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Asia

Banks prepare to reject PTPN loan waiver, point to cash pile

Indonesian palm oil producer Perkebunan Nusantara III (PTPN) is seeking consent from banks to delay payments on a dollar loan, given expectations of a hit to its business because of the Covid-19 pandemic. But bankers told GlobalCapital Asia this week that the state-owned company has enough cash to make the payments, with the syndicate team set to reject its deferral request. Pan Yue reports.

Pan Yue, May 14, 2020
People and Markets

Citigroup bond syndicate leader to leave industry

One of Europe’s leading bond syndicate bankers has decided to leave Citigroup, and probably the capital markets.

Jon Hay, May 14, 2020
Asia

China Reits are not for all

China has taken a long-awaited step towards opening its real estate investment trust (Reit) market, publishing rules for a pilot programme. The regulators are understandably starting small, but the guidelines don’t do enough for companies that need to list Reits the most.

Rebecca Feng, May 14, 2020
Asia

Tread softly, you tread on my dream of an upgrade

Lately I’ve been reading the poetry of W B Yeats — part of a desperate attempt to calm my nerves. “I have spread my dreams under your feet,” he wrote. “Tread softly because you tread on my dreams.”

Taipan, May 14, 2020
Regulatory Capital

Deutsche leads the way as banks rethink sub debt supply

Euro area banks are expected to make use of the relaxation of their Pillar 2 capital requirements by issuing more capital instruments in the coming months, following the example set by Deutsche Bank this week.

Tyler Davies, May 14, 2020
Asia

Zhongsheng CB buy-back draws equity interest as stock soars

Zhongsheng Group Holdings tapped the equity-linked market for HK$4.56bn ($588.4m) this week to repurchase an outstanding convertible bond. The firm found strong demand from the usual sets of investors but also got new names looking for defensive opportunities. Jonathan Breen reports.

Jonathan Breen, May 14, 2020
Asia

Dada Nexus, Legend Bio ready Nasdaq IPOs

Dada Nexus, an operator of Chinese on-demand retail and delivery platforms, and Legend Biotech Corp both set the ball rolling for Nasdaq IPOs this week.

Jonathan Breen, May 14, 2020
Asia

REC navigates regulatory restrictions to raise $500m

REC became the first Indian issuer in two months to hit the international bond market this week, raising $500m. The power company managed to navigate cumbersome restrictions for its deal, but other potential issuers from the country will find the path much more challenging, writes Morgan Davis.

Morgan Davis, May 14, 2020
Senior Debt

Downgrades weigh on Italian senior bond spreads

Fitch cut the ratings of four Italian banks this week, triggering underperformance in the market and pushing some non-preferred senior bonds into speculative grade territory.

David Freitas, May 14, 2020
Asia

Deutsche hires first Apac ESG head

Deutsche Bank has hired Kamran Khan to head its environmental, social and governance efforts in Asia Pacific.

Morgan Davis, May 14, 2020
Southpaw

UniCredit switches plan for ‘once in a century event’

UniCredit began the year with a new template for growth but is now simply trying to help support clients through the crisis, while hoping that the deeper relationships being forged will endure, writes David Rothnie.

David Rothnie, May 14, 2020
Asia

Genscript Biotech to spin off unit in $100m Nasdaq IPO

Genscript Biotech Corp is planning to spin-off and list subsidiary Legend Biotech Corp in a potential $100m Nasdaq IPO. The firm submitted listing documents to the US regulator on Wednesday.

Jonathan Breen, May 14, 2020

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