The Hong Kong Monetary Authority has scrapped its restrictions on banks’ net open positions of offshore renminbi, giving a shot in the arm to the nascent dim sum loan market. But bankers are still sceptical there will be a big growth in offshore renminbi loans before the end of the year. read more »
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23 May 2012
China Nonferrous Mining Corp International has extended the roadshow of its Hong Kong IPO, giving investors more time to consider the offering after weak demand so far.
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23 May 2012
Industrial Bank of Korea is planning to raise around $500m in the international bond market in the second half, completing its $2.5bn funding requirement for the year.
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23 May 2012
Gas Malaysia has already received enough demand to cover its MR734.5m ($235.2m) IPO after two days of bookbuilding, getting a strong bid from domestic accounts amid expectations that it will offer a chunky dividend yield.
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23 May 2012
Korea Exchange Bank will be on the road next week for a series of meetings with investors in Asia, UK and US to gauge their appetite for a potential international bond offering.
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23 May 2012
Several companies started pre-marketing or bookbuilding planned IPOs this week, including Graff Diamonds and Chinalco Mining Corp in Hong Kong and Gas Malaysia in its local market. Read on for a full list of pending deals.
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22 May 2012
Korea Development Bank wants to issue as much as ¥50bn ($631m) of Samurai bonds as early as next month, and plans to mandate the transaction this week.
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22 May 2012
Chinalco Mining Corp International started pre-marketing a $1bn Hong Kong IPO on Monday, after getting approval from the Hong Kong stock exchange last week. The deal will spin-off the Peruvian copper mine of the state-owned Aluminium Corp of China, but the company also wants to use the vehicle to acquire more overseas assets.
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22 May 2012
Citic Pacific is aiming to raise HK$6bn ($772.7m) from the international loan market, boosting its funding target after getting senior commitments from 12 different banks. The deal has now been taken into senior syndication.
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22 May 2012
Ascendas Hospitality Trust is considering launching a S$650m-S$750m IPO on Thursday after two weeks of pre-marketing. But bankers away from the deal have concerns about demand for the offering, and a definite timetable will not be set until Wednesday.
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22 May 2012
Philippine developer Filinvest Land started marketing Ps7bn ($162m) of seven year bonds on Monday, but the company could be forced to pay up against a local rival, said bankers not working on the issue.
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22 May 2012
Ten banks committed to a $200m bullet loan for Sany Group last week, marking a successful return for a borrower that had not tapped the markets in just over a year.
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21 May 2012
Export-Import Bank of Korea (Kexim) plans to revisit the international bond market in the second half of the year, after successfully raising a record ¥100bn ($1.26bn) from issuing Samurai bonds in Japan last week.
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21 May 2012
Graff Diamonds opened the books to its $1bn Hong Kong IPO on Monday morning, after shooting for a lower valuation than many bankers had expected.
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21 May 2012
Malaysia is expected to continue to enjoy its status as the global hub for sukuk bonds this year, as domestic and foreign issuers are lured by the country’s lower interest rates and large pool of liquidity.
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21 May 2012
Singapore’s hotel operator Banyan Tree raised S$50m ($39m) from the domestic bond market late last week, launching the deal at a time when the European debt worries discouraged other borrowers from selling debt. The absence of any competition helped the firm get tight pricing.
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18 May 2012
Asia’s credit markets have sharply reversed the storming start they had to the year. Spreads are widening, investors are running scared — and this week two high yield issuers were forced to scrap their deals after getting an icy response from investors.
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18 May 2012
Chinese companies have turned to the offshore loan markets in increasing size this year, driven in part by tight lending conditions on the mainland. But syndicate officials think a recent cut in bank reserve rates in the country will not cause big damage to offshore loan volumes — although they see only limited potential for syndicated deals.
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18 May 2012
Some investors are finding it difficult to value a planned Hong Kong listing from Graff Diamonds, a retailer which started pre-marketing a $1bn IPO last week. The companyÕs banks are being forced to spend a lot of time explaining to investors the best way to value the deal.
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18 May 2012
Southeast Asia ECM bankers are paying close attention to pending IPOs from Felda Global Ventures, Formula One and Integrated Healthcare Holdings, deals that are expected to raise as much as $8bn between them. But some origination bankers are starting to worry that the pipeline beyond these deals is not strong enough — and fear there will not be many more deals in the region this year.
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18 May 2012
Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) finally pushed through with its $250m debut in the international bond market late last week.
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18 May 2012
Tower Bersama drew around $90m of demand in general syndication for its latest international loan, which will be worth $325m. That was on top of the $600m of commitments the company had already received from the bookrunners and senior-level lenders.
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18 May 2012
An investor in The Link Reit sold a stake in the real estate investment trust on Wednesday evening, pushing ahead with the deal despite the Hang Seng Index’s worst daily performance for six months. The unitholder raised HK$1.866bn ($240m) from the transaction.