This week's record-breaking dual currency bond from China Petroleum & Chemical Corporation (Sinopec) showed just how far Chinese issuers have come in the international bond market over the past few years. Sinopec managed to print an impressive $6.4bn and by doing so elevated its status to one of the elite borrowers in the region, writes Rev Hui.
Banks are pushing the Securities and Exchange Commission of Pakistan (SECP) to rethink its recent proposal on new rules for the equity capital market. The SECP's suggested regulations include banning listed companies from raising funds through a bookbuilding process while restricting the activities of bookrunners when executing deals. Rashmi Kumar reports.
New rules from Taiwan’s Financial Supervisory Commission (FSC) require banks to up their general provision for China loans by 50bp. While the move will push banks in Taiwan to exercise more caution when lending to the mainland, it leaves them in a dilemma when it comes to pricing loans, writes Shruti Chaturvedi.
- Investors rush in for United Envirotech’s three year bond
- Shinsegae eyes 30NC5 with Kookmin guarantee
- Pelindo II fetches $1.6bn from dual-trancher
- KoRes opts for $350m amid debt reduction pressure
- Syngene, Nuziveedu sign up for Indian IPOs
- Landing aims for $844m via rights as Q&M mulls spin-off
- Rush of demand pushes Malakoff $754m IPO to the top
- Haohai sees red-hot demand for $304m HK listing
Nomura has announced the appointments of three senior managers in its global markets division, with EMEA markets head Gary Cottle stepping down.
This week’s official launch of the new free trade zones (FTZ) in the city of Tianjin and the provinces of Guangdong and Fujian has coincided with a new shortening of the negative list that determines which sectors in China are off-limits to foreign investors.
- Nomura boosts cross-regional efforts as Cottle quits
- Edmond de Rothschild names new head of Chinese equities
- JP Morgan rejigs senior posts in Asia
Kaisa Group Holdings became the first Chinese property company to default on its offshore debt when it announced on Monday that it had failed to pay $51.6m of coupons on two of its outstanding dollar bonds. The news barely made an impact on secondary prices, as the default had been well flagged, but markets should not relax yet. Kaisa may not be an isolated case.
A panel set up by India’s Ministry of Finance to review the rules for companies borrowing money from overseas has made the radical suggestion of doing away with the current system and immediately liberalising the regime. Such an approach is likely to be too much of a shock to the country’s financial system. The government would be wise to adopt a more gradual approach.
Mainland purchases of Hong Kong H shares exhausted the southbound daily quota of the Shanghai-Hong Kong Stock Connect for the second straight day on April 9. The new enthusiasm among Chinese buyers will be a boon for many, but it is also a sharp reminder of the potential and risks associated with China’s opening.
Cartoon of the Week
- SGX, Bank of China agree to further collaboration
- HKEx adds new hires for mainland development
- Total Derivatives: Data flattens CNY curve
- Stock Connect, vol boost for RMB futures
- SPA 2015: Asian demand surges in vol-linked structured products
- Total Derivatives: Belly CNY bid after PBoC, inversion
- Total Derivatives: Short-end CNY bid emerges on curve move
- Total Derivatives: CNY well offered after PBoC operation
- Total Derivatives: PBoC hopes drive CNY bear-steepening
- FIA Boca: Shanghai-HK Stock Connect poses new regulatory issues
More from Asia
Latest news by market and league table performance
Asiamoney: February 2015
- China-Australia Corridor: Aussie banks making the most of China links
- Asiamoney Australia Awards 2014: the brightest and the best
- India: Sebi rings the changes
- From Bangladesh to Vietnam: Asia's best deals
- M&E BDO Asiamoney HK Stars Index: Sustainable management paying off in Hong Kong
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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
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Asian polls & awards
Asiamoney announces the winners of its latest annual Asia Islamic bank awards, after a year in which the industry continued to develop in size and scope. The awards are listed below, and full write-ups of each decision will be published online and in print at the end of April.
HSBC reigns supreme for the fourth year running as the best overall provider of offshore RMB products and services, in Asiamoney’s largest and most competitive Offshore Renminbi (RMB) Poll. The UK-headquartered bank tops the poll as voted by clients from around the world.
Asiamoney is pleased to announce the winners of the 2014 Australia Awards. After suggestions by bankers from global and domestic institutions, we weighed the most impressive deals and banks in the market last year. The decisions were not always easy, but we hope to have picked a series of winners that truly highlight the breadth of potential in Australia's capital market. It was a good year for the overall market; it was a great year for the winners below.
Although the region witnessed the world's largest ever IPO in 2014, it was bond issues that dominated the roster of notable capital markets transactions in Asia ex-Japan. After considering a bumper selection of awards pitches from firms across the region, Asiamoney has picked its standout transactions across ECM, DCM and syndicated loans. Our thanks to all those firms that took the time to pitch.
Asiamoney is pleased to announce the winners of the 2014 Australia Awards. After suggestions by bankers from global and domestic institutions, we weighed the most impressive deals and banks in the market last year. The results are listed below, and full write-ups of the winners will be published online and in print in late February.