Source: Reuters/Bobby Yip A roulette wheel in front of slot machines at Gaming Expo Asia in Macau. Malaysia-based gaming and leisure conglomerate Genting has had a bumper year of fundraisings in Singapore, Malaysia and Hong Kong. The group has not only been busy refinancing and managing its existing debt profile, but also building a war chest for further growth from both acquisitions and organic expansion. It is a calculated move to take full advantage of an unusually conducive financing market,

Source: Reuters Engineers and workers look at the stator of the first generator for the right bank electricity plant at the Three Gorges Dam on the Yangtze River in Yichang. Banks in Asia are at somewhat of an impasse: though relatively well capitalised, they still have to figure out how to grow when the economy is slowing, and when acquisitions that had once looked cheap are turning out to be prohibitively expensive or difficult to complete. However, whatever solution a bank chooses, more capit

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

Source: Reuters/Bazuki Muhammad Malaysian fans hold placards during their 2014 FIFA World Cup qualification soccer match against Singapore in Kuala Lumpur. When Singapore state investment company Temasek Holdings printed a zero-coupon $500m (US$409m) exchangeable in November 2011 during a patchy year for convertible bonds, it looked as if pricing could not get any tighter. Indeed, while some large deals have succeeded at tight pricing, periods of stability have rarely lasted beyond a few days, a

Source: Reuters/Nicky Loh A nurse makes the bed inside a deluxe room at a hospital in Singapore. Malaysia has been South-East Asia’s IPO capital of 2012, and it came as little surprise that the region’s first dual listing also originated there. IHH Healthcare raised M$6.3bn (US$2bn) from its dual IPO, selling 2.2bn shares simultaneously on Bursa Malaysia and Singapore Exchange. Investors could choose the tranche to buy into and received shares denominated in that currency. The shares are fungibl

Source: Reuters/David Gray Construction workers stand on a platform as it hangs on the front of a new apartment block in Beijing Singapore’s primary equity market, in common with most of Asia, has been very fragile this year, with few large IPOs and several deals withdrawn. Even real-estate investment trusts, viewed as more stable forms of equity investments, due to their predictable dividend streams, have been casualties. M&L REIT pulled its S$509m (US$417m) hospitality IPO in April after a

Source: Reuters/Kin Cheung An employee holds the largest D colour internally flawless diamond for auction offered by Sotheby’s Geneva in Hong Kong. Malaysian lenders have never been known as frequent borrowers in the US-dollar market. However, 2012 was a banner year for Malaysian issuers, and Malayan Banking stood out as a pioneer. Malaysia’s biggest bank tapped several markets this year as it replenished its coffers to cope with 22% loan growth last year. That pace may have slowed in 2012, but

Source: Reuters/Amit Dave A pair of chameleons fight inside a park in Ahmedabad. Swire Pacific, one of the oldest companies in Hong Kong with a history dating back to the early colonial period, has an enviable ability to access capital. While the conglomerate has simply refused to let market conditions get in the way of its strategic goals in recent years, the group’s approach to the capital markets needed to change. Having decided to sell its property unit and streamline its corporate structure

Source: Reuters/Romeo Ranoco Students wash their hands as a precaution against Influenza A (H1N1) inside the Ramon Advacena public high school in Manila. Shui On Land has cemented itself as one of the most prominent Chinese players in the offshore debt markets over the past few years, via both the syndicated loan and primary bond markets. In its approach, despite sitting in the high-risk China property sector, the company is building a reputation as one of Asia’s savviest borrowers. The Shanghai

Source: Reuters/Jayanta Shaw An Indian fishing boat crosses behind a giant fishing net in the backdrop of monsoon rain clouds at Sagar Island. As Indian issuers rethink their approach to the international capital markets, ICICI Bank is at the forefront of a changing mindset. India’s largest private-sector bank has shown an increasing willingness to look beyond traditional financing avenues and explore less-conventional markets. In doing so, it has maintained its good reputation among investors a