The Islamic finance market is looking to welcome its first Chinese participant after Country Garden Holdings this week announced plans to issue a Murabahah sukuk. But the property developer’s currency of choice — the ringgit — suggests that plenty of work is needed for sukuk to gain traction in north Asia, writes Rev Hui.
The Chinese and Hong Kong equity capital markets are stirring back to life after the turmoil of the summer, with a pair of IPOs enjoying strong debuts this week. No one is calling a recovery yet, but bankers are keeping their fingers crossed that the fourth quarter will offer a good window to push through deals, writes John Loh.
Standard Chartered has reorganised its capital markets operations, splitting its DCM and loan syndications units. Coinciding with the rejig is the departure of Aaron Russell-Davison as the head of debt capital markets, with more changes expected to take place.
- Country Garden sets the stage for first Chinese sukuk
- No more missing in action, India bonds head for busy Q4
- Agency set to return to green market
- ICBCIL Finance lines up banks for dollar outing
- Rise and shine: HK ECM waking up from slumber
- Asia IPO news in brief, October 8, 2015
- HKEx drops dual-class proposal after SFC thumbs down
- Japan Post gets going with blockbuster IPOs
People & Markets
Singapore Exchange (SGX) is looking to replicate the success of companies CME Group, Deutsche Bourse and the London Stock Exchange Group in evolving the indexing business, as passive investing gains popularity in Asia.
China gave a clear signal of its ambitions for the long awaited Cross-Border Interbank Payment System by launching it with a series of debut transactions by China and international banks in at least three different continents. CIPS, which was up and running on October 8, is expected to play a key role in the next stage of RMB internationalisation.
- SGX expands index business with eye on Asia
- StanChart undertakes capital markets rejig
- Asifma chooses Kim from Standard Chartered to be new chairman
South Korean bond issuers have garnered a reputation for squeezing investors for every penny possible with aggressively-priced transactions. Investors may be critical of their tactics but the market needs to recognise the savviness of this strategy.
A paper published by the University of Hong Kong argues that the city’s IPO sponsors may not in fact be subject to civil and criminal liabilities on prospectuses. This is a departure from the position taken by the Securities and Futures Commission last year, writes Philippe Espinasse.
The stock market has endured its worst summer in years, with the turmoil in China wiping out trillions in market value and causing ripples around the world. But a crucial window will open up for share sales in Asia once China concludes its Golden Week holidays in early October. Issuers should grab the opportunity to light a fire under equity capital markets.
From The Weekly
- BOCHK, HSBC lead the way for Panda bond charge
- Taiwan puts faith in foreign listings to boost equity market
- China and UK eye trading link for stock exchanges
- New bond rules fail to dent Weichai debut
- Blowout success for LIG Nex1 $447m IPO
- RBI draft widens lender base for India debt
Cartoon of the Week
- China lays out disclosure regime for consumer loan ABS
- ING primed for A$750m RMBS return
- HQS 'scarlet letter' threatens to isolate US
- Ford Auto Finance (China) expands funding channel
- Australia heats up with Citi’s A$1.2bn RMBS
- SAIC-GMAC ABS sticks to the middle lane
- Citi keeps momentum going for Australian RMBS
- CBA trumps volatile markets with bigger A$2bn RMBS
- CBA all set for A$1bn RMBS return
- BoQ to market Aussie ABS in London
More from Asia
Latest news by market and league table performance
Asiamoney: September 2015
- AIIB: regional solution or global threat?
- Wealth Management: Once bitten, not yet shy
- Wealth Management: Asian SRI’s green shoots
- Asiamoney FX Poll 2015: Opportunities amid the volatility
- Asiamoney Finance in the Middle East Awards
- Asiamoney Best Managed Company Awards 2015
- Indonesia corporate sukuk in government’s shadow
- HK Stars Index: The Good Governance Hedge?
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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
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|4||Bank of America Merrill Lynch||13,259.51||88||6.22%|
Asian polls & awards
ANZ and CIMB impress in this year’s Asiamoney’s Fixed Income Poll with ANZ topping the categories for regional credit and interest rates, while the Malayisan bank comes first in regional commodities services.
Middle Eastern banks have faced a tough environment over the last year, being forced to deal with the impact of a sharp decline in the oil price on a client base that considers few things to be more important. But the best banks are those that can find a way to stand out from the crowd when times are tough, and the banks below did just that. Asiamoney is pleased to announce its picks for the best banks in the Middle East for 2015.
Asiamoney is pleased to present its choices for Asia’s Best Managed Companies 2015. The winners were the firms that impressed us the most through a combination of factors including innovation, financial performance and strategic execution, and after also surveying the views of regional analysts and investors. Our congratulations to all those chosen.
The year 2015 has been one of immense volatility for foreign exchange in the Asia Pacific region, amid capital flight from emerging markets. In such turbulence, only service providers with top-class expertise and experience can help clients to not only preserve but enhance their commercial strength. Anthony Chan reports.