Reg S: The team spots an opportunity in China’s NPL securitisations

China completed its takeover of the Asian capital markets in 2016 – at least in terms of numbers. Combining debt and equity in all currencies, nine of the region’s top 10 underwriters are Chinese. Where four global banks ranked among the top 10 in 2015, only HSBC – arguably the most Chinese of the global banks – managed that in 2016, ranking ninth on the Thomson Reuters league table. The step change in 2016 has come from the growth in outbound investment from China, sluggish deal flow elsewhere in Asia and the continued growth of China’s...

Global mergers and acquisitions activity fell in 2016 from the previous year’s record, but there was one pocket of extraordinary growth – the record volume of cross-border acquisitions by Chinese companies in Europe and the US. Chinese companies have been busy buying western assets over the last three years, diversifying overseas to combat an economic slowdown domestically. This trend accelerated dramatically in February when China National Chemical Corp, or ChemChina, launched a US$43bn bid for Swiss pesticides group Syngenta, the biggest...

With bankers seemingly quitting front office roles in droves to join fintech startups, one could be forgiven for concluding that Asia is on the cusp of a revolution in the application of technology to the capital markets. For now, however, the focus is on retail banking. Venture capital money has been pouring into peer-to-peer lending platforms, remittance companies, robo-advisers and crowdfunding sites that are gradually starting to chip away at incumbents’ market share. For wholesale banking, the role fintech will play is less clear, although...

Singapore’s squeaky clean reputation as a financial centre makes it an unlikely venue for default. But a spate of payment failures in the city state has shocked markets. The question now is whether there can be an orderly solution or if liquidation awaits the defaulting companies in lieu of restructuring. The first default came just over a year ago, from Indonesian mobile phone retailer Trikomsel, which missed coupon payments on two bonds due in 2016 and 2017 and totalling S$215m (US$150m). Since then there has been a steady stream of missed...

The year in cartoons Highlights of the year in black and white To see the digital version of this report, please click here

Chart of the year Oil, China, Brexit and other key events The year in numbers Review of the year 2016 To see the digital version of this report, please click here

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Alternative definitions of the year’s buzzwords To see the digital version of this report, please click here

Welcome to the 2016 edition of the IFR Asia Awards for Excellence. These awards are designed to recognise the best deals, issuers and arrangers in the Asian capital markets over the past 12 months, with special focus on the institutions and transactions that have moved the region’s capital markets forward through innovation or outstanding performance. The IFR Awards are selected by IFR’s expert capital markets journalists and are 100% independent of external influence or commercial considerations. Starting in late October, senior reporters...