18 March 2010
Asia’s deal-starved structured finance market got an unlikely boost this week in the form of a convertible bond that came with all the features of a commercial mortgage-backed securitisation. read more »
Bank of China is close to appointing banks to handle a Hong Kong share placement worth up to $7.8bn, bankers pitching for the landmark deal said on Thursday.
Asian bond buyers were left frustrated this week as a series of planned new issues failed to materialise despite near-perfect market conditions. Bankers blamed unrealistic borrowers, slowdowns in getting documentation ready, pending result announcements and a busy start to the year for Asia’s more frequent issuers.
Colonial First State Global Asset Management, a subsidiary of Commonwealth Bank of Australia, sold the first commercial mortgage-backed securitisation (CMBS) of the year this week — breathing new life into a market that has been largely dormant since the credit crunch began.
Nomura has added Lehman Brothers’ former Asia boss Jasjit "Jesse" Bhattal to its executive management committee in a move that hints at its determination to retain key staff who joined in its Lehman acquisition.
Hong Kong electricity company CLP Power launched a heavily oversubscribed $500m 10 year bond at the end of last week, showing the strength of demand for Asian credits in a deal that bankers said could have been much larger without shifting pricing.
A group of creditor shareholders sold a 6.7% stake in Korea’s Hynix Semiconductor on Monday in an $814m block sale that came flat to the stock’s closing price on the day.
Credit comes of age
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