Daniel Stanton is head of Asian credit at IFR and is based in Singapore, where he has been reporting on capital markets since 2009. He has previously worked in Dubai, London and Pontypridd. He can be found tweeting at @IFRstanton.
United Overseas Bank achieved the tightest reoffer spread globally for a US dollar Basel III Additional Tier 1 offering with its first such issue in the currency.
Reliance Communications’ move to cut US$3.8bn from its US$7bn debt burden has been thrown off-course due to the cancellation of two deals central to the plan, causing a further sharp slide in its offshore bonds.
Asia has already beaten last year’s record for G3 bond issuance, with many banks printing more deals in nine months than they did in the whole of 2016.