United Overseas Bank priced a US dollar-denominated Basel III-compliant tier two bond on Tuesday night, the first offering of its kind from a South East Asian bank. The borrower is also the first Asia bank to issue a dollar Basel III bond since Dah Sing Bank in January.
JP Morgan pulled out of Harbin Bank’s $1bn Hong Kong IPO three days before pre-marketing was due to begin, and well into the cornerstone process.
Indonesian power company has closed the limited syndication phase of its $1.127bn loan, which saw two commitments come in during general. But four additional lenders expected to join when GlobalCapital Asia last reported on the transaction have ditched the deal, according to a banker.
- NBAD to inspire further EM Kangaroo deals
- Pactera in market for bond to fund LBO
- Hyundai 3 yr FRN motors in the US
- ANZ sets terms for first Aussie USD Basel III
- JP Morgan drops out of Harbin Bank IPO
- Vipshop bags $550m from upsized CB debut
- Nord Anglia educates investors ahead of US IPO
- Chinese online game developers: game changer or game over?
Daniel Mamadou, head of global finance for Asia ex Japan at Nomura, left the bank on March 7 after just over two years. Chris Chan, head of risk solutions and treasury for Asia ex Japan has also left the firm.
China Development Bank is back in the market with a three year CNH transaction.
- Lian to co-head EM debt at Western Asset
- Deutsche Bank hires China head of trade finance & cash management
- Mamadou leaves global finance role at Nomura
Skyrocketing share prices combined with huge upside potential are making Chinese online game developers one of the hottest tickets in the equity market right now. But while the rewards of banking the next Candy Crush are certainly worth drooling over, the sector is beginning to look overheated.
There appears to be no stopping the rise in three month TaiFX, the interbank US dollar funding rate in Taiwan. The widening divergence between TaiFX and Libor has increased the pressure on Taiwanese banks, forcing many to shrink their offshore lending. It is time for bookrunners consider the alternatives.
Deviation from the norm always draws out the naysayers. So when Gemdale (Asia) Investment issued a tap just two days after it priced a Rmb750m ($122m) three year bond, critics wasted no time in decrying the tactic. But as the issuer was looking to get the funding it needed without upsetting secondary markets, such flexibility should be applauded.
From The Weekly
- Disclosure of PB rebates imperative says Asifma
- Banks waiting to press play on Shanda Games’$650m LBO loan
- SG faces a setback as Lotte defers IPO
- Investors clamour for ASM Pacific HK$2.4bn CB
- Bharat Petroleum ups loan to $300m ahead of general as BTMU hops aboard for MLAB role
- AIA $1bn 144A debut takes US by storm
- Updated: BTMU five-tranche blowout raises $4bn
Cartoon of the Week
- Banks seen selling Nikkei upside skew via call ratios
- SGX to offer China A50 options, RMB futures
- SG hires JPM E-trading sales chief
- China netting rules pose risk to foreign counterparties
- HKEx considering introduction of RMB options
- StanChart Singapore credit trading chief to depart
- New CEOs at UBS Swiss, Nomura — RBC and BlueCrest growing MBS businesses — Deutsche loses HY trader
- Korea Exchange starts voluntary clearing
- BAML Loses Index Trading Duo In HK
- Korea flips on OTC derivatives tax
More from Asia
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Bookrunners of Asia-Pac (ex-Japan) ECM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|3||Haitong Securities Ltd||2,090.97||7||6.53%|
|4||GF Securities Co Ltd||1,550.07||10||4.84%|
Bookrunners of Asia (ex-Japan) G3 DCM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|4||Bank of America Merrill Lynch||4,215.49||24||7.35%|
Asian polls & awards
Each year ASIAMONEY chooses the standout capital markets transaction from each major country in ex-Japan Asia. In Thailand BTS makes several records with the initial public offering of an infrastructure fund based upon the revenues of the Bangkok SkyTrain.
Each year ASIAMONEY chooses the standout transaction from each major market across Asia ex-Japan. In 2013, Taiwan's semiconductor manufacturing giant conducted a debut foray into the bond market for funding to great acclaim.
Each year we reveal the most impressive individual transaction to have taken place in each major Asian market. In South Korea, the Export-Import Bank of Korea sets a milestone by issuing the first Green bond in Asia ex-Japan, setting a potential benchmark for other environmentally-conscious borrowers.
Each year we reveal the most impressive individual transaction to have taken place in each major Asian market. In Singapore, United Overseas Bank's Basel III-compliant bond offering helps to set a milestone for regional bank capital issuance.
An impressive privatisation sale of state ports, a successful state divestment of railway shares, an airport’s competitive euro-denominated bond debut, the country’s second-largest corporate loan refinancing and its biggest project finance package; some spectacular transactions were executed in Australia in 2013. ASIAMONEY reveals its winners for the year. Ben Power and Richard Morrow report.