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Sunday, 22 October 2017

Daniel Stanton' s stories

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  • Commercial properties line the western side of Sydney's Central Business District in Australia.

    Aussie cooling worries investors

    Top News | 20 October 2017

    A cooling property market is prompting some global fund managers to take a defensive approach to Australian credit.

  • Singapore: UOB sets tight AT1 benchmark

    Emerging Markets | 13 October 2017

    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.

  • Asian bonds smash annual record

    Emerging Markets | 06 October 2017

    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.

  • India's Reliance debt plan in doubt

    People & Markets | 06 October 2017

    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.

  • High-yield issuers win market reprieve

    Emerging Markets | 29 September 2017

    Three Asian companies took advantage of improved market conditions in the past week to revive high-yield bond offerings that had stalled over the summer, but another pulled deal showed investors were still cautious.

  • APP heads back to debt market

    APP heads back to debt market

    Top News | 22 September 2017

    Asia Pulp & Paper, the group behind Asia’s biggest corporate default, is looking to sell US dollar bonds for the first time since 2001 as it seeks to rebuild relationships with international investors.

  • Chinese national flags flutter in front of the Great Hall of the People before the opening ceremony of Chinese People's Political Consultative Conference (CPPCC) in Beijing.

    China closes in on sovereign return

    Top News | 22 September 2017

    The People’s Republic of China is finalising the underwriting syndicate for its first US dollar sovereign bond since 2004, moving closer to a deal that has already had an impact on corporate credit curves.

  • South Korean flags

    South Korean issuers seize brief dollar window

    Top News | 15 September 2017

    Three South Korean issuers made their way back to the offshore bond market last week during a lull in tensions between the US and North Korea, before a missile launch on Friday renewed political concerns.

  • Vietnam tackles capital shortfall

    People & Markets | 15 September 2017

    Vietnam has given banks new powers to deal with bad loans in a move seen as a precursor to a recapitalisation of the sector.

  • QNB turns to Formosa market

    Emerging Markets | 15 September 2017

    Qatar National Bank won a vote of confidence from Taiwanese investors last week as it raised US$630m in the Formosa bond market.

  • Hon Hai targets yen debut

    Hon Hai beats expectations with ¥50bn euroyen

    Ticker | 13 September 2017

    Taiwan’s Hon Hai Precision Industry exceeded expectations on its return to the yen bond market, beating its issuance target and having to scale back eager investors.

  • Rising tensions hit S Korean credit

    Emerging Markets | 08 September 2017

    Asia’s credit markets largely shrugged off the latest round of tension between the US and North Korea, even as risk premiums rose for South Korean bonds.

  • Noble Group logo

    Noble CDS holders kept waiting for ruling

    Top News | 01 September 2017

    Holders of Noble Group’s credit default swaps have been left frustrated after a derivatives committee failed to rule on whether or not the Hong Kong-headquartered company had triggered a payout on the instruments.

  • Noble Group logo

    Noble CDS holders kept waiting for ruling

    Ticker | 31 August 2017

    Holders of Noble Group’s credit default swaps have been left frustrated after a derivatives committee failed to rule on whether the Hong Kong-headquartered company had triggered a payout on the instruments.

  • Asian project bonds ramp up

    Emerging Markets | 11 August 2017

    Capital markets are set to play a greater role in financing Asian infrastructure, adding firepower to the banking sector’s traditional dominance of project finance, say analysts at rating agencies.

  • A 1Malaysia Development Berhad (1MDB) billboard

    IPIC gives 1MDB extension to make settlement payment

    Ticker | 08 August 2017

    Abu Dhabi’s International Petroleum Investment has given 1Malaysia Development an extension to make a settlement payment that was due on July 31.

  • Paiton shifts from loans to bonds

    Emerging Markets | 04 August 2017

    Paiton Energy highlighted the extent of demand for Indonesian credit and infrastructure with a US$9bn order book for last Thursday’s US$2bn offering of two-tranche bonds.

  • 1MDB fails to pay up to IPIC

    People & Markets | 04 August 2017

    1Malaysia Development Berhad said it had failed to meet the July 31 deadline to pay around US$600m owed to Abu Dhabi’s

  • 1MDB logo

    1MDB delays US$600m payment to Abu Dhabi's IPIC

    Ticker | 01 August 2017

    Controversial Malaysian state fund 1Malaysia Development said it had failed to pay around US$600m owed to Abu Dhabi’s International Petroleum Investment by July 31, but pledged to make the payment later this month.

  • Azure beats rupee restrictions

    Emerging Markets | 28 July 2017

    Azure Power Global managed to price a US$500m 5.25-year non-call three senior Green bond on Thursday, despite restrictions on foreign purchases of rupee bonds, which meant it had to tweak the structure favoured by Indian high-yield energy issuers.

  • Azure Power Global logo

    Azure comes through with tweaked Greenko structure

    Ticker | 28 July 2017

    Azure Power Global managed to price a US$500m 5.25-year non-call three senior Green bond on Thursday, despite restrictions on foreign purchases of rupee bonds which meant it had to tweak the structure favoured by Indian high-yield issuers.

  • DBS sets offshore Green standard

    Emerging Markets | 21 July 2017

    DBS Group Holdings, rated Aa2/AA-(Moody’s/Fitch), on Tuesday printed its first Green bond and the first offshore Green bond from a Singaporean issuer.

  • Indonesia's Mandiri targets offshore business

    People & Markets | 21 July 2017

    Mandiri Sekuritas, the brokerage unit of Indonesia’s biggest bank, is expanding its international underwriting business to target offshore financings, potentially including Global rupiah bonds, after receiving a Singapore licence earlier this year.

  • Greenko

    New threat to Indian high-yield

    Top News | 21 July 2017

    Three years after stirring controversy, an offshore financing structure pioneered by Indian renewable energy producer Greenko Energy Holdings is now under threat as foreign investors near their quota limits on rupee bonds.

  • DBS Bank logo

    DBS sets Singapore offshore Green standard

    Ticker | 19 July 2017

    DBS Group Holdings, rated Aa2/AA– (Moody’s/Fitch), on Tuesday printed its first Green bond, and the first offshore Green bond by a Singaporean issuer.

  • Weak US inflation outweighs strong China GDP

    Ticker | 17 July 2017

    Weaker US inflation was a bigger driver for Asian markets today than stronger-than-expected China growth figures, meaning credit was generally firmer.

  • An Army soldier parachutes near a giant national flag during the Army's exhibition at Monas Park in Jakarta.

    Dual-currency first for Jakarta

    Top News | 14 July 2017

    The Republic of Indonesia printed its first dual-currency sovereign benchmark last Tuesday, making its first visit to the US dollar and euro bond markets since it earned its third investment-grade rating.

  • PTTEP cuts costs with new perps

    Emerging Markets | 14 July 2017

    PTT Exploration and Production has printed a US$500m corporate hybrid as part of an unusual liability management transaction that will result in big savings for the issuer.

  • Santander does Down Under first

    Bonds | 14 July 2017

    Banco Santander gave the Australian dollar market the honour of printing Spain’s first offering of senior non-preferred notes with a three-part trade of A$800m (US$612m).

  • PTTEP

    PTTEP prints US$500m perpetuals as part of LM exercise

    Ticker | 13 July 2017

    PTT Exploration and Production has printed a US$500m corporate hybrid as part of an unusual liability management transaction that will result in tax savings for the issuer.

  • An Army soldier parachutes near a giant national flag during the Army's exhibition at Monas Park in Jakarta.

    Indonesia makes statement with dual-currency trade

    Ticker | 12 July 2017

    The Republic of Indonesia printed its first dual-currency sovereign benchmark on Tuesday, making its first visit to the US dollar and euro bond markets since it earned its third investment-grade rating.

  • Walmart draws crowds on yen return

    Bonds | 07 July 2017

    Walmart made a triumphant return to the yen market with a ¥170bn (US$1.5bn) three-part Global in its biggest deal so far in the currency.

  • A shopper carts her purchases from a Wal-Mart store in Mexico City

    Walmart makes yen return with blockbuster Global

    Ticker | 07 July 2017

    Walmart made a triumphant return to the yen market with a ¥170bn (US$1.5bn) three-part trade, but opted for a Global offering instead of a Samurai.

  • Logo of China Evergrande Group

    Market buckles under Evergrande

    Top News | 23 June 2017

    China Evergrande Group’s voracious debt appetite and jitters in the Chinese market left investors nursing huge losses on almost US$10bn of new high-yield bonds last week.

  • Evergrande Real Estate Group logo

    China Evergrande new issue sinks six points

    Ticker | 22 June 2017

    China Evergrande’s bonds have tumbled nearly six points as the new issues fell victim to rumours swirling in the Chinese property market and complaints of over-allocation.

  • FWD pulls off zero-coupon perp

    Emerging Markets | 09 June 2017

    Hong Kong-based FWD Group brought an audacious bond structure to the market last Thursday, betting that investors would be willing to wait five years or longer to receive interest payments.

  • Perpetual motion breaks record

    Emerging Markets | 09 June 2017

    Perpetual bond sales from Asia’s corporate sector surged to an annual record last week, as investors’ hunger for yield showed no sign of easing.

  • Kaisa nears rehabilitation

    Kaisa nears rehabilitation

    Top News | 09 June 2017

    Kaisa Group Holdings, the first major Chinese developer to default on overseas bonds, could be back in the offshore market later this month, having unveiled plans to exchange its existing notes.

  • FWD brings audacious zero coupon perp

    Ticker | 09 June 2017

    Hong Kong-based insurer FWD Group brought an audacious bond structure to the market on Thursday, betting that investors would be willing to wait five years, or longer, to receive their interest payments.

  • A Korean Air Lines aircraft

    Korean Air flies without Kexim support

    Ticker | 06 June 2017

    Korean Air Lines successfully accessed the offshore debt capital markets with its first standalone deal, while BOC International became the first Chinese institution to be sole lead on an international Korean offering.

  • INDIA: Bond investors hang up on RCom

    Emerging Markets | 02 June 2017

    Reliance Communications’ bonds plunged last week, following multiple downgrades, on increasing fears that cutthroat competition in the Indian mobile telecoms market would drain liquidity and trigger a default.

  • ESR points to weaker appetite for Asian perps

    Ticker | 01 June 2017

    Logistics property developer and operator ESR Cayman highlighted a slowdown in demand for US dollar perpetual bonds in Asia, printing only US$100m of perpetual non-call three bonds and failing to tighten from initial price guidance.

  • ChemChina headquarters

    ChemChina blowout overcomes China downgrade

    Top News | 26 May 2017

    China National Chemical Corp made a storming debut in the US dollar bond market, drawing huge oversubscription despite early market jitters caused by Moody’s downgrade of China’s sovereign rating.

  • RComm fails to communicate

    Emerging Markets | 26 May 2017

    Reliance Communications’ offshore bonds suffered a dramatic sell-off last week, as the telecommunications company failed to respond to reports that it was behind on loan payments.

  • Melco rides on Macau rebound

    Emerging Markets | 26 May 2017

    Melco Resorts & Entertainment took advantage of a recovery in the Macau casino industry to cut its interest costs through last Thursday’s US$650m offering of eight-year non-call three bonds.

  • ChemChina headquarters

    ChemChina blowout overcomes China downgrade

    Ticker | 25 May 2017

    China National Chemical Corp (ChemChina) made a storming debut in the US dollar bond market, drawing huge oversubscription despite early market jitters caused by Moody’s downgrade of China’s sovereign rating.

  • Societe Generale reopens Samurai market

    Bonds | 19 May 2017

    The new issue drought in the Samurai market came to an end last week, as Societe Generale sold senior non-preferred bonds and more foreign issuers lined up yen financings.

  • Bumi

    Bumi workout nears finish line

    Top News | 19 May 2017

    Bumi Resources, the Indonesian coal miner controlled by the influential Bakrie family, is nearing the finish line on a restructuring that will cut its debt by more than 50%.

  • Societe Generale headquarters

    Societe Generale reopens Samurai market

    Ticker | 19 May 2017

    The new issue drought in the Samurai market came to an end this week, as Societe Generale sold senior non-preferred bonds and more foreign issuers lined up yen financings.

  • The company logo of Sun Hung Kai Properties is seen outside its headquarters in Hong Kong

    SHK Properties achieves lowest fixed-for-life coupon

    Ticker | 17 May 2017

    Hong Kong developer Sun Hung Kai Properties continued the recent run of fixed-for-life perpetual bond issues from high-grade companies, with a US$500m offering on Tuesday.

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