More issuers are expected to tap the New Zealand dollar market soon, following a Eurobond from ANZ on Monday. Syndicate bankers away from the deal predict that issuers will look to take advantage of growing investor interest in the high yielding currency.
Internet security provider Qihoo 360 Technology shook the market this week by launching the largest convertible bond from an Asian ex-Japan issuer in four years. The $900m size is eyecatching enough, but the offering has also been structured as a dual trancher, which is rare among issuers in the region, writes Rev Hui.
Integrated oilfield services provider SPT Energy is in the market with a $100m facility that is being arranged by China Citic Bank International.
- ANZ plunges into Kiwi market as rising rates draw buyers
- Olam makes aggressive return to dollar market, but too tight for some
- Tata Steel bags $1.5bn from Indian HY feast
- Modern Land attracts yield hunters with 12.75% bond
- Qihoo 360 serves up a storm with $900m dual-tranche CB
- Singapore IPO market flush with deals but investors could be choosy
- Covered 600x: investors flood into $248m Cuckoo IPO
- Samudra Energy fires $223m Singapore IPO
John Wade, who left Royal Bank of Scotland in February this year just before the bank announced a restructuring, has resurfaced at Natixis as head of syndicate and MTN desk for Asia Pacific.
CNY swaps were better bid on Thursday on the back of a strong US GDP print overnight. The 1s/5s curve slope has steepened as actions by the People's Bank of China (PBoC) have limited the rise in short rates and the curve correction is expected to continue, writes Deirdre Yeung of Total Derivatives.
- RBS’s Wade resurfaces as Natixis head of syndicate
- Moody's upgrades Vietnam
- RBS’s Wade resurfaces at Natixis
South Korea’s Cuckoo Electronics priced a blockbuster W255bn ($248m) IPO this week that saw the institutional tranche close to 600 times covered. But others looking to emulate it need to act sooner rather than later. With Samsung Group set to raise large amounts of equity later this year, they risk losing out.
Xiaomi’s $1bn financing has become a talking point among bankers. The Chinese mobile phone company has ambitious plans for expansion but there is concern in some quarters over how it has chosen to execute its debut. The company should brace itself for an uphill climb. Closing this deal isn’t going to be easy.
Recent comments about the de-dollarisation of financial markets and the wider adoption of the renminbi by countries like Russia have been met with incredulity in some quarters. But while the dollar will retain its reserve currency status for many years to come, the fact such talk exists shows how far the RMB has come in a very short time.
From The Weekly
- China's big four banks line up to sell preference shares
- WH Group goes full throttle with faster, slimmer and ‘fail-proof’ fixed price $2.36bn IPO
- Few takers seen likely for Thai IPO free-for-all
- Tata Steel signs up 12 to $5.6bn loan but Indian corps will struggle to follow
- Yue Xiu bags $200m via debut exchangeable
- Greenko creates buzz with inaugural 5NC3
- Indian high yield hots up as GCX opens books for debut
- MNC hunts for $150m loan after 10 year break
Cartoon of the Week
- Total Derivatives: CNY curve correction seen continuing
- Total Derivatives: CNY curve in focus ahead of PMI
- Foreign entities caught under Australian trade reporting proposals
- Total Derivatives: Short-end CNY offers; curve seen steady ahead of PMI
- Total Derivatives: CNY offered on liquidity; curve watch
- Total Derivatives: short-end CNY offered on profit taking
- ASIC accepts enforceable undertaking from RBS
- Total Derivatives: CNY Swaps well bid after GDP; 5y NDIRS idea
- Total Derivatives: Foreign CNY offers, curve rethink
- Total Derivatives: Barclays suggests CNY curve trade
More from Asia
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Asiamoney: June 2014 edition
- Beijing seeks to prod state banks with private competition
- Indonesia needs reform to perform, says Chatib Basri
- Australia's super funds flex their asset muscles
- Four reforms Narendra Modi needs to ponder
- HSBC helps pave the way for renminbi globalisation
- CTBC seeks to star in Japan
- Offshore renminbi hubs raise their game
- Indonesia's borrowers adapt to a new reality
- Corporates that stand the test of time
- Asia’s top local private bank partners
- Internet company inscrutability reduces investment appeal
full digital edition
Bookrunners of Asia-Pac (ex-Japan) ECM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
Bookrunners of Asia (ex-Japan) G3 DCM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|4||Bank of America Merrill Lynch||12,523.56||72||6.86%|
Asian polls & awards
Each year we aware the standout local bank, equity brokerage and debt house in each major Asian country. In Pakistan Habib Bank Ltd's focus on technology and branch upgrades leave it in good stead, KASB Securities stands above burgeoning equity broking rivals, and JS Global's tested strengths keep it top for bonds.
Every year we choose the outstanding bank, equity brokerage and debt house from each major Asia country. In Malaysia, Public Bank's stability and profitability underpin its credentials, while CIMB dominates capital market activity.
Each year we choose the leading bank, equity brokerage and debt house in each major country in Asia. In Indonesia, Bank Rakyat Indonesia stands out for its stability and microfinancing, while Mandiri Sekuritas leads for equity and bond services.
Each year we choose the best bank, equity brokerage and debt house in every major Asian country. In Japan Seven Bank's vibrant ATM business stands out, Nomura remains uncontested for equity coverage and Mizuho's debt business stays strong.
Every year Asiamoney reveals which bank, equity brokerage and debt house stands as the most impressive in each major Asian market. In Hong Kong, HSBC rises above all rivals for banking, equities and bonds.