Asiamoney - Fixed Income

Fixed income

2010 2009 2008

Credit Agricole shifts Lainé to head Asia FIG

01 Sep 2010 Investment banking, Bonds, Market move
The French bank has moved Frédéric Lainé to a new role heading financial institutions group coverage in its investment banking division. Lainé was formerly head of Credit Agricole's fixed income markets in the region, a position being taken by Graham Williams.
G3 worries could blow cold on Asian bond market rally

01 Sep 2010 Bonds, Foreign exchange
Rising fears of economic stagnation in the US and to a lesser extent Europe could cause international investors to withdraw money from Asia and put it into ultra-safe assets such as US Treasuries, believes Deutsche Bank.
Asian G3 bond market set to soar, says Morgan Stanley

31 Aug 2010 Bonds
The US bank believes that issuance will greatly expand on the back of rising capital needs and a need to term out balance sheet leverage, and that this will be supported by rising demand for regional debt among international asset managers.
Economists suggest radical moves for Japan's economy

31 Aug 2010 Nations & economies, Bonds, Foreign exchange
The outcome of an emergency meeting between Bank of Japan governor Masaaki Shirakawa and prime minister Naoto Kan was panned by economists as a political stunt that will not help the country’s economy. Asiamoney.com asks some notable economists their views on more effective policies that should be pursued.
M&A remains vibrant amid lacklustre markets

30 Aug 2010 M&A, Stock & exchange, Bonds, League table
While signs are slowly emerging that equity and bond markets are beginning to recover from their August issuance lows, M&A activity remains by far the most vibrant area for new deal flow.
China bank capital recycling raises credit risks: Moody’s

30 Aug 2010 Bonds
The practice of state owned agencies issuing bonds that are bought by local banks and using the proceeds to inject capital into the same lenders is an accounting trick that could raise risks in the financial sector, warns the US credit rating agency. Daniel Flatt reports.
How Australia’s hung parliament will impact markets

24 Aug 2010 Stock & exchange, Nations & economies, Bonds, Foreign exchange
The uncertain general election result is likely to lead to short-term weakening of the Australian dollar and widening bond yields, but that will not last. As it becomes clearer which party is set to take power the stocks of different industries stand to be affected.
Asia markets report muted week for fundraising

23 Aug 2010 M&A, Stock & exchange, Bonds, League table
Primary activity in Asia Pacific ex-Japan’s equity and debt capital markets plunged last week, with few deals of note. Mercifully the M&A market enjoyed a doubling in deal volumes. Asiamoney.com reviews last week’s regional market activity.
Opinion: China’s RMB changes could foster QDII boom

22 Aug 2010 Editorial, Bonds
The new renminbi bond issue by McDonald's and a foreign exchange liberalisation between China and Malaysia underlines the impact of renminbi liberalisation. These developments should encourage more offshore investment by Chinese corporates, and make the mainland's institutional investors clamour for more overseas assets too.
UBS grabs BarCap's Siddiqi for FICC corporate coverage

18 Aug 2010 Structured products, Bonds, Foreign exchange, Market move
The Swiss investment bank continues its active expansion into fixed income, currencies and commodities with the appointment of the veteran banker from rival Barclays Capital. Siddiqi starts on September 20.
Bond benchmark points the way to intl renminbi

18 Aug 2010 Bonds
Hopewell Highway Infrastructure became the first non-Chinese company to issue an offshore renminbi bond last month. Its deal reflects an increased willingness from Beijing to internationalise its currency quicker than originally expected, and bankers and investors hope a slew of similar transactions will follow.
Regional capital-raising given China boost

16 Aug 2010 M&A, Stock & exchange, Investment banking, Bonds, League table
China Everbright launched the country’s second largest IPO this year to support Asian equity markets, while renminbi bond issuance dominated. Asiamoney.com rounds up last week’s regional capital market activity.
Hong Kong needs more renminbi bonds, says Leung

16 Aug 2010 Interviews, Nations & economies, Bonds, Foreign exchange
Julia Leung, the Hong Kong government’s under secretary for financial services and the treasury, tells asiamoney.com that the city needs more foreign companies to issue offshore renminbi bonds.
SocGen sees surging demand for renminbi products

13 Aug 2010 Bonds, Foreign exchange
New offshore renminbi assets are highly likely to gain demand if Beijing allows more such instruments because of the likely appreciation of the renminbi, says Glenn Maguire, chief Asia economist at Société Générale.
Asia debt default worries downplayed

13 Aug 2010 Bonds
Concerns about rising default levels over the coming three years as a result of a massive amount of maturing corporate debt have been allayed now that economies are growing and investor appetite is on the rise.
Asia tipped to witness record bond issuance in 2010

12 Aug 2010 Bonds
A rash of first-time borrower activity could lead to the largest ever haul of bond issuance from Asia this year and it will be supported by rising flows of money into Asia-concentrated credit funds, predicts Morgan Stanley.
Beijing’s bond buying causes JGB yields to fall

10 Aug 2010 Bonds
The Chinese government's aggressive purchase of Japanese government bonds has led yields in the debt to decline while causing the value of the yen to rise, according to Moody’s Analytics.
Nomura hires head of sovereign wealth fund sales

10 Aug 2010 Bonds, Market move
The Japanese bank has hired a point man to take care of its major state customers in the form of Henrik Melph. He joins Nomura from Royal Bank of Scotland, where he held an identical role.
Citi strengthens convertible bond franchise

10 Aug 2010 Stock & exchange, Bonds
The bank adds a trio of senior staff in Asia-Pacific in response to what it says has been an increase in flows across its convertible desk. It has also added two in London to support clients investing in Asian CBs outside the region.
Flurry of IPOs highlight upturn in China stock market

09 Aug 2010 M&A, Stock & exchange, Bonds, League table
Five of the top 10 ECM deals last week were IPOs out of China, underlining the recent rally in China’s stock market. The region’s debt and M&A markets also both improved. Asiamoney.com rounds up last week’s market activity.
HSBC recommends shorter-dated Indonesian debt

09 Aug 2010 Bonds
The outlook for Indonesian government bonds remains healthy but investors should consider switching to shorter-dated notes that are less vulnerable to global risk sentiment and inflation pressures, according to HSBC.
UBS adds duo to Korea fixed income business

09 Aug 2010 Bonds, Market move
The firm continues the build-out of its fixed income business with two appointments in Korea. It has re-hired Joonkee Hong as head of fixed income, currencies and commodities for Korea and appointed J.Y. Song as co-head of FICC distribution for the country.
Asia corporates regain pre-crisis stability, says Moody’s

06 Aug 2010 Bonds
The international ratings agency says the proportion of issuers in Asia-Pacific ex-Japan with stable outlooks returned to levels last seen before the global financial crisis during the second quarter.
Indosat satisfied with record-breaking demand for debt

03 Aug 2010 Corporate profiles, Interviews, Bonds
The Indonesian telecommunication company was amazed by the US$10.5 billion in investor orders it received for its 10-year US dollar bond at the end of last month, but says that it would not have attempted to tighten the deal's pricing.
Sarasin tips renminbi reform to boost Asia bonds

02 Aug 2010 Bonds, Private banking
Shorter-dated emerging market bonds and currencies are expected to benefit from recent reforms to China’s currency exchange rate regime, according to the Swiss private bank.
China urged to restructure bad local government debt

29 Jul 2010 Bonds
Beijing needs to take responsibility for potential local government debts going bad, according to HSBC. The lender sees a bond-for-loans swap as the most realistic solution.
Korean bonds benefit as country becomes safer

29 Jul 2010 Bonds
Analysts are becoming increasingly bullish on South Korean bonds as the government takes steps to make its export-driven economy more resilient to external financial shocks.
Dollar bond issuance hits record high in July

28 Jul 2010 Bonds
Pent-up demand amid the second quarter has led to sky-high levels of US dollar bond issuance this month. Debt experts believe more deals will occur into early August, before a brief two-week lull.
ANZ believes Vietnam’s bond flow will rise

27 Jul 2010 Interviews, Bonds
The Australian bank has just priced Vietnam’s first unsecured floating rate corporate bond deal of the year, and believes that more bond issuance could follow. Reuben Tucker, ANZ’s regional head of debt capital markets, shares his outlook with asiamoney.com.
M&A activity offers ray of hope for Asia’s markets

26 Jul 2010 M&A, Stock & exchange, Bonds
There was a dispiriting slump in Asia ex-Japan’s equity and debt markets last week, with follow-on equity offerings almost half of the previous week’s. Nevertheless, regional M&A dealmaking has rallied 20% so far in 2010 year-on-year.
Asian banking credit should command premium: RBS

21 Jul 2010 Bonds
The region’s bank bonds have performed well over the past six months, rising from a discount to global peers to parity. Kristine Li, a credit analyst at the Royal Bank of Scotland, believes they will do better still in the future, and begin to trade at a premium.
Foreign bond investors could help India with deficits

20 Jul 2010 Bonds, Foreign exchange
The country’s current account deficit looks set to rise to uncomfortable record levels this year. It needs to open up its domestic bond market to foreign investment in order to finance it, and help pay for its increasing fiscal deficit too.
Morgan Stanley believes junk bonds to perform best

20 Jul 2010 Bonds
The US investment bank believes that high yield debt offers a better investment bet than BBB issues, as liquidity in the market becomes a concern over the coming weeks.
Opinion: Avoiding Australia’s bank funding crisis-to-be

16 Jul 2010 Editorial, Bonds
The country’s major lenders have well-documented wholesale funding needs that are only projected to grow in the coming years. The banks need to find new investors and cut their lending books, or the entire nation faces a financial crisis.
Opinion: Bonds would help Beijing with property bubble

15 Jul 2010 Real estate, Editorial, Bonds
Beijing revealed that its GDP growth slowed in the second quarter, as its property measures took effect. But the authorities would do better to build more houses and encourage corporate and municipal bond investments to prevent another housing bubble.
UBS hires co-heads of regional credit sales

15 Jul 2010 Structured products, Bonds, Market move
The Swiss firm has lured Justin Yang from Citi and Ben Jones from Goldman Sachs to become managing directors and co-heads of credit sales for Asia, asiamoney.com can reveal.
Australian rules change puts funding squeeze on banks

14 Jul 2010 Bonds
New regulation in the country will force banks to hold less bonds and more liquid assets. It promises to put more funding pressure on lenders that already face major financing requirements, according to Morgan Stanley.
Credit Suisse hires DCM veteran Shum from BarCap

14 Jul 2010 Bonds, Market move
The Swiss bank has lured Anthony Shum from its UK rival to become a director in its regional debt capital markets team, asiamoney.com can reveal. The move compliments Credit Suisse’s desire to grow its fixed income personnel by 20% this year.
Hong Kong population Asia’s most affluent, says HSBC

13 Jul 2010 Stock & exchange, Bonds, Private banking
A survey commissioned by the UK-headquartered bank says that the city’s affluent people are on average the wealthiest in Asia, but that Taiwan’s well-to-do are the most vigorous investors in equities.
Deutsche Bank bullish on Asian bond returns

12 Jul 2010 Bonds
The German bank’s regional head of fixed income return is optimistic about the outlook for the region’s fixed income market, despite Asian bond prices and debt issuance being hurt by the recent financial market volatility.
ABC IPO dominates regional ECM volume

12 Jul 2010 M&A, Stock & exchange, Bonds, League table
Regional equity issuance surges to US$20.4 billion last week, mostly because of the eagerly anticipated IPO of Agricultural Bank of China. Asiamoney.com rounds up last week’s capital markets activity.
G3 bond markets set to stay muted in July

07 Jul 2010 Bonds
Primary debt issuance could continue to be tepid this month as issuers and investors continue to say on the sidelines.
Moody’s praises Korean bank moves on bankruptcy

06 Jul 2010 Bonds
South Korean banks decided to restructure scores of troubled corporates, which is positive for the lenders, says the ratings agency.
HSBC Global Asset Management launches bond fund

06 Jul 2010 Bonds, Asset management
The fund will initially be focused on corporate and emerging market credit. It is initially launched in Hong Kong but will be offered to a wider audience later.
Daiwa underpins Asia ambitions with KBC acquisition

05 Jul 2010 Structured products, Bonds, Broking
The Japanese bank has acquired the global convertible bonds and Asian equity derivatives businesses of Belgium’s KBC Group. The acquisition underlines its desire to build a genuinely capable business in the region.
ABC stake sales fuel rocketing M&A volumes

05 Jul 2010 M&A, Stock & exchange, Bonds, League table
Regional M&A volume nearly doubled last week as Chinese lender ABC sells strategic stakes and India’s GTL Infrastructure acquires towers. Asiamoney.com rounds up last week’s capital markets activity.
RBS hires head of credit structuring for Asia-Pacific

02 Jul 2010 Structured products, Bonds, Market move
Stefan Masuhr will started on July 1 and is expected to lead the expansion of the team.
Time for Australia’s corporate bond market to mature

02 Jul 2010 Bonds
Rising international investor demand for the country’s fixed income products provides corporate borrowers with a golden opportunity. They should seize it, despite the challenges.
BNY Mellon aims to bring crossing network to Asia

01 Jul 2010 Structured products, Bonds
The US-based firm plans to expand a recently-launched auction marketplace for fixed income securities across Asia in coming months. It argues the network will promote liquidity in credit instruments and ensure investor anonymity.
Asia loan market tipped to benefit from volatility

29 Jun 2010 Bonds, Loans
The region’s syndicated loan market could benefit from volatility in other financial markets as borrowers tap loans to raise capital, according to Phil Lipton, HSBC’s head of regional syndicated finance.
Crédit Agricole CIB hires five in fixed income

28 Jun 2010 Bonds, Market move
The French bank says the new appointments are part of its planned expansion into debt capital markets and commodities, and it is still looking out for more talent.
Bond volumes rise but values fall in first half

28 Jun 2010 Bonds, League table
The number of debt transactions in Asia Pacific rose by 18% from a year ago, although values fell by 2%, says Dealogic.
China currency reform could stir Asia risk appetite

24 Jun 2010 Stock & exchange, Bonds, Foreign exchange
Despite volatility in Asian financial markets over the past month, Barclays Capital remains positive on the region’s assets given the backdrop of economic growth and China’s decision to allow greater flexibility in its currency.
Citi prices largest Formosa bond in Taiwan

23 Jun 2010 Investment banking, Bonds
The US bank announced it had priced its first ever Formosa bond, raising US$330 million. The offering is the first of its kind from a US financial institution and the largest Formosa bond in the history of Taiwan.
Bond deals spur hope of Asia DCM recovery

22 Jun 2010 Bonds
Bankers are optimistic that the US$1.75 billion-worth of bonds issued by the Export-Import Bank of Korea and Chinese lender CITIC Bank International on June 21 could kick-start debt issuance in Asia once again.
Invest in Asia's rising domestic consumption, says UBS

22 Jun 2010 Stock & exchange, Bonds, Private banking
Sustained levels of domestic consumption in Asia are expected to create interesting investment opportunities in equity and credit markets in the second half of this year. says UBS Wealth Management.
M&A helps lift comatose capital markets

21 Jun 2010 M&A, Stock & exchange, Bonds, League table
Although M&A activity was far lower than a few ago, it nonetheless helped boost the otherwise tepid capital markets in Asia Pacific ex-Japan.
Deutsche grabs top debt banker from Credit Suisse

18 Jun 2010 Investment banking, Bonds, Market move
The German lender has hired Michael Lam from its rival as head of North Asia debt capital market origination. At the same time, the bank will transfer David Greenbaum from its New York office to become his south Asia counterpart.
Junk bond defaults to drop in Asia, says Moody’s

14 Jun 2010 Bonds
The international ratings agency predicts that default rates for non-financial corporate bonds in Asia-Pacific will fall sharply this year as credit market and economic conditions continue to improve.
Bank of China convertible bond lifts sluggish market

14 Jun 2010 M&A, Stock & exchange, Bonds
The Chinese lender’s Rmb40 billion convertible issue was the largest deal of the week, helping lift issuance. M&A activity was also strong, although debt markets remained weak. Asiamoney.com rounds up last week’s capital markets activity.
Kexim's Formosa bond unlikely to invigorate issuance

09 Jun 2010 Bonds
While some hope exist that Kexim’s foray of a US dollar-denominated bond to Taiwanese investors will rev up the tepid market for such deals, bankers think that is unlikely to happen.
Japanese Tier 1 debt attractive: Morgan Stanley

08 Jun 2010 Bonds
The US investment bank believes Asian lenders have strong fundamentals and that selected subordinated bank debt offers good value. It particularly favours Japanese Tier 1 bonds.
M&A deals buoyant amid turgid capital markets

07 Jun 2010 M&A, Stock & exchange, Bonds
Two competing bids for Healthscope sustained Asian M&A volumes, but the region’s equity was lukewarm for the second week running while the bond market had its worst seven-day period of issuance this year.
Crédit Agricole hires head of fixed income for Korea

07 Jun 2010 Commodities, Bonds, Foreign exchange, Market move
The French bank taps Young-Whan Koh, a former DBS salesperson, as its head of fixed income markets for Korea.
Aberdeen advocates local currency developing debt

07 Jun 2010 Bonds
The asset management company thinks investors should buy more local currency emerging market bonds as developing countries lengthen their local yield curves and their currencies strengthen.
Best domestic bank awards: Thailand

07 Jun 2010 Stock & exchange, Bonds, Broking, Polls & awards
ASIAMONEY is pleased to announce the results of our best domestic bank awards for Thailand. Kasikornbank impresses for its concentration on small and medium enterprises amid volatile markets, Tisco Securities impresses with its quality of research, and Siam Commercial Bank stands out for strong debt coverage.
Opinion: New PM Kan must emulate Koizumi’s qualities

07 Jun 2010 Nations & economies, Editorial, Bonds
The installment of former finance minister Naoto Kan as prime minister on June 3 provides yet another chance for the country to confront its economic problems.
European sovereign CDS offer good yields

04 Jun 2010 Structured products, Bonds
Investors can look at Eurozone sovereign credit default swaps for yields, especially as Asian spreads stay in narrow ranges.
Asia structured products demand on rise, says Highland

04 Jun 2010 Structured products, Bonds, Asset management
The fixed income investment firm says the recovery of the structured products market is inevitable and hopes to launch a securitisation fund later this year for Asian investors to meet rising demand in the region.
Best domestic bank awards: South Korea

04 Jun 2010 Stock & exchange, Bonds, Broking
ASIAMONEY is pleased to announce the winners of our best domestic bank awards for South Korea. Shinhan Financial Group continues to gain the plaudits of market observers for its consistency, Samsung Securities' international aspirations also wins it admirers, and Woori Investment & Securities' bond issuance strength ensure it gets out best debt award.
Malaysia’s sukuk offers a false dawn for issuance

03 Jun 2010 Bonds, Islamic finance
The country sold a successful US$1.25 billion Islamic bond issue last week, and sovereign wealth fund Khazanah wants to follow with a Singapore dollar deal. But these issues are unlikely to herald a surge in new sukuks from the country or region.
Best domestic bank awards: Japan

03 Jun 2010 Stock & exchange, Bonds, Broking, Polls & awards
ASIAMONEY is pleased to announced the best domestic bank award winners for Japan. Sumitomo Mitsui Banking Corp. just about stands out in a very weak field of local institutions. Nomura has no such difficulties in equity, easily rising above its rivals, while Mizuho Financial Group beats out stiff competition from the investment bank in debt.
Best domestic bank awards: Pakistan

03 Jun 2010 Stock & exchange, Bonds, Broking
ASIAMONEY is please to announce the winners of the best domestic bank awards for Pakistan. Allied Bank overcomes more traditional winners with its foresight to take the best local bank trophy. KASB retains its grip on the best equity house award, and InvestCap impresses for its experience in bonds sales and trading.
Asia’s wealthy confident of global recovery, says survey

02 Jun 2010 Stock & exchange, Bonds, Asset management, Private banking
Optimism about the global economic recovery is more pervasive among wealthy Asians than peers in the west, a new survey has found. Investors in the region also view the responses of their respective governments to the crisis more positively.
Best domestic bank awards: China

02 Jun 2010 Stock & exchange, Bonds, Broking, Polls & awards
ASIAMONEY is pleased to announce the winners of our best domestic bank awards for China. China Merchants Bank takes the best bank prize due to its unique strategy and risk management, while CICC's equity strength win it our award in that sector and Citic Securities takes the best debt house gong for its diversity of clientele.
Best domestic bank awards: Singapore

02 Jun 2010 Stock & exchange, Bonds, Broking, Polls & awards
ASIAMONEY is pleased to announce the winners of the best domestic bank awards for Singapore. OCBC seizes the limelight for its growth into new lending areas and acquisition of ING's private bank assets, while DBS wins our other two awards for impressive equity and debt franchises.
Citi moves Tokyo syndicate head to HK in debt push

01 Jun 2010 Bonds, Market move
The US bank has relocated Duncan Phillips from Tokyo to Hong Kong to co-head its Asia-Pacific ex-Japan debt syndicate team. He will be replaced in Tokyo by Matthieu Sachot from Dexia Group.
Best domestic bank awards: Indonesia

01 Jun 2010 Stock & exchange, Bonds, Broking, Polls & awards
ASIAMONEY is please to announce the best domestic bank award winners for Indonesia. Bank Mandiri's fine performance is a fitting legacy for departed head Agus Martowardojo, while Danareksa Sekuritas maintains a strong equities trading presence and Bahana Securities impresses with its debt capabilities.
Best domestic bank awards: Philippines

01 Jun 2010 Stock & exchange, Bonds, Broking
ASIAMONEY is please to announce the winners of our best domestic bank awards for the Philippines. Metrobank's willingness to strengthen its balance sheet ensures that it narrowly beats BDO for best bank, but BDO Capital & Investment Corp. takes the gongs for best equity and debt house, respectively.
Best domestic bank awards: India

31 May 2010 Stock & exchange, Bonds, Polls & awards
ASIAMONEY is pleased to announce the winners of our annual best domestic bank awards. In India, HDFC Bank narrowly fended off Axis Bank to become the best local bank, but the latter’s powerful debt origination business won it the best debt house award. Plus Kotak Investment Banking seized a best equity house gong with a strong display.
Turgid sentiment leaves major deal outlook uncertain

31 May 2010 M&A, Stock & exchange, Bonds, League table
The ongoing fears of European sovereign debt problems led equity and bond deal volumes to collapse and could lead to major deals being postponed until 2011. However M&A markets stayed buoyant. Asiamoney.com rounds up last week’s capital markets.
Best domestic bank awards: Hong Kong

31 May 2010 Stock & exchange, Bonds, Polls & awards
ASIAMONEY is pleased to announce our best domestic bank awards for Hong Kong. Bank of China (Hong Kong) takes the prize as the top bank in the city following strong post-crisis performance. Taifook Securities takes back its crown as the top equity house, while HSBC continued domination of Hong Kong’s bond landscape entitles it to our best debt house award.
Best domestic bank awards: Malaysia

31 May 2010 Stock & exchange, Bonds, Polls & awards
ASIAMONEY is pleased to reveal our best domestic bank awards for Malaysia. CIMB makes a clean sweep of the three categories for the second year running. The banking group impresses for its depth of professionalism and international ambitions.
New Zealand treasurer eyes increasing bond issuance

28 May 2010 Interviews, Bonds
Philip Combes, treasurer of the New Zealand Debt Management Office, tells asiamoney.com that he is keen for more foreign investors to buy the country’s debt, as it aims to raise its issuance levels.
Cooling measures will hurt Chinese property bonds

28 May 2010 Bonds
High yield bonds sold by mainland real estate companies could be impacted if Beijing makes further moves to cool down the property market, says HSBC.
Australian debt set to benefit as safe haven asset

27 May 2010 Bonds
International investors are viewing bonds from the country as a safe haven asset amid the continued volatility experienced by global financial markets. Bankers and analysts say the assets will perform well over the long run.
Reserve managers across Asia rethink Eurobond holdings

27 May 2010 Bonds, Asset management
As the euro weakens and Europe faces slower growth, managers of Asian foreign currency reserves are looking at selling down their European assets.
Best domestic bank awards: Australia

27 May 2010 Stock & exchange, Bonds, Broking, Polls & awards
ASIAMONEY begins its annual awards period to recognise the best domestic banks, equity houses and debt houses in each major market in Asia-Pacific. We start with our Australia winners.
Investors flee to CDSs amid volatility

25 May 2010 Bonds
As volatility increases, Asian investors are increasingly turning to single name and index credit default swaps (CDSs) to hedge their risk. With no certainty in sight, one observer believes that the region’s credit markets are likely to trade in a narrow range over the coming week.
Thailand outlook strong despite protests, say analysts

25 May 2010 Nations & economies, Bonds
The country has strong fundamentals in spite of its political problems, say analysts. Its banks face slower loan growth and lower margins but opportunities still exist in the sector.
India telco licence sales dominate M&A activity

24 May 2010 M&A, Stock & exchange, Bonds, League table
The sale of a set of 3G telecom licences in India led the region’s M&A activity to rise fourfold over the previous week, while two large debt deals by PetroChina kept debt market buoyant. In contrast, equity markets were tepid. Asiamoney.com rounds up the region’s capital markets.
Hiring activity in Asia is highest ever, says Pagoda

19 May 2010 Stock & exchange, Interviews, Bonds, Foreign exchange, Market move
With nowhere else to look for growth, banks and funds are increasingly viewing Asia as a long-term play, with a subsequent leap in hiring levels. Andrew Britton of Pagoda Partners believes that the fervour has now surpassed that of 2006.
Nomura hires head of primary private credits business

17 May 2010 Bonds, Market move
The Japanese bank has hired Prasson Dayal to head its newly-created regional primary private credits division. It follows a sustained push by the bank to raise its fixed income capabilities in Asia.
Crédit Agricole attempts bond origination push

17 May 2010 Interviews, Bonds
The French bank is hiring in bond origination and is focusing on G3 and local currency markets. In the latter, it is targeting India first. But the bank has a lot of catching up to do on rivals with similar aspirations.
Gold offers hedge against state insolvency, says SG

13 May 2010 Commodities, Bonds, Asset management
Investors concerned about rising government insolvency should seek out gold and inflation-protected bonds as investment hedges and avoid of overvalued equities, suggests Société Générale.
New bond supply could reverse credit rally

11 May 2010 Bonds
Asian bond markets improved on the back of news about the European Union’s loan programme. But new bond supply and concerns over the long-term implications of financial assistance could reverse these gains.
Indonesia aims to boost infrastructure investments

10 May 2010 Nations & economies, Project finance
Vast demand for infrastructure projects and increasing government backing means the country could become increasingly appealing for infrastructure investors.
Asia deal volumes fall as volatility rises

10 May 2010 M&A, Stock & exchange, Bonds, League table
The number of new equity and bond listings dramatically slowed down last week amid heightened investor risk aversion. Four IPOs were pulled while bond issues fell by half. Asiamoney.com rounds up the region’s capital markets activity.
China urged to rein in overheating economy

06 May 2010 Nations & economies, Loans
Beijing must tighten monetary policy and introduce more measures to control its overheating economy, says HSBC’s head of Asian economic research Qu Hongbin. Mid- to long-term loan growth is still a concern, he notes.
Banks race for uncertain fixed income returns

05 May 2010 Investment banking, Bonds, Market move
Several banks have been bulking up their fixed income and debt capital market teams despite an apparently bleak revenue outlook. The next year is likely to sort out the winners from the losers.
Japan not at risk of default despite debt: Pimco

05 May 2010 Nations & economies, Bonds
Japan may have high levels of debt to GDP but it is not at risk of default, says Pimco portfolio manager Tomoya Masanao. It can print more money to stem default risk, which is an option that countries like Greece don’t have.
Bankers say high-yield issuance will slow, not stop

04 May 2010 Bonds
The pipeline for high-yield issuance remains strong in spite of increasing risk aversion and possible investor fatigue. It comes after a ten-fold increase in high-yield issuance in Asia ex-Japan in April month-on-month.
Risk aversion fails to dent Asia market activity

03 May 2010 M&A, Stock & exchange, Bonds, League table
Regional capital market activity remained buoyant despite heightened risk aversion after S&P downgraded Greek, Portuguese and Spanish debt. Essar Energy Holdings’ IPO made waves, while China National Petroleum Corp.’s bond anchored debt markets. Asiamoney.com rounds up last week’s markets activity.
Optimism growing among Greater China traders

03 May 2010 Cash management, Nations & economies, Project finance
Traders from mainland China and Hong Kong are more optimistic about trade prospects within south-east Asia and Greater China than they were six months ago, according to HSBC. But exchange rates and regulations are seen as barriers.
Convertible bond issue was opportune deal: Vedanta

30 Apr 2010 Stock & exchange, Bonds
Last month, India’s Vedanta Resources completed the largest convertible bond issue in the region this year in a bid to refinance its debt. Ashwin Bajaj, vice-president of investor relations, explains the reason behind the deal.
Credit Agricole adds five to fixed income

28 Apr 2010 Bonds, Market move
The French bank has hired five additional staff for its regional bond origination, sales, trading and research operations. The hires reflect Calyon's stated ambition to beef up its regional bond coverage capabilities.
Deutsche Bank hires financing head for Greater China

28 Apr 2010 Investment banking, Bonds, Market move
The German bank has poached Johnson Chan from hedge fund SSG Capital Management to be its head of financing for Greater China. It especially hopes that he can bolster its debt business in China.
Citi hires Asia Pacific head of ratings advisory

27 Apr 2010 Bonds
The US bank has hired Charles Hulac as Asia Pacific head of ratings advisory, according to an internal memo seen by asiamoney.com.
Samsung Life anchors Asia’s equity markets

26 Apr 2010 M&A, Stock & exchange, Investment banking, Bonds, League table
Investors responded enthusiastically to Samsung Life’s record breaking IPO, while Axiata’s US$300 million bond issue also ignited interest. Asiamoney.com rounds up last week’s regional capital markets activity.
Notionals fall for credit and equity derivatives

25 Apr 2010 Stock & exchange, Structured products, Bonds, Loans
The notional amount outstanding in credit and equity derivative contracts fell globally last year, although the value of interest rate instruments expanded, notes the ISDA. Investors remain cautious about equity derivatives.
Deutsche seeks to tap increasing Asia trade flows

22 Apr 2010 Nations & economies, Project finance, Market move
The bank is set on capturing opportunities brought about by increased trade flows in the region and has hired Evert-Jan Zondag and Edward Hui in its structuring team for financing solutions. Both join from ABN Amro/RBS.
StanChart unveils ‘innovative’ trade finance deal

21 Apr 2010 Cash management, Nations & economies, Project finance
The bank has signed an agreement with IFC for a US$1 billion unfunded risk participation arrangement that will increase the availability of trade finance in the poorest countries. Both parties highlight its innovative structure.
Monetary tightening will aid Singapore banks: Moody’s

20 Apr 2010 Nations & economies, Loans
City-state banks will benefit from the revaluation of the Singapore dollar as it will lead to interest rate hikes and higher net interest margins, notes ratings firm Moody’s. But it doesn't think that appreciation will harm exporters.
Volume expected to lead value in Asia ECM activity

19 Apr 2010 M&A, Stock & exchange, Bonds, League table
A steep rise in ECM deals last week coincided with a sharp drop in value, which is a trend some observers tip to continue. But ctivity was more muted in DCM and M&A. Asiamoney.com sums up capital market activity last week.
Citi adds trio to acquisition and loans teams

19 Apr 2010 M&A, Loans, Market move
The US bank makes three appointments to its Asia-Pacific acquisition and loans teams as it tries to meet demand for financing in the region. Najeeb Haider and Prosenjit Saha are promoted, while Cecilia Noronha joins from BNP.
Differentiation seen as top test for wealth managers

19 Apr 2010 Stock & exchange, Structured products, Bonds, Foreign exchange, Asset management, Private banking
Standing out from the competition and adapting to a changing regulatory environment are viewed as the most pressing challenges facing the wealth management industry today, finds a new survey by Barclays Capital.
Sarasin warns of major equity market setback

14 Apr 2010 Stock & exchange, Nations & economies, Commodities, Bonds, Private banking
The bank believes the global economic recovery cycle has reached its peak and equity investors should take profits and reduce positions. It reckons the focus for the second quarter of 2010 will be high-quality corporate bonds.
Nomura outlines impact of Thai turmoil

13 Apr 2010 Stock & exchange, Nations & economies, Bonds
Political deadlock will weigh on Thailand’s economic growth this year and keep currency appreciation to a minimum, says Nomura in a conference call. A further widening in credit markets is also expected.
Clean energy investment tipped to break record in 2010

13 Apr 2010 M&A, Stock & exchange, Nations & economies, Energy, Project finance
US$27 billion was invested into clean energy globally in the first quarter of 2010, a 31% year-on-year rise but a 13.6% quarter-on-quarter decline. Bloomberg New Energy Finance is expecting record investment this year.
CMB share sale anchors Asia activity

12 Apr 2010 M&A, Stock & exchange, Investment banking, Commodities, Bonds, League table
CMB’s US$3.2 billion rights issue helped equity market activity nearly double. M&A remained buoyant, although debt markets were quiet as volume fell by nearly four times. Asiamoney.com rounds up last week’s key capital market activity in the Asia-Pacific ex-Japan region.
Deutsche not deterred by take-up of fixed income ETFs

08 Apr 2010 Stock & exchange, Commodities, Bonds
The take-up of fixed income ETFs launched by Deutsche Bank in February has been slower than expected, but the firm has bold plans to grow in this sector, says Marco Montanari, the bank’s head of db x-trackers ETFs for Asia.
Asia Pacific G3-currency bonds break record

07 Apr 2010 Bonds
The region’s G3-currency denominated bond issuance hit a record quarterly high in the first three months of the year. This led to a 2% increase in total volumes in the region, even as global activity fell by 10%.
UBS says move to unite debt origination will pay off

07 Apr 2010 Structured products, Investment banking, Bonds
An integrated capital markets team can work, says UBS’ head of Asia DCM Guy Wylie after the firm brought its bonds, finance, ratings advisory and corporate derivatives businesses into a single platform.
HSBC promotes three researchers

01 Apr 2010 Nations & economies, Bonds, Market move
The UK bank internally appoints a new head of China research and co-heads of Asian economic research.
ABN Amro sees revolution for Asia corporate bonds

31 Mar 2010 Bonds, Asset management, Private banking
Didier Duret, CIO for ABN Amro’s private banking arm, says the corporate bond market in Asia is getting deeper and represents good value. He also urges investors to take note of the ascent of a new middle class in fast developing countries.
Splash sends ripples with Malaysia M&A offer

30 Mar 2010 M&A, Stock & exchange, Bonds
The Malaysian company’s purchase of water concessions in its home nation anchored M&A transactions last week. However, equity and debt deal volumes declined compared to the week before. Asiamoney.com rounds up the week’s capital markets.
Foreigners raise volatility when buying local bonds

25 Mar 2010 Bonds
International investors have been buying Asian bonds to take advantage of appealing returns, but the small nature of these markets means that liquidity risks are rising as a result, says the Asian Development Bank.
Experts disagree over junk bond refinancing challenges

24 Mar 2010 Bonds
Moody’s believes that Asian non-investment grade companies may struggle to refinance debt in 2011 and 2012. A senior debt banker disagrees, arguing that conditions may remain benign.
European issuers strive to receive Asia’s favour

22 Mar 2010 Nations & economies, Bonds
As fears about the debt burdens of Greece abate, European borrowers are once again seeking to diversify their funding. But top-rated issuers from the continent must possess transparency, impeccable track records and lots of patience if they are to appeal to the region’s super-liquid accounts.
Rio Tinto and Chinalco embark on a new JV

22 Mar 2010 M&A, Stock & exchange, Bonds
Anglo-Australian miner Rio Tinto and Aluminum Corp. of China agreed to a joint-venture less than a year after a previous tie-up fell through. Asiamoney.com rounds up the key capital market activity across the region.
Asian debt markets appeal to State Street

19 Mar 2010 Bonds, Asset management
At a media roundtable in Hong Kong, Bill Street of State Street Global Advisors identified what he sees as a structural shift among large institutions towards the strong fundamentals of Asia’s debt markets.
BoA-ML hires regional corporate banking head

18 Mar 2010 Cash management, Loans, Market move
Bank of America-Merrill Lynch has captured Charles Alexander from StanChart as head of Asia-Pacific corporate banking in a newly created role. He starts in June in Hong Kong, according to an internal memo.
Nomura faces uphill climb to reach global goals

18 Mar 2010 M&A, Stock & exchange, Investment banking, Interviews, Bonds
Eighteen months after buying Lehman Brothers’ Asian and European assets, the Japanese bank has witnessed a raft of senior departures. Now it must convince bankers of its business model to step up as an international force.
Deutsche names key banking heads in Indonesia

18 Mar 2010 Cash management, Project finance, Market move
The German firm promotes Michael Sugirin to head of trade finance and cash management corporates, and hires Runi Irnandari from Citi as head of multinational corporates coverage and account management services.
Eden Hires Barclays Wealth Team

18 Mar 2010 Project finance, Market move
Eden Financial has hired a team of four from the London office of Gerrard Investment Management, a Barclays Wealth unit.
North American hedge funds stand tall

17 Mar 2010 Stock & exchange, Hedge funds, Commodities, Bonds, Asset management
The region’s managers saw an average 1.5% gain in February, with those who maintained long positions in equities rewarded, finds Eurekahedge. US funds also attracted the most capital, while Asia ex-Japan funds saw net redemptions.
Global growth, stock rebounds forecast to be weak

17 Mar 2010 Stock & exchange, Bonds, Foreign exchange, Private banking
The global economic recovery has moved into mid-cycle, so short-term interest rates are likely to remain low and inflation muted, says Barclays Wealth. It recommends investing in risky assets where there is growth.
Bond market reform seen as key for China, India

16 Mar 2010 Nations & economies, Bonds
Regulators in both countries need to prioritise their corporate debt markets. Not only would it help their companies to gain efficient funding, it would minimise difficulties in the event of future crises.
BNY Mellon outlines sukuk interest in South Korea

16 Mar 2010 Bonds, Islamic finance
Lawmakers in Seoul are due to vote next month on whether to allow tax neutrality for Islamic bonds. It is a crucial hurdle to overcome as interest in such debt is developing in the country, says BNY Mellon.
Observers stumped by China Mobile’s M&A bid

15 Mar 2010 M&A, Stock & exchange, Investment banking, Bonds, League table
The telecoms operator’s bid to buy 20% of Shanghai Pudong Development Bank has yet to win over analysts. But it was the most eye-catching deal of last week, with equity and debt transaction levels low. Asiamoney.com reviews regional capital market activity in the last week.
Fund managers favour emerging market equities

15 Mar 2010 Stock & exchange, Bonds, Asset management
The majority of respondents to an HSBC fund managers survey say they are bullish on Greater China equities above all else in the first quarter of this year. More than half are overweight on North American equities.
HSBC Private Bank backs inflation hedges

12 Mar 2010 Stock & exchange, Real estate, Nations & economies, Bonds, Research report
The private bank’s Asia head of investment strategy, Arjuna Mahendran, notes that while inflation at the consumer price level is yet to become a global phenomenon, he is advising clients to build long-term hedges into their portfolios.
Beijing set to act on inflation, says RBC

12 Mar 2010 Nations & economies, Loans, Foreign exchange
China will allow interest rates to rise and the renminbi to appreciate as it seeks to rein in its overheating economy, notes RBC Capital Markets. It is forecasting 108 basis points of hikes in the benchmark lending rate over 2010.
RBS names new country head in Japan

10 Mar 2010 M&A, Stock & exchange, Investment banking, Bonds, Market move
RBS has appointed Ernfred Olsen as country executive and head of global banking and markets for Japan. Olsen joined the lender last month and succeeds Lee Knight, who relocated to Singapore to become head of markets.
UBS captures FICC chief in Taiwan: sources

09 Mar 2010 Structured products, Investment banking, Commodities, Bonds, Foreign exchange, Market move
The Swiss bank is understood to have hired Frank Suen from Citi to be head of fixed income, currencies and commodities for Taiwan. It would be the second veteran Citi banker that UBS has hired in recent weeks.
Citi hires distressed debt head for Asia

09 Mar 2010 Hedge funds, Bonds, Loans, Market move
The bank has appointed John Liptak as head of its Asia-Pacific distressed and special situations group, according to an internal memo. He came from Hong Kong hedge fund Tribridge Capital, and Bank of America before that.
Equity issuance records Asia bounce

08 Mar 2010 M&A, Stock & exchange, Bonds, League table
A total of 32 equity market deals were recorded last week, with Korean life insurers in the mix. The acquisition of AIA Group drove up M&A figures, while debt markets were quieter. Asiamoney.com rounds up the key capital market activity across the region over the past week.
BoA-ML hires senior Deutsche debt banker

04 Mar 2010 Bonds, Loans, Market move
Bank of America-Merrill Lynch has hired Michael Luk from Deutsche to be head of Asia-Pacific debt capital markets. He quit the German bank last week. Rick Stoddard is rumoured to be taking a senior financing role within BoA-ML.
Greek stability seen to boost Asian currencies

04 Mar 2010 Nations & economies, Bonds, Foreign exchange
Markets have responded positively as Greek borrowing costs dropped to their lowest level since mid-February. This positive news is likely to move Asian currencies higher, notes Mitul Kotecha of Credit Agricole CIB.
Liquidity joins labelling in ECB discussions

03 Mar 2010 Nations & economies, Bonds
The European covered bond market needs to reinstate a liquid segment at its core as a means of spurring standardisation, which would make the asset class more attractive and broaden its investor base, Michel Stubbe, head of the markets operations analysis division at the European Central Bank, told The Cover. He stressed that his views do not necessarily reflect the policies of the ECB.
Headwinds threaten Asia’s corporate bond market

03 Mar 2010 Nations & economies, Bonds
Conflicting policy objectives among Asian nations makes investors uncertain about the strength of economic recovery, says Moody’s. Any development not in line with expectations could trigger swift changes in capital flows.
UBS hires FICC co-heads for Asia, say sources

02 Mar 2010 Investment banking, Bonds, Foreign exchange, Market move
The bank is believed to have hired Thomas Siegmund from Nomura and Shahryar Mahbub from Citi to co-head fixed income, currencies and commodities for Asia ex-Japan. It is seen as part of a build out to catch up rivals.
Nomura appoints senior banking duo in India

02 Mar 2010 Investment banking, Bonds, Loans, Foreign exchange, Market move
The firm named Nipun Goel head of investment banking for India and Nitin Jain co-head of fixed income for India. Goel joins from BoA-ML in India, while Jain was most recently CEO of the primary dealership at ICICI Securities.
Asia sees increase in M&A activity

01 Mar 2010 M&A, Stock & exchange, Investment banking, Bonds, League table
There has been a 42% year-on-year rise in regional M&A in 2010, according to data provider Dealogic. Equity and debt issuance is also on the rise. Asiamoney.com reviews last week’s key capital markets activity in Asia.
Crédit Agricole promotes veteran

01 Mar 2010 Structured products, Bonds, Market move
The bank has named Laurent Baumgartner regional head of interest rate derivatives trading for Asia ex-Japan in what it describes as a well-deserved promotion, having been with the firm for 15 years.
Headhunters Poll 2010: full results revealed

25 Feb 2010 M&A, Stock & exchange, Hedge funds, Private equity, Structured products, Investment banking, Bonds, Broking, Polls & awards, Private banking
Asiamoney’s Headhunters Poll 2010 saw some familiar favourites interspersed with new faces rising to the top. We reveal the top recruiters of the past year as voted for by poll respondents, and consider the prospects for 2010.
Further volatility expected in Asia’s credit markets

25 Feb 2010 Nations & economies, Bonds, Loans
The region’s credit markets have remained resilient despite fears about Greece’s fiscal deficits, with markets reacting positively to the US Fed’s discount rate hike. But Nomura’s Dong Nam believes they will give up some of their recent gains.
Japan's loan arranger of the year: Mizuho

24 Feb 2010 Loans, Polls & awards
Mizuho Corporate Bank's willingness to support Japanese companies during trying times over the past year earned it Asiamoney's 2009 loans arranger of the year award.
Hong Kong banking sector forecast to stay weak

23 Feb 2010 Stock & exchange, Investment banking, Nations & economies, Loans
Todd Dunivant, head of bank research for Asia-Pacific at HSBC, notes that Hong Kong’s banking sector will continue to underperform as long as western economies remain weak.
Japan's bond arranger of the year: Mizuho

23 Feb 2010 Bonds, Polls & awards
Mizuho has long been a force in domestic, euro-yen and Samurai bond financings, and 2009 proved no exception. It earns Asiamoney's award as Japan's best bond arranger of the past year.
Market praises UBS’ move to unite DCM teams

22 Feb 2010 Investment banking, Bonds, Loans, Market move
Observers say the bank’s move to unite debt origination businesses in Asia is smart and will boost revenues. UBS has made a number of DCM appointments in the region, according to an internal memo seen by asiamoney.com.
South Korean debt issues dominate holiday week

22 Feb 2010 M&A, Stock & exchange, Bonds, League table
In all, 16 of 17 corporate investment grade bond deals last week, excluding financials, originated from South Korea. But activity was slow in both equity and M&A markets on the back of the Lunar New Year break.
Japan's deals of the year: international bond

18 Feb 2010 Bonds, Polls & awards
Rapid execution and investor familiarity with JBIC’s name ensured that its US$2.5 billion 2% bonds due 2011 went seamlessly. It wins Asiamoney's award for best international bond in Japan over the past year.
Japan's best deals: local currency bond

18 Feb 2010 Bonds, Polls & awards
Panasonic's three-tranche local bond was the firm's first domestic issue in seven years, offering investors a name diversity they welcomed. It wins Asiamoney's award for best local currency bond in Japan over the past year.
Japan's deals of the year: equity-linked offering

17 Feb 2010 Stock & exchange, Bonds, Polls & awards
Takashimaya's issue of zero-coupon, five-year convertible bonds in October helped to open the door for successive issues out of Japan. It earns Asiamoney's award as Japan's best equity-linked offering over the past year.
Impact of EU fiscal crisis on Asia downplayed

17 Feb 2010 Nations & economies, Bonds, Foreign exchange
Regional equity and currency markets are forecast to rebound despite fears over the potential debt default of several European countries. Analysts say Asia’s economic fundamentals are strong, which should support demand for regional assets.
Opinion: China and India must open their markets

12 Feb 2010 Stock & exchange, Editorial, Bonds
Asia has recovered strongly from the global financial crisis, but China and India must develop their domestic capital markets and allow in more international investors if their economies are to reach their full potential.
Asia’s distressed assets worth up to US$50 billion

11 Feb 2010 Bonds, Loans, Asset management
Income Partners and Deutsche Bank estimate that there are US$40 billion to US$50 billion of potentially distressed assets in Asia and Australia, with many companies avoiding default only because of the low interest rate environment.
Australia bank awards: best debt arranger

11 Feb 2010 Bonds, Securitisation
J.P. Morgan sweeps the prize as the best arranger of international and domestic bonds for Australia. The US bank impressed for its ability to arrange sizeable US dollar deals and place local issues too.
Australia bank awards: best loans arranger

11 Feb 2010 Loans
ANZ impressed with its arranging of some of Australia's largest loans, in both US dollars and Australian dollars. It rightfully takes Asiamoney's best loans arranger award.
Deutsche targets Asia investors with fixed income ETFs

11 Feb 2010 Bonds, Asset management
The German bank believes central banks and corporates in Asia will invest further in fixed income exchange-traded funds, and has launched three such funds in Singapore.
Selloff in global credits offers Asia opportunities

09 Feb 2010 Bonds
The recent sell-off in Asian credits offers investors an opportunity to buy into select defensive names at appealing yields. Analysts at Nomura highlight four bonds sold last week as particular examples.
Australia's deals of the year: syndicated loan

08 Feb 2010 Loans, Project finance, Polls & awards
Woodside Petroleum’s ability to raise over US$1 billion in a dual-tranche loan, particularly in March last year, was a notable effort. It wins Asiamoney's award for best syndicated loan over the past year.
Australia's deals of the year: project financing

08 Feb 2010 Loans, Project finance, Polls & awards
Aquasure Finance's dual-tranche project financing was the largest public-private partnership loan of its kind to be syndicated since the start of credit crisis. It earns our prize as best project finance in Australia for the past year.
Fund manager promotes high-yield debt, currencies

06 Feb 2010 Bonds, Foreign exchange, Asset management
Rajeev De Mello of Western Asset Management believes companies will take advantage of the fact that absolute yield levels in the high-yield debt market are very low. He also highlights opportunities with some Asian currencies.
Australia's deals of the year: local currency bond

05 Feb 2010 Bonds, Polls & awards
The Australian Office of Financial Management invigorated an overlooked form of funding with its A$4 billion inflation-linked bonds due 2025. It wins Asiamoney's award as the best local currency bond in Australia for the last year.
Australia's deals of the year: securitisation

05 Feb 2010 Securitisation, Polls & awards
Members Equity Bank’s A$276 million RMBS issue from its Maxis programme was the first deal of its kind to be issued in 2009 with no government support. This trail-blazing transaction earns our best securitisation award for Australia over the past year.
Citi set to announce Distelbrink replacement

05 Feb 2010 Cash management, Project finance, Market move
The US bank is poised to announce a replacement for Ivo Distelbrink, its recently departed Asia head of treasury and trade solutions. He has joined BoA-ML, which also this week unveiled the appointment of Rick Maloney.
Australia's deals of the year: equity-linked offering

04 Feb 2010 Stock & exchange, Bonds, Polls & awards
The sale of exchangeable bonds to the International Petroleum Investment Co. of Abu Dhabi could influence Papua New Guinea's economic future. It wins our award as best equity-linked offering of the past year.
Australia's deals of the year: international bond

04 Feb 2010 Bonds, Polls & awards
NAB’s euro bond sale was a trend-setter, the first issued by an Australian bank in almost a year. As such it earns Asiamoney's award as the country's best international bond deal of 2009.
Citi bankers upbeat over new Asia issuance

03 Feb 2010 Stock & exchange, Bonds
The US bank’s Asia-Pacific co-heads of markets, David Ratliff and Rodrigo Zorrilla, are predicting strong new equity and debt issuance for the region in 2010. They stress that the macro trends for Asia remain compelling.
Bond markets buoy Asia’s capital market activity

02 Feb 2010 M&A, Stock & exchange, Bonds, League table
Chinese companies dominated debt issuance, although there were some other telling transactions too, with firms taking a fancy to samurai bonds. However, M&A and equity markets remain subdued. Asiamoney.com rounds up last week’s key regional capital market activity.
Deutsche sees 2010 corrections as buying opportunities

02 Feb 2010 Stock & exchange, Energy, Bonds, Foreign exchange, Asset management, Private banking
The bank’s wealth management team is advising clients to be dynamic in asset allocation. It believes the global economy is strong enough to withstand a withdrawal of government stimuli, and urges investors to seize on market dips.
Country deals of the year: Singapore

01 Feb 2010 Bonds, Polls & awards
Temasek Holdings' US$500 million, 30-year bond issue last year cemented its name as a rare but intelligent borrower. It wins Asiamoney's award as Singapore's best transaction of the past year.
Country deals of the year: South Korea

01 Feb 2010 Bonds, Polls & awards
Regular borrower Kexim was the perfect candidate to re-open Asia ex-Japan’s G3 currency debt markets with its US$2 billion, five-year deal last January. It earns our nod as South Korea's best deal of the past year.
China PMI figures underline inflationary pressures

01 Feb 2010 Nations & economies, Loans
Industrial activity accelerated at record pace in China last month, but rising input and output prices highlight mounting inflationary pressures and raise the likelihood of further fiscal tightening measures.
Country deals of the year: Philippines

29 Jan 2010 Nations & economies, Bonds, Polls & awards
San Miguel's US$802 million multi-tranche bond issue broke domestic records and finally put to rest the notion that the country's local market could not support a deal of significant size. It earns Asismoney's award as the best deal in the Philippines over the past year.
Country deals of the year: Indonesia

28 Jan 2010 Bonds, Islamic finance, Polls & awards
The Republic of Indonesia's US$650 million Islamic bond last April was a brave move and effectively reopened the international mafket for subsequent Islamic issuers. It earns our award as best Indonesia deal of the past year.
Country deals of the year: India

28 Jan 2010 Stock & exchange, Bonds, Polls & awards
Larsen & Toubro’s US$600 million combined share sale and convertible bond issue was the first of its kind out of India. The innovative transaction earns Asiamoney's nod as India's best deal of the past year.
Opinion: how Indonesia can reach its ratings goal

28 Jan 2010 Nations & economies, Editorial, Bonds
The country has set itself the task of returning to investment grade status in three years. But it needs to answer people’s concerns about transparency first if it is to overcome the many obstacles in its path.
Country deals of the year: Hong Kong

27 Jan 2010 Bonds, Polls & awards
Hutchison Whampoa's US$3 billion dual-tranche bond issue in September stood out during 2009 for timing, size and execution. It duly earns Asiamoney's award as Hong Kong's best deal over the past year.
Deutsche targets growth in trade and export finance

27 Jan 2010 Nations & economies, Project finance, Market move
The German bank has hired Paul Gardner from RBS as its Asia-Pacific head of structured trade and export finance, based in Singapore. It also expects to announce more appointments soon in an area it views with optimism.
Morgan Stanley sees yield for credit investors

26 Jan 2010 Bonds, Loans
The bank urges investors to target credits from financial institutions, with valuations compelling in some cases, as well as high-yield bonds, which are increasingly attractive because of improving credit conditions.
Property firms anchor Asia’s M&A market

25 Jan 2010 M&A, Stock & exchange, Bonds, League table
A raft of property-related deals buoyed M&A volumes, while Chinese firms dominated debt markets, and equity markets stayed steady. Asiamoney.com rounds up last week’s capital market activity in Asia-Pacific ex-Japan.
Stability stands Indonesia in good stead

21 Jan 2010 Bonds
Healthy economic growth and improvements in policy framework prompted ratings agency Moody’s to maintain a stable outlook on Indonesia. The news will be viewed favourably by debt investors and bodes well for the nation.
Wealth managers return to in-house products

20 Jan 2010 Stock & exchange, Bonds, Private banking
Private wealth management institutions increased aggregate allocation to in-house products to 40% last year, a rise of 12 percentage points, a survey has found. It comes as firms seek to bolster diminishing margins.
Eleven quit RBS in Australia to join BoA-ML

20 Jan 2010 Commodities, Bonds, Foreign exchange, Market move
RBS saw 10 fixed income traders, sales staff and a personal assistant quit its Sydney office today (January 20). Led by managing director Chris Thomas, all are set to join BoA-ML in May, asiamoney.com can reveal.
Regional rebound forecast for samurai bond market

19 Jan 2010 Bonds
Debt bankers highlight signs that Asia-Pacific’s samurai bond market is opening up having floundered after the 2008 collapse of Lehman Brothers. They expect activity to be more pronounced this year.
Asian markets cough up just two deals of note

18 Jan 2010 M&A, Stock & exchange, Investment banking, Bonds, League table
India’s GTL Infrastructure moves to more than double its network of towers, while Westpac prices a Samurai bond. Asiamoney.com rounds up what was an otherwise slow week for capital market activity in Asia ex-Japan.
LGT urges equity investors to wait for Fed action

14 Jan 2010 Stock & exchange, Commodities, Bonds, Foreign exchange, Private banking
The wealth manager advises clients to stay fully invested in equities as governments and central banks will do whatever is necessary to avoid a deflationary or double-dip scenario. It doesn't expect the Fed to tighten in 2010.
Opinion: why China's lending could crimp GDP growth

14 Jan 2010 Nations & economies, Loans
The nation’s lending splurge over the past year will have ramifications later this year, with interest rates and the renminbi set to rise. That, in turn, could impact the pace of the country’s economic expansion.
Debt investors advised to do deeper due diligence

14 Jan 2010 Bonds, Loans
Ferrier Hodgson, an accountancy firm specialising in insolvency, notes some investors have wrongly assumed they are senior creditors, and have paid the price. The firm urges them to look beyond standard due diligence.
China’s reserve ratio hike to hit banking stocks

13 Jan 2010 Stock & exchange, Nations & economies, Loans, Foreign exchange
Beijing’s decision to raise banks’ reserve requirement ratio 50 basis points to 16% is likely to have a negative impact on Chinese equities, note analysts. It also raises expectations about interest rate hikes and adds to speculation that Beijing will relax the dollar peg.
Deutsche hire points to optimism over securitisation

13 Jan 2010 Securitisation, Market move
Deutsche Bank names Sal Mirran as head of residential mortgage-backed securities for Asia-Pacific. He told asiamoney.com he sees potential for securitisation in the region because of its demographics, growth prospects and housing fundamentals.
Dubai’s escape from default escalates sukuk uncertainty

13 Jan 2010 Bonds, Islamic finance
The state’s property developer received a bailout from Abu Dhabi to spare it from defaulting on its debt. But some would like to have seen the default proceed to throw light on investor rights in sukuk issues. Chris Wright reports.
China shows it’s serious about reining in lending

13 Jan 2010 Stock & exchange, Nations & economies, Bonds, Loans, Foreign exchange
By increasing the reserve requirement ratio, the People’s Bank of China has sent out a strong message, and further hikes are expected. Some believe it was motivated to rein in credit growth and to suck liquidity out of the system, with billions in PBoC bills set to mature.
Australian and Korean issuers start 2010 in a rush

11 Jan 2010 M&A, Stock & exchange, Bonds
Asia-Pacific ex-Japan’s debt capital markets got off to a flying start this year, with Australian financial institutions and Korean corporate leading issuance. M&A activity was also buoyant, while equity markets were quiet. We round up last week’s regional capital market business.
Stay invested during quiet first quarter, urges HSBC

06 Jan 2010 Stock & exchange, Commodities, Energy, Bonds, Foreign exchange, Private banking
Arjuna Mahendran, Asia head of investment strategy for HSBC Private Bank, sees 2010 as a year of three halves: a quiet first quarter followed by a potential bull-run and then renewed tightening by central banks at the end.
Credit Suisse bolsters Asia-Pacific fixed income business

06 Jan 2010 Bonds, Broking, Market move
The bank makes two senior appointments in Hong Kong, re-hiring Atsushi Mizuno from Bank of Japan and relocating Bunt Ghosh from London. It is striving to grow its fixed income teams in the region by over 20% in 2010.
2009 syndicated loan volume falls least in Asia-Pacific

05 Jan 2010 Loans
The region saw the smallest drop in volume of any region globally in 2009 to US$484.8 billion, according to Dealogic figures. But exclude Japan, and US dollar-denominated loans accounted for their lowest proportion on record.
Heavyweight banking trio top 2009 tables

04 Jan 2010 M&A, Stock & exchange, Investment banking, Bonds
UBS, Deutsche Bank and Morgan Stanley finished last year as the top bookrunners for Asia ex-Japan equity, debt and M&A transactions, according to Dealogic data.
SocGen names new head of global markets for China

04 Jan 2010 Commodities, Bonds, Foreign exchange, Market move
Société Générale appoints Yang Duan to replace Gilbert Tse, who recently moved to Lyxor Asset Management. Yang joins from Standard Chartered, where he was head of China sales and fixed income.

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