bn orders
- SG puts heat on HK with dual-class shares nod
- Indo names to keep loans busy with infra, expansion needs
- Regulation brings Asian insurance bond issuers out of the woodwork
- SSI opens books for rare $146m Philippine IPO
- Unrated Bohai survives secondary sell-off
- Tata Steel $5.6bn multi trancher in general
Cartoon of the Week
- 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
- Total Derivatives: Good CNY belly offers flatten curve
- Total Derivatives: CNY curve steeper on fixing; firm PMI
More from Asia
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Asiamoney: September 2014
- Narendra Modi’s state silver sale
- CLSA stands on the shoulders of Citic
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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||15,341.19||90||0.00%|
Asian polls & awards
Asiamoney has published the full 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.
Two banks dominated the three main categories of our latest and largest survey of Asia's credit, interest rate and commodities sectors.