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Thursday, 19 October 2017

Spencer Anderson' s stories

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  • CDB returns with huge floater

    Emerging Markets | 03 March 2017

    China Development Bank returned to the market for floating-rate notes, printing the largest combined offering on record out of Asia, ex-Japan and ex-Australia.

  • Mongolian guards of honor

    Mongolia set for dollar return

    Top News | 24 February 2017

    Mongolia is set to return to the US dollar bond market this week, after reaching a US$5.5bn funding agreement with the International Monetary Fund on February 19.

  • Bank of China finds FRN demand

    Emerging Markets | 10 February 2017

    Chinese non-policy banks issued their first US dollar bonds of the year last week, as the Hong Kong branches of Shanghai Pudong Development Bank and

  • BOC HK gets huge response for FRN

    Ticker | 08 February 2017

    Bank of China’s Hong Kong branch became the first of the China’s big four lenders to print offshore bonds this year, in a deal which suggests that more FIG issuers will print floating-rate tranches in 2017.

  • China property

    Asian high-yield has best month since 2013

    Top News | 03 February 2017

    High-yield bond issues from Asia hit a four-year high in January as borrowers rushed to tap a liquid market before the start of the Trump administration.

  • Singapore: DBS seizes euro covered window

    Emerging Markets | 20 January 2017

    DBS Bank made its debut in the euro covered bond market last week, squeezing into a tight window to complete an issuance it had originally aimed for last year.

  • Passersby walk in front of the main branch of Standard Chartered in Hong Kong.

    StanChart draws on Asian support

    Top News | 13 January 2017

    Standard Chartered priced the year’s first US dollar offering of Additional Tier 1 securities last week, underlining its ability to access regulatory capital after skipping a call option on an outstanding note issue.

  • Year ends with rush of deals

    Emerging Markets | 06 January 2017

    Chinese issuers rushed to print last-minute US dollar bonds in the final two weeks of 2016, causing a surge of offerings in typically the quietest period of the year.

  • Mid-tier banks to drive AT1 volumes

    Emerging Markets | 16 December 2016

    China’s smaller lenders are expected to become a larger part of Asia’s bank capital bond market next year, when a possible tightening of accounting rules and continued growth of risk-weighted assets could put more pressure on capital ratios.

  • Minsheng taps friends

    Emerging Markets | 09 December 2016

    China Minsheng Bank last week underlined Chinese lenders’ ability to access regulatory capital in tough markets with an unrated US$1.439bn issue of Additional Tier 1 securities.

  • Second-time lucky for Country Garden

    Emerging Markets | 09 December 2016

    Country Garden managed to push a US$350m bond offering across the finish line last week, three weeks after shelving a similar issue due to lacklustre investor demand.

  • Euro buyers welcome ChemChina debut

    Emerging Markets | 02 December 2016

    China National Chemical Corporation received a strong response from European investors for its debut euro-denominated bond offering, following a string of acquisitions in the region.

  • Chalieco finds life in Asian HY

    Emerging Markets | 25 November 2016

    China Aluminum International Engineering Corp (Chalieco) became the second Asian issuer of high-yield bonds last week to the surprise of many. A number of people in the market were convinced that lower-rated offerings were impossible in the climate.

  • Asian issuers made to pay up

    Emerging Markets | 18 November 2016

    Asian borrowers are facing higher new-issue premiums as buyer sentiment has become more skittish in an unpredictable political climate.

  • Business as usual for Asian bonds

    Emerging Markets | 11 November 2016

    Asian issuers kept up their frenetic pace of US dollar borrowing last week as regional investors ignored the volatility around Donald Trump’s surprise US election victory.

  • BOC Greens point to rising European interest

    Emerging Markets | 04 November 2016

    Bank of China’s London branch has priced Asia’s latest offering of Green bonds, which pointed to growing interest from European investors.

  • MTR Corp logo

    MTR showcases Green appeal

    Top News | 28 October 2016

    Hong Kong’s MTR Corp underlined the growing appeal of the global Green bond market last week with a deal that attracted a strong European following and even hinted at a pricing advantage over conventional notes.

  • Building a HY footprint

    Emerging Markets | 14 October 2016

    Indonesian companies have stepped up sales of high-yield bonds in the US dollar market, offering investors a chance to diversify away from the dominant Chinese market.

  • China Minsheng Bank branch

    Issuers jump on Asia AT1 bandwagon

    Top News | 07 October 2016

    A new wave of US dollar Additional Tier 1 bonds from Asia is expected towards the end of the month, as issuers seek to take advantage of tight spreads ahead of the US presidential election on November 8.

  • Citic AT1 follows recent trend

    Emerging Markets | 30 September 2016

    China Citic Bank International has become the latest Asian lender to see a new US dollar Additional Tier 1 issue trade lower in secondary markets.

  • Bank of America and Merrill Lynch logo

    Cuts mount as Asian fees slide

    Top News | 30 September 2016

    The future of Asian investment banking is again under scrutiny as global banks scale back their operations in the region.

  • Woori Bank headquarters

    Tight Asian AT1s find takers

    Top News | 23 September 2016

    Global investors are warming to Asian bank capital securities in search of high nominal returns and low loss-absorption risks, despite tighter pricing relative to European alternatives.

  • Sun Hung Kai Properties Executive Director Adam Kwok, son of the former co-chairman Thomas Kwok who is in jail, greets journalists at a news conference in Hong Kong.

    Hong Kong broker eyes DCM expansion

    People & Markets | 16 September 2016

    Sun Hung Kai Financial is looking to expand its debt capital markets business, betting that a targeted approach and wealthy client base will enable the Hong Kong broker to compete with larger banks.

  • MUFG sees demand grow for latest TLAC bonds

    Bonds | 09 September 2016

    Mitsubishi UFJ Financial Group’s latest total loss-absorbing capacity eligible bonds issue received stronger demand than an earlier one this year, despite far tighter pricing.

  • A streak of lightning is seen above the skyline of Shanghai

    China's banks take capital hit

    Top News | 19 August 2016

    China’s banks have seen their capital adequacy ratios take the largest hit in more than three years, raising the possibility of a revival in the country’s dormant subordinated bond market.

  • A model aircraft is displayed at the reception of the China Aircraft Leasing Group office in Hong Kong

    China Aircraft keeps Asia HY flying

    Emerging Markets | 19 August 2016

    China Aircraft Leasing has added to Asia’s high-yield momentum with an offering of bonds that met with a strong response from investors.

  • China Life set for hybrid return

    Emerging Markets | 12 August 2016

    China Life Insurance is in discussions with bankers to issue its second US dollar subordinated bond, raising hopes that Asia’s growing insurance sector will become a major source of hybrid securities.

  • A 361 Degrees International store

    Asian high-yield market rebounds

    Top News | 05 August 2016

    Asia’s high-yield market was jolted back to life last week after a rally in credit spreads triggered a flurry of new issues.

  • Western banks wary of LGFVs

    Emerging Markets | 29 July 2016

    Western banks are increasingly wary of underwriting offshore bonds of Chinese local government financing vehicles, expressing concerns of reputational damage in case defaults occur.

  • Industrial and Commercial Bank of China Ltd (ICBC)'s logo is seen at its branch in Beijing, China.

    ICBC Asia sets AT1 coupon mark

    Top News | 15 July 2016

    ICBC Asia last week printed the world’s tightest coupon on a US dollar Additional Tier 1 bond issue, underscoring its ability to price deals at more competitive levels than its global peers, even if it means leaving some Western investors behind.

  • Bank of China sign

    Bank of China prices world's largest Green bond

    Ticker | 06 July 2016

    Bank of China issued the world’s largest Green bond across three tranches, effectively reopening an Asian bond market that was shrouded by concerns over the United Kingdom’s decision to leave the European Union.

  • China has US$1trn TLAC problem

    Emerging Markets | 24 June 2016

    China’s big four banks may struggle to meet an estimated capital requirement of US$1trn, the world’s largest shortfall in total loss-absorbing capacity, as this kind of paper will prove a tough sell for onshore investors.

  • China: ABCL pays up in wobbly market

    Emerging Markets | 17 June 2016

    ABC Leasing Glory Capital paid up in the face of a wobbly market, flooded with deals from leasing companies, but bankers praised it for printing ahead of what could be a volatile two weeks.

  • Indonesia's Hotman sizzles on resources debt

    People & Markets | 10 June 2016

    Celebrity lawyer Hotman Paris Hutapea is so confident in his interpretation of Indonesian debt regulations that he is willing to hand over a US$300,000 supercar to any foreign lawyer ready to argue against him.

  • The Apple logo is seen against the reflection of Taiwan's landmark building Taipei 101

    Apple prints US$1.377bn 30-year Formosa

    Capital City | 08 June 2016

    Issue size raised on the back of strong demand

  • Euro funding falls flat in Asia

    Emerging Markets | 03 June 2016

    Asian issuers scaled back euro-denominated bond sales in May, surprising many in the market who had expected more financings in the single currency after a record month in April.

  • Fed chatter jolts primary market

    Emerging Markets | 27 May 2016

    Asian credit markets roared back to life last week as issuers rushed out offerings of G3 bonds ahead of the US Federal Reserve’s next policy meeting.

  • Three Gorges sees big response

    Emerging Markets | 27 May 2016

    China Three Gorges Corp encountered a strong investor response on its return to the US dollar bond market, despite pricing inside its existing curve.

  • Kexim jumbo dodges Fed shock

    Emerging Markets | 20 May 2016

    The Export-Import Bank of Korea last week printed a US$2.5bn bond, its largest on record, with perfect timing just ahead of hawkish comments from Federal Reserve policymakers.

  • State Grid fires up euro push

    Emerging Markets | 13 May 2016

    State Grid Overseas Investment adopted tight pricing on a multi-tranche offering of US dollar and euro bonds, but unlike recent prints from Chinese state-owned enterprises, investor demand was strong and persisted in the secondary markets.

  • Smaller China order books spark debate

    Emerging Markets | 06 May 2016

    A mounting debate over the extent of demand for Chinese credit has cast the spotlight on disclosure standards on international bond issues.

  • Scant onshore bid for Sinopec

    Emerging Markets | 29 April 2016

    Sinopec printed the largest international bond from a Chinese issuer year to date, but raised concerns that the domestic bid for US dollar bonds might be weakening.

  • Agricultural Bank of China (AgBank) branch

    China speeds up work on TLAC

    People & Markets | 29 April 2016

    Chinese officials are rushing to introduce a new form of bail-in debt as early as this year as the country’s biggest banks face a capital shortage that could run close to US$1trn.

  • A Chinese bank employee counts yuan notes at a local bank in Nanjing, capital of east China’s Jiangsu.

    China speeds up work on bank capital

    Capital City | 26 April 2016

    Big Four must boost capital buffers by close to US$1trn

  • Chexim confirms China rerating

    Emerging Markets | 22 April 2016

    The Export-Import Bank of China has issued Asia’s largest international bond offering this year, underlining a rebound in confidence in the PRC economy.

  • Japan's FSA sets out TLAC framework

    People & Markets | 22 April 2016

    Japan’s Financial Services Authority has released guidance advocating the use of bank holding companies to bolster total loss-absorbing capacity at the country’s systemically important banks.

  • DBS seals first HK dollar Tier 2

    Emerging Markets | 15 April 2016

    Singapore’s DBS Group Holdings last week became the first bank to issue a Hong Kong dollar Basel III Tier 2 bond, in a move that surprised many in the market.

  • Sunshine Life shines on debut

    Emerging Markets | 15 April 2016

    Sunshine Life Insurance made a respectable debut with a US$1.5bn multi-tranche bond offering that was three to four times subscribed.

  • Argentina releases roadshow schedule

    Ticker | 11 April 2016

    The Republic of Argentina has released its schedule for this week’s investor meetings.

  • Hong Kong: CK Hutchison matches euro record

    Emerging Markets | 08 April 2016

    CK Hutchison Holdings last week sold the largest euro-denominated trade in Asia ex-Australia in almost four years, with a €2bn (US$2.23bn) offering of bonds at tenors of seven and 12 years.

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