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Indonesia is making a renewed push to list its myriad state-owned enterprises in a bid to relieve pressure on public finances. But those plans could yet be scuppered by a host of issues, not least of which is domestic politics.
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Doosan Group sold the third Asian block of the year this week and, in an unusual approach, opted for a private placement. If markets remain volatile, bankers predict many more of the region’s blocks may follow suit. Jonathan Breen reports.
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The Securities Association of China (SAC) has released further guidelines on underwriting and allocation for IPOs, in line with the new rules issued by the China Securities Regulatory Commission (CSRC).
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Korea Midland Power Co (Komipo) bagged $300m from new 5.5 year notes that were four times subscribed on January 13. The Aa2/AA-/AA- rated borrower offered investors something of a safe haven play amid the recent volatility, with strong demand allowing the issuer to print the new bond with little premium.
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CYBG, the UK mid-sized bank owned by National Australia Bank, will start building the book for its initial public offering in London next week.
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Asia’s primary dollar bond market has seesawed since the start of the year, with paralysis one day and a flood of deals the next. This has caused market participants to scramble to come up with different strategies to navigate the market, writes Narae Kim.
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STIC Investment launched a W121bn ($99.5m) sale of shares in Korean defence company LIG Nex1 on Thursday evening, confident they could cover the block with domestic investors.
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Hong Kong Airlines had to navigate a crowded primary market on January 13 to price its first dollar bond and raise $180m in the process.
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Volatility in Chinese equity and foreign exchange markets is spooking investors but the cheaper RMB and more reasonable valuations for A-shares might provide an ideal entry point for investment into the Mainland.
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Export-Import Bank of India (India Exim) has become the first credit outside of north Asia to sell a bond in the region this year, printing a $500m trade on January 13.
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There may be a new man in charge at the Mexican debt management office, but bankers were just as effusive as ever over its $2.25bn of 10 year bond, its first issuance of 2016, on Wednesday.
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Deutsche Bank is forecasting net Panda bond issuance of Rmb20bn this year as part of a wider deepening of China’s onshore bond market including greater access for foreign investors.