Asia Pacific
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UBS is re-balancing its corporate finance business to end its reliance on its Financial Institutions Group with impressive results, writes David Rothnie. -
Uzbekistan opened a new chapter in emerging market bonds on Wednesday, printing a $1bn dual tranche deal. Market participants are expecting a swathe of other issuers from the country to follow the sovereign into the capital markets, although soggy trading on Thursday has stiffened investor resolve to hold firmer on pricing on subsequent Uzbek deals, writes Francesca Young.
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In the emerging markets over the past year the art of bond investing has often felt like perfecting the skill of mitigating disaster — of knowing when to catch a falling knife or jump on a rebound before everyone else does.
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Uzbekistan printed its $1bn dual tranche five and 10 year bond on Wednesday to great investor excitement, but the bubble was punctured on Thursday when both traded down in the secondary market. That was despite orders as big as $300m from one international EM account, according to Uzbekistan’s deputy prime minister and finance minister, Jamshid Kuchkarov.
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Chinese property developer Dexin China has launched bookbuilding for an IPO that could raise up to HK$1.73bn ($220.3m).
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CStone Pharmaceuticals has launched Hong Kong’s first biotechnology IPO of the year — and bankers are watching it closely. The up to HK$2.38bn ($304m) deal has received a strong early response, a good sign for the growing pipeline of biotech issuers hoping to put a difficult 2018 behind them. Jonathan Breen reports.
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After a quiet start to February, property developers from China are making the most out of a liquid bond market, pricing dollar bonds way inside of initial guidance and still watching their bonds trade well in the aftermarket. The rush shows no signs of slowing down. Addison Gong reports.
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PetroVietnam Gas Joint Stock Corp has picked Mizuho as sole mandated lead arranger and bookrunner for a $200m borrowing. It is the latest sign of a boom in southeast Asia’s offshore loan market that is leaving bankers divided on pricing, tenors and covenant packages.
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Hong Kong’s Airport Authority (HKAA) raised $500m from a dollar bond sale on Wednesday, ending a hiatus of nearly 16 years from the market.
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It can be rough living in one of the world’s most expensive cities. Tai Tai and I are fortunate enough to afford a lovely home with plenty of room for my Scotch collection, but I know most people in Hong Kong aren’t so lucky.
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Debt syndicates Ang, Sloane join ANZ — Citi names leadership for new BCMA unit — Gori to run JP Morgan Apac banking — StanChart hires from HSBC for Singapore global banking
