Asia Pacific

Bond investors are set to start the new year with some trepidation, due to uncertainty around the US-China trade relationship and rising defaults in the Mainland. While there will be opportunities, not all issuers will have easy access to liquidity as buyers turn selective.

Indian chemical manufacturer Rossari Biotech has filed draft documents for an IPO, which it is planning to launch in the first quarter next year, according to a source close to the deal.

Indonesian company Astra Sedaya Finance has closed a loan of around $200m that mainly targeted liquidity among Japanese banks.

In the second part of GlobalCapital China’s awards announcement, we reveal the winning banks across Panda bonds, G3 bonds and ABS, as well as the best bank for securities services and the most impressive law firm.

In the fourth and final instalment of GlobalCapital Asia’s capital markets awards announcements, find out which firms have been named the Best Asian Investment Bank and the Best Investment Bank in the region for 2019.

MTN bankers are tipping Formosa and senior non-preferred debt for big things in 2020. Both markets, along with MTNs as a whole, have had an underwhelming year as issuance failed to live up to the promise of a busy 2018.

Lenovo Group, one of the world’s largest computer and electronics makers, lost a long time financing partner when IBM decided to close its factoring operation for hardware equipment manufacturers in February, GlobalCapital can reveal. But Lenovo moved fast to replace this with one of the largest trade receivables securitizations ever signed. The $3bn deal included selling junior notes to three investors to maintain full off balance sheet treatment for the assets and debt.

A study from the Bank for International Settlements (BIS) has found that the premium that banks must pay to issue bail-inable debt is heavily pro-cyclical, compelling issuers to take advantage of “good times” to build up their levels of loss-absorbing capacity.

One of my favourite parts of Christmas, other than Tai Tai taking a break from chiding me about my drinking, is the Queen's Speech. I may not hold the same place of importance in the hearts of Brits around the world, but I would like to think that I have similar eloquence — which is why I have composed my own speech for you, dear readers.

Volumes in China’s securitization market surged this year, with expectations high that the traditional auto ABS and residential mortgage-backed securities (RMBS) markets will continue strongly in 2020. But cracks are starting to appear in some of the other faster-growing asset types, writes Rebecca Feng.

Southeast Asia is set to be an important source of business for loans bankers in 2020 as they search for opportunities outside of the slowing markets of China and India. A spurt in both inbound and outbound acquisition financings in the region is on the cards, writes Pan Yue.

Hong Kong-based personal loan provider PrimeCredit has issued $200m of asset backed securities, making it the first public term securitization in Hong Kong in more than a decade.