Thai bank paper continues to be in favour with Kasikornbank pricing 5bp inside its existing curve, despite political headwinds.
WH Group delayed, restructured and reduced in size what would have been a $6bn IPO this week, due in part to a corporate governance surprise but mostly because of too many bookrunners being involved, write Clare Hammond and Rev Hui.
RBI ban on Indian bank activity in offshore dollar loans is a boon for foreign lenders but will hurt volumes
The Reserve Bank of India has banned overseas branches and subsidiaries of Indian banks from providing US dollar funds to companies if the end use of the proceeds is to repay rupee loans. While the move is a victory for international lenders who will now have the upper hand in obtaining new business, it has also led to predictions of a decline in loan volumes from the country, writes Rashmi Kumar.
- Investor demand drives new KBank 5bp inside curve
- Vista Land goes international with new bond
- Woori Bank woos investors with Basel III T2
- Tencent uploads jumbo $2.5bn dual trancher
- Bookrunner lunacy leads to WH Group IPO shambles
- China prepares for second coming of A-share IPOs
- Shareholders net $300m in Samsung Life Insurance exit
- Offshore investors courted in China’s first exchangeable
Zili Shao, head of China at JP Morgan, will step down from running the investment bank’s Chinese business to become vice chairman of Asia Pacific — the latest in a series of senior China moves at the bank.
Baosteel Group Corporation will start a series of investor meetings in the coming weeks for what will be China’s first exchangeable bond. While the roadshows will mainly be held in China, the deal — which could be worth as much as Rmb4bn ($644m) — is also being lined up for offshore investors.
- JP Morgan moves China head to new role
- Barclays on the hunt for Apac loan head as Lau departs
- Barclays Apac loan head leaves after 10 months
The much heralded Asian M&A boom appears to be finally underway as leading names including Dongfeng Motor Corp, Lenovo and Oversea-Chinese Banking Corp snap up companies. The willingness of banks to lend funds is driving acquisition momentum and with the economic environment perking up, it’s time for companies to splash out.
Bond investors seem desperate to get their hands on anything other than Chinese property and frontier market sovereigns are stepping up to the plate. Recent and lauded sovereign bonds from Sri Lanka and Pakistan have provided much needed diversification and appetite for frontier credits continues to be rife. Bangladesh has been waiting in the wings and now is the perfect time for it to take the plunge.
The Islamic Republic of Pakistan, rated B- / CAA1, will consider it a great result if it can re-establish a five- and 10-year international bond curve this week – following a seven year hiatus – by pricing close to higher-rated Zambia. But for a country with Islamic in its name, with a growing Islamic banking industry and with Islamic finance globally gathering momentum, it would be an oversight if it does not also re-establish a sukuk curve, and soon.
From The Weekly
- Top China securities firms follow corporations offshore
- G3 sell-off no threat to deal pipeline as spreads widen
- Take-privates by property names to build Singapore loan market
- IBK completes $300m GDR offering ahead of time
- Bankers untangle investor concerns to sell Sritex debut
- Indo Exim throws open $600m dual trancher
Cartoon of the Week
- Total Derivatives: 1s/5s CNY swaps steeper as 5y underperforms
- Variance swap trades eyed on China weakness
- Total Derivatives: Front-end CNY bid flattens curve
- MYR/KRW strategy eyed via NDFs
- Option buying seen on new Japan JPX-Nikkei 400 index
- Total Derivatives: Short CNY swap offers drive curve steeper
- Total Derivatives: CNY Swaps well offered on GDP concerns
- HKMA makes change to counterparty risk exposure
- Barclays trading chief moves to BlueCrest
- Exotic books sell long-dated vol
More from Asia
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From Asiamoney magazine
- India's Raghuram Rajan focuses on new bank generation
- ADB offers new means to lift Asean trade levels
- China’s stifling IPO oversight
- Beijing breaks its aversion to debt defaults
- Analysts consider the consequences of China's first debt defaults
- Japan’s top transactions of 2013
- Japan's foremost financial advisers
- Australia aims to sell state assets
- The world’s Islamic finance innovators
- Eurozone sovereigns strive to repair Asia relations
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Bookrunners of Asia-Pac (ex-Japan) ECM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|3||China Securities Co Ltd||2,999.56||10||5.14%|
|5||Guosen Securities Co Ltd||2,486.66||12||4.26%|
Bookrunners of Asia (ex-Japan) G3 DCM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|5||Bank of America Merrill Lynch||6,388.92||37||6.83%|
Asian polls & awards
The country enjoyed some impressive transactions on the back of a resurgent equity market and companies conducting acquisitions, especially SoftBank. ASIAMONEY reveals the top deals of 2013. By Peter McGill.
Several banks impressed in 2013, during a year of renewed capital markets activity. ASIAMONEY reveals which banks stood tallest. By Peter McGill.
The Islamic finance industry continues to grow quickly, in terms of both assets and users. Yet within this fast-growing sector a number of banks tend to stand out for the quality of their services. ASIAMONEY picks the stand-out Islamic banks in Asia and the Middle East for the past year. By Chris Wright.
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.