Source: Reuters/Sukree Sukplang A Bangkok Mass Transit System (BTS) skytrain station is pictured under construction on the outskirts of Bangkok. An increase in IPOs from infrastructure and property funds is expected to spice up Thailand’s equity capital markets as major companies expand their businesses and investors prefer yield instruments. “There was pent-up supply in the market after the 2011 floods reduced capital market activity. Companies are now looking to implement their expansion pla

Source: Reuters/Crack Palinggi A man searches for discounted clothes at a shop in Jakarta. The spark that Matahari Department Store’s US$1.3bn deal was meant to provide Indonesia’s IPO market has turned into a dud. Investors have bailed on Indonesian stock offerings, spooked by a wave of global market volatility and pricey valuations. The retreat from Jakarta by local and foreign funds is threatening other IPOs in the pipeline and hindering the ability of Indonesian tycoons to unlock money from

Source: Reuters/Bazuki Muhammad Mercedes Formula One driver Michael Schumacher of Germany roller blades down the track in the rain ahead of the Malaysian F1 Grand Prix at the Sepang circuit. For most of last year, Malaysia was Asia’s IPO capital. Three deals of more than US$1bn – from Felda Global Resources, IHH Healthcare Holdings and Astro Malaysia Holdings – left Hong Kong and Singapore looking on enviously. When the last of those three fell on its trading debut and the new deal pipeline slow

Source: Reuters A top view of the living room of the presidential suite in the InterContinental Hong Kong Hotel with a window view of the Victoria Harbour. A spate of proposed spin-off listings of high-quality hospitality assets has raised hopes that Hong Kong is beginning to lure business trust listings away from rival Singapore. The US Federal Reserve’s decision to end its bond-buying programme earlier than expected, however, has changed the landscape for yield plays, and the city may now have

Source: Reuters Two men surf on high waves at Hong Kong’s Shek O beach as typhoon Leo threatened to pound the territory with gale force winds. Convertible bond issuance in Asia got off to a slow start in 2013, with issuance coming in fits and starts, but the recent rise in volatility and bond yields are making the asset class increasingly attractive for issuers compared with straight debt. Bond redemptions in the Asia-Pacific region totalled US$9.3bn for the year to June 24, outpacing new issuan

Source: Reuters/Yuya Shino A ‘no entry’ sign is seen near containers at a port in Tokyo. There is far more to Asia’s equity capital markets than initial public offerings. That’s just as well, given the disappointing volumes and sliding fees in Hong Kong and China IPOs – the traditional engine of any Asian ECM franchise. Most of the equity derivatives business goes on behind the scenes, and the decline in trading volumes that followed the 2008 financial crisis had forced many banks to scale back

Source: Reuters/Ajay Verma Labourers sift wheat crop at a wholesale grain market in the northern Indian city of Chandigarh. Asian equities are tumbling into the second half of the year as a shock from shifting US monetary policy and ill winds in China take hold, frustrating investors seeking yield in the region’s markets. The signs of pessimism are difficult to ignore: On June 26, gaming company Macau Legend Development slashed the size of its planned US$788m initial public offering in Hong Kong

Source: Reuters/Sergio Moraes A surfer watches the waves from Mirante point as heavy surf pounds a section of Arpoador beach in Rio de Janeiro Just when investors thought it was safe to go back in the water, Asia’s equity markets have sent them running for the shore once more. The dramatic reversal in risk appetite that followed a US pledge to unwind an unprecedented monetary stimulus has knocked equity indices down by 10%–20% across Asia, putting paid to a host of IPOs across the region. Period