Swift’s decision not to publish its monthly RMB tracker with any additional commentary about the long term prospects of the renminbi is refreshing. Other renminbi loyalists should follow suit, and stop trying to gloss over disappointing data.
The successful placement of an outbound acquisition financing for Indian company Intas Pharmaceuticals has put the spotlight on rules barring Indian banks from supporting local M&A. Intas’s loan has demonstrated that the country’s lenders are well positioned to structure and distribute complex deals with cross-border elements. It’s time for the regulator to rethink rules on domestic transactions.
Chinese high yield property issuers have shown that they have investors in the palms of their hands, taking advantage of accounts’ hunger for yield to price deals at levels that would have been impossible a few months ago. But as more property companies face refinancing needs and investors spend their cash, borrowers will need to adapt to a tougher pricing environment.
Hong Kong's IPO market relies heavily on Chinese issuers for deal flow, and with them a force of cornerstone investors. A much needed shake-up to the cosy cornerstone base is expected, thanks to new regulations by China’s foreign exchange regulator. But for those who view the change as a possible solution, the rules are likely to prove disappointing.
India is aiming for a record Rp725bn ($10.8bn) in divestment proceeds in the new financial year starting April. But it is no secret that these are targets the government is unlikely to meet, with the country having consistently over promised and under delivered. Ambition is admirable, but it is time the government got realistic.
Hong Kong’s primary equity capital market is in trouble. The city was the top global IPO destination by volume last year — a title it also held from 2009 to 2011. But the market is in the midst of change with disgruntled investors and restrictions on capital outflows from China set to start hitting business. With no fix in sight, the worst is only yet to come.
Donald Trump’s US presidential victory shook markets and whatever ‘Trumponomics’ turns out to be, the early evidence is that the normal rules will not apply. But for all the turmoil Trump has created as president-elect, his term in office may not devastate Asia the way some expect. His style of leadership might even bring just the spark Asian markets need.
In spite of the spread between OATs and Bunds reaching a four year high, two French public sector issuers chose to come to market this week, hoping the market would be stable. It’s no longer enough for issuers to sit on their hands waiting for calm — it’s about braving possible volatility and funding when you can.
Proponents of “green mortgage loans”, lent against energy efficient homes, argue they are less likely to default and deserve a lower risk weighting than conventional mortgage lending. But it’s a long shot, and there are plenty of other ways to promote the market.
While regulators and politicians try to hash out a compromise over the “simple, transparent and standardised” securitization framework, the European ABS market is drifting further and further away from EU authorities imagine it to be. But that doesn’t mean fixing STS is any less important.
As US retailers start to report their Q4 earnings, the numbers demonstrate the fickle nature of an industry that the US leveraged credit markets might do better to avoid.
Want full access to GlobalCapital?
If you are new to GlobalCapital or you already subscribe to some of our channels you can still easily extend your access.
Take a trial to the entire site or subscribe online to see all our capital markets news, opinion and data sets.
Don't miss out!Free trial
Best Brands in Finance Poll
Voting has opened for the Asiamoney
Best Brands in Finance Poll.
Read the magazine on your mobile device
Panda Bonds Top Arrangers
|Rank||Arranger||Share % by Volume|
|1||Bank of China (BOC)||18.01|
|3||Agricultural Bank of China (ABC)||10.59|
|5||Industrial and Commercial Bank of China (ICBC)||6.36|
Bookrunners of Asia-Pac (ex-Japan) ECM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||China International Capital Corp Ltd||3,764.17||7||11.54%|
|3||Haitong Securities Ltd||2,766.73||16||8.48%|
|5||China Securities Co Ltd||2,120.55||13||6.50%|
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|5||Bank of America Merrill Lynch||3,028.46||14||5.37%|
Asian polls & awards
GlobalCapital Asia held a New Year drinks and awards reception at Le Bistro Winebeast in Hong Kong on February 15, 2017. Below is a selection of the best photos from the night. Our thanks to all who attended.
GlobalCapital Asia and Asiamoney are pleased to announce the results of our Best Country Deals, recognising the standout transactions in Asia. Our thanks to everybody who took time to pitch.
GlobalCapital Asia and Asiamoney are pleased to announce the results of our annual awards, recognising the best banks and transactions in China. Thanks to everyone who took time to pitch and our congratulations to the winners.
GlobalCapital Asia and Asiamoney are pleased to announce the results of our annual awards, recognising the best banks and transactions in Australia. Our thanks to everybody who took time to pitch.
Asiamoney is delighted to announce the launch of the Asiamoney Best Brands in Finance Poll. We want to hear what you, our readers, think makes a top brand among financial market participants in Asia-Pacific — and which companies have the very strongest brands in the markets you know best.