Korean credits were mostly missing from the international bond market in the first quarter of this year, with only a handful of deals from what is usually a busy issuer group. But bond sales from the country look set to stay quiet for even longer as the government launches an investigation into corruption at state owned energy companies, writes Narae Kim.
The Hong Kong ECM market is on fire, with block deals notching up impressive volumes of $2.1bn in just the first half of April. Opportunistic sell-downs have been made in droves with banks desperately scouring the market for more transactions, as they face sellers taking different approaches to the stock rally, writes Rashmi Kumar.
Banks are increasingly looking to funding sponsor driven activity in India as interest wanes in state owned companies’ thinly priced deals. India is ripe with high growth targets in the tech, retail, manufacturing, financial services and infrastructure sectors that throw up plenty of opportunities for foreign banks, writes Shruti Chaturvedi.
- Shenzhen Qianhai Financial to hit road for debut dim sum
- IBK hails return with upsized $700m bond
- Size or price? China Cinda grabs both with $3bn winner
- Nonghyup mandates four for $300m in H1 2015
- Lightning start for Malakoff $754m IPO
- IS Dongseo, Mirae get ball rolling for Korea ECM
- Engro seeks $100m sell-down of fertiliser unit
- Investors swallow CSPC stock as Hony makes $1.26bn exit
Credit Suisse has promoted George Chow and Zeth Hung to the positions of co-heads of Greater China investment banking, as the Swiss bank seeks to broaden its client base in the region. The Credit Suisse veterans start in their newly created roles in June.
The Singapore Exchange and the Bank of China International Holdings have renewed a commitment to collaborate on market expansion of the renminbi.
- Credit Suisse promotes two to lead Greater China IB
- Barclays gets new head for Taiwan operations
- Latham & Watkins adds Aggarwal to capital markets team
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.
An attempt by a Chinese state-owned enterprise to seek a waiver of the requirement to hand over 10% of any public equity offering to the country's pension fund has put the spotlight on a rule that looks increasingly hard to justify. Exempting offshore deals would be a good step forward.
From The Weekly
- HK equities in a frenzy as soaring index fuels blocks
- Korea SOEs to stay out of bonds as investigation gets underway
- Private equity pick-up to unleash India opportunities
- Central China flies the flag for Chinese property
- Malaysia returns with revolutionary wakala
- Pakistan comes down hard on underwriters
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
|Rank||Lead Manager||Amount $m||No of issues||Share %|
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.