Source: Reuters/Rupak De Chowdhuri An Indian Army soldier jumps through fluorescent tubes on a motorcycle during an exhibition show at Binnaguri cantonment Over the past year or so, the high-level view of Asia’s funding markets would have revealed an alarming split. The debt capital markets are enjoying a breakthrough year, with international bond sales from the region running at an all-time high and companies locking in ever-lower interest rates. However, a lack of confidence in global economic growth has ravaged equity financing. Companies...Read more
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Asia’s banks may have escaped the worst of the US and European turmoil, but they have a different challenge on their hands. As the region’s economies continue to grow, Asia’s lenders need to ensure their growth strategies will allow them to keep up.
Malaysia’s Genting has taken full advantage of the boom in demand for perpetual bonds this year to fund its Singapore operations. Its bumper fundraising also set records in a busy year for Singapore’s local market.
India’s financial institutions returned to the international bond market this summer with a flurry of well-received fundraisings. ICICI Bank, India’s biggest international borrower pre-crisis, dodged fears of a sovereign downgrade to remain the sector’s benchmark.
China’s property sector has enjoyed something of a renaissance in the global bond markets this year. Shui On Land’s original financing and two subsequent taps also helped pave the way for the return of high-yield issuers.
Swire had to rethink the IPO of its property business over the past two years as conditions changed, but its determination – and support of its banks – allowed it to meet its objectives, providing an unusual model for companies looking to raise capital in a tough environment.
Malaysia’s biggest bank has emerged in the US-dollar market as a poster-child for the ultra-safe Asian banking sector. Maybank’s two appearances this year also underlined the scarcity value attached to Malaysian credits in the international markets.
Singapore’s biggest IPO of the year came to market at a time when listings in North Asia were struggling, highlighting the SGX’s ability to mobilise big capital commitments even in difficult markets.
The listing of hospital operator IHH was among the biggest in a crop of jumbo IPOs in Malaysia’s traditionally quiet equity capital markets. It was also the first dual listing in Singapore and Malaysia, breaking new ground for regional cooperation.
Malaysia’s Khazanah Nasional is a rare issuer in the international capital markets, but it showed its credentials this year with a rare exchangeable bond that came an enviable terms, even beating the cost of a similar issue from Singapore’s Temasek Holdings.
