China’s IPO Market is the Hottest It Has Ever Been

China’s IPO Market is the Hottest It Has Ever Been

China’s market for initial public offerings (IPO) has been the hottest it can be. The 62 new stocks that have finished their 1st month of trading has climbed 420% on average. Huge returns on the mainland IPOs are not new and China Securities Regulatory Commission is trying to stabilize the nation’s $6.1 trillion equity market.

“China’s market for initial public offerings has been the hottest it can be. The 62 new stocks that have finished their 1st month of trading have climbed 420% on average.”

~ Bloomberg

More than 800 companies have filed for IPO and are waiting for approval according to CSRC. The 78 completed sales this year compares with 219 deals in 2015 and the value of the deals is about a quarter of the 2015 amount. Wuxi Honghui New Materials Technology Co. was one of the lucky ones, raising $39 million in June. The shares soared 553 percent in their first month on the Shenzhen exchange, and are now up 580 percent from their IPO price.

Related Reports: Bloomberg, Business Times

 

About China Securities Regulatory Commission

China Securities Regulatory Commission (CSRC), a ministerial-level public institution directly under the State Council, performs a unified regulatory function, according to the relevant laws and regulations, and with the authority by the State Council, over the securities and futures market of China, maintains an orderly securities and futures market order, and ensure a legal operation of the capital market.

China Securities Regulatory Commission is located in Beijing, with appointed one chairman, four vice chairmen, one secretary of the Disciplinary Inspection Commission (on the vice-ministerial level) and three assistants to the chairman.

Visit: China Securities Regulatory Commission


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China Bank To Package Bad Loans Into Securities

China Bank To Package Bad Loans Into Securities

Agricultural Bank of China Ltd is planning to offload bad loans by packaging them up as asset backed securities. The bank is planning to sell securities backed by 10.7 billion yuan ($1.6 billion ) of non performing loans on the interbank bond market.  As corporate leverage soars and economic growth cools, China’s banks face a rising tide of bad loans.

“The bank is planning to sell securities backed by 10.7 billion yuan ($1.6 billion ) of non performing loans on the interbank bond market.”

~ Bloomberg

China’s efforts to get to grips with its credit woes include debt swaps for local government, proposals for banks to swap loans for equity stakes in companies and the trial of the non performing loan backed securities.

Related Reports: Bloomberg

 

About Agricultural Bank of China

The predecessor of the Bank is Agricultural Cooperative Bank, established in 1951. Since the late 1970s, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was restructured into a joint stock limited liability company in January 2009. In July 2010, the Bank was listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, which marked the completion of our transformation into a public shareholding commercial bank.

Visit: Agricultural Bank of China


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China’s Postal Savings Bank Files for Potential $10 billion IPO

China’s Postal Savings Bank Files for Potential $10 billion IPO

State owned Postal Savings Bank of China, the country’s largest bank by number of branches has filed for a Hong Kong initial public offering seeking to raise as much as $10 billion. The IPO aimed at raising between $7 and $10 billion could happen as early as September.

“The IPO aimed at raising between $7 and $10 billion could happen as early as September. “

~Reuters

PSBC’s planned offering comes against the backdrop of a nearly 60 percent drop in Asia-Pacific share offerings, ex-Japan, in the first half of 2016 amid the weakest activity since 2008. PSBC, which has more than 40,000 branches nationwide and is considered to have a much lower ratio of bad loans than rivals, was set up as a deposit-taking bank in 2007, using the network of the former postal savings bureau.

Related Reports: Reuters, Bloomberg

 

About China Postal Savings Bank

At present, Postal Savings Bank has 37,000 business offices for savings service, 45,000 business offices for exchange service and 20,000 business offices for international remittance service. Postal Savings Bank of China will continuously diversify its service products, expand distribution channels and improve service functions relying on postal network’s advantages and according to the modern framework for corporate governance as well as the requirements of management for commercial banks to provide more complete and convenient basic finance services and create a modern bank with adequate capital, rigorous interior control, safe operation, complete functions and high competitiveness.

Visit: China Postal Savings Bank


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Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs bankers have been accused of paying for prostitutes, private jets and five star hotels and held business meetings on yachts to win business from a Libyan investment fund set up under Gaddafi regime.

“The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades. “

~ The Guardian

The Libyan Investment Authority (LIA) was set up in 2006 to invest the country’s oil wealth as its status from a pariah state was being lifted. Lawyers for LIA are claiming for losses on nine trades that Goldman Sachs executed between January and April 2008. The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades.

Related Reports: The Guardian, Daily Mail

 

About Libyan Investment Authority

The Libyan Investment Authority (LIA) is the sovereign wealth fund of Libya. It was established in 2006 and, in accordance with law No (13) of 2010, aims to develop and maximise state revenue surpluses to achieve three goals:

Create a diversified source of wealth for Libya’s future generations by investing internationally with a sustainable, long-term view.

  • Stimulate Libya’s economy through major, transformational private sector projects
  • engaging international expertise through joint ventures and knowledge transfer.
  • Provide stability against volatile oil revenues and government budget shortfalls.

Visit: Libyan Investment Authority


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IPOs Start to Flow in Southeast Asia

IPOs Start to Flow in Southeast Asia

Companies in industries from real estate, cement to power generation are looking to raise nearly $1.5 billion in Singapore, Philippines and Indonesia. Previously, many companies delayed or scrapped their fund raising plans. Malaysia’s Sime Darby Bhd, the world’s largest listed palm oil producer by market value last year dropped plans for an IPO of its automotive business.

“Companies in industries from real estate, cement to power generation are looking to raise nearly $1.5 billion in Singapore, Philippines and Indonesia. “

~ Wall Street Journal

Deals now in South East Asia include Singapore IPO of Frasers Logistics & Industrial Trust, IPO of Cemex Holdings Philippines Inc. (Mexican cement and construction materials Cemex) and Indonesia power company PT Cikarang Listrindo Tbk.

Related Reports: Wall Street Journal, Reuters

 

About Sime Darby

Sime Darby is a Malaysia-based diversified multinational with operations in 26 countries & 4 territories and a total workforce of more than 130,000 employees. The group is involved in 5 core sectors, namely Plantation, Industrial Equipment, Motors, Property and Energy & Utilities.

Visit: Sime Darby

 

About Cemex Holdings

We are one of the leading cement producers in the Philippines, based on installed annual capacity as of December 31, 2015, according to the Cement Manufacturers Association of the Philippines. We produce and market cement and cement products, such as ready-mix concrete and clinker, in the Philippines through direct sales using our extensive marine and land distribution network. Our cement manufacturing subsidiaries have been operating in the Philippines for over 17 years, and have well established brands, such as APO, Island and Rizal, each of which has a multi-decade history in the Philippines. Our brand recognition and customer-centric direct sales approach have helped us develop a long-term customer base.

Visit: Cemex Holdings

 

About PT Cikarang Listrindo Tbk

PT Cikarang Listrindo Tbk is a power company that provides energy to industrial and residential customers in Indonesia. The Company’s plants use gas turbines that run on gas or liquid fuel. Cikarang Listrindo is based in Jakarta, Indonesia.

Visit: PT Cikarang Listrindo Tbk


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Saudi Arabia Lines Up Banks for $15 billion Bond Sale

Saudi Arabia Lines Up Banks for $15 billion Bond Sale

Saudi Arabia seeks to launch its debut international bond of about 15billion as early as July. Banks expected to take part include the Bank of Tokyo Mitsubishi, HSBC, and JP Morgan Chase which were lead lender on Saudi Arabia $10 billion loan in April.  Others likely to take part in the talks include BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley.

“Saudi Arabia seeks to launch its debut international bond of about 15billion as early as July.”

~ Financial Times

The issuance will include several tenors up to 30 years in maturity and would probably be followed by a further bond later this year and potentially another one next year.

Related Reports: Financial Times, Bloomberg

 

About Bank of Tokyo Mitsubishi

The Bank of Tokyo-Mitsubishi UFJ, Ltd. provides various banking and financial services in Japan, North America, Latin America, Europe, the Middle East, Asia, and Oceania. The company operates through Retail Banking Business Unit, Corporate Banking Business Unit, Global Business Unit, Bank of Ayudhya, Global Markets Unit, and Other Units segments.

As of March 31, 2015, The Bank of Tokyo-Mitsubishi UFJ, Ltd. had 766 domestic branches and 75 international branches. The Bank of Tokyo-Mitsubishi UFJ, Ltd. was formerly known as Bank Tokyo-Mitsubishi Ltd. and changed its name to The Bank of Tokyo-Mitsubishi UFJ, Ltd. in January 2006. The company was founded in 1919 and is headquartered in Tokyo, Japan. The Bank of Tokyo-Mitsubishi UFJ, Ltd. operates as a subsidiary of Mitsubishi UFJ Financial Group, Inc.

Visit: Bank of Tokyo Mitsubishi


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Goldman Sachs Asset Management May Exit Australia Equities Business

Goldman Sachs Asset Management May Exit Australia Equities Business

Goldman Sachs Asset Management is considering the sale of its Australian equities and fixed income businesses. Goldman’s Australian fund management business overseas about A$9 billion. If it goes ahead with a sale, Goldman will be following in the footsteps of Swiss bank UBS which offloaded its private bank in Australia last year after a review of its underperforming businesses.

“Goldman will be following in the footsteps of Swiss bank UBS which offloaded its private bank in Australia last year after a review of its underperforming businesses.”

~ Reuters

It also would not be the first sale of this kind for Goldman Sachs in Asia. Last year, it sold its Indian fund management unit for $37.5 million.

Related Reports: Reuters, Bloomberg

 

 

About Goldman Sachs Asset Management

Our investment solutions include fixed income, money markets, public equity, commodities, hedge funds, private equity, and real estate. Our clients access these solutions through our proprietary strategies, strategic partnerships, and our open-architecture programs. Our investment teams represent over 800 investment professionals, capitalizing on the market insights, risk management expertise, and technology of Goldman Sachs. We help our clients navigate today’s dynamic markets, and identify the opportunities that shape their portfolios and long-term investment goals. We extend these global capabilities to the world’s leading pension plans, sovereign wealth funds, central banks, insurance companies, financial institutions, endowments, foundations, individuals and family offices, for which we invest or advise more than $1 trillion of assets.

Visit: Goldman Sachs Asset Management




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Bank of China and China Merchants Bank Plans first Bad Loan Securitization Since 2008

Bank of China and China Merchants Bank Plans first Bad Loan Securitization Since 2008

Bank of China Ltd and China Merchants Bank are planning to sell bonds backed by non-performing assets, reviving a type of financing that would give the nation’s lenders another way to remove a growing pile of bad loans from their books.

“Bank of China plans to sell 301 million yuan (USD$46 million of the debt)”

~ Bloomberg

Bank of China plans to sell 301 million yuan (USD$46 million of the debt), according to a statement on Thursday. The sale, which would be the first for this type of deal since 2008, is scheduled for May 26, it said. The proposed bonds from Bank of China include a 234.8 million yuan senior portion and 66.2 million yuan in subordinated notes, according to the statement.

Related Reports: Bloomberg, Reuters

 

About Bank of China

As China’s most internationalised and diversified bank, Bank of China provides a comprehensive range of financial services to customers across the Chinese mainland as well as 41 countries and regions. The Bank’s core business is commercial banking, including corporate banking, personal banking and financial markets services. BOC International Holdings Limited, a wholly owned subsidiary, is the Bank’s investment banking arm. Bank of China Group Insurance Company Limited and Bank of China Insurance Company Limited, both wholly owned subsidiaries, run the Bank’s insurance business. Bank of China Group Investment Limited, a wholly owned subsidiary, undertakes the Bank’s direct investment and investment management business. Bank of China Investment Management Co., Ltd., a controlled subsidiary, operates the Bank’s fund management business. BOC Aviation Pte. Ltd., a wholly owned subsidiary, is in charge of the Bank’s aircraft leasing business.

Visit: Bank of China

 

About China Merchants Bank

Established in 1987 in Shenzhen, the forefront of China’s reform and opening-up drive, China Merchants Bank (“CMB”) is China’s first joint-stock commercial bank and also the first bank to attend the national experiment for the promotion of China’s banking industry reform driven by endeavors from outside the government.

Since its inception 24 years ago, CMB has grown with China’s economic progress from a small bank with a capital of 100 million yuan, one branch and over thirty employees into a nationwide joint-stock commercial bank that has a total net capital of 140 billion yuan, a total asset of 2.6 trillion yuan, over 800 branches and over 50,000 employees, ranking it among the world’s top 100 banks.

Visit: China Merchants Bank


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US Banking Regulator Queries Four Investment Banks Including Goldman Sachs on Panama Papers

US Banking Regulator Queries Four Investment Banks Including Goldman Sachs on Panama Papers

New York’s banking supervisor has asked four investment banks including United States group Goldman Sachs and France’s BNP Paribas for details of any offshore dealings related to the Panama Papers. The four investment banks – Goldman Sachs, BNP Paribas, Standard Chartered and Canadian Imperial Bank – have until May 23 to respond.

“New York’s banking supervisor has asked four investment banks including United States group Goldman Sachs and France’s BNP Paribas for details of any offshore dealings related to the Panama Papers”

~ Daily Mail

The banking supervisor had also sent out similar requests for information related to the Panama Papers on April 21 to April 13 other financial institutions including: Societe Generale of France; the Dutch bank ABN Amro; Deutsche Bank and Commerzbank of Germany; Credit Suisse of Switzerland; Nordic institutions Svenska Handelsbanken, Nordea Bank Finland and Skandinaviska Enskilda Banken; and Bank Leumi of Israel.

Related Reports: Business Times, Daily Mail

 

About Goldman Sachs 

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 

About BNP Paribas

BNP Paribas is a leading provider of banking and financial services in Europe. It is present in 75 countries with nearly 188,000 employees. The Group holds key positions in its 2 core activities: Retail Banking & Services, comprising Domestic Markets and International Financial Services; and Corporate & Institutional Banking

Visit: BNP Paribas

 

About Standard Chartered

Standard Chartered Bank was formed in 1969 through the merger of two separate banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. These banks had capitalised on the expansion of trade between Europe, Asia and Africa.  We’re one of the world’s most international banks, with over 1,200 branches, offices and outlets in 71 countries across the globe.

Visit: Standard Chartered

 

About Canadian Imperial Bank

CIBC is the strongest publicly traded bank in Canada by Bloomberg Markets and the only North American bank in the ranking for the last five years. We are focused on meeting our clients’ needs today and into the future to help them keep pace with the ever-changing market.

The Canadian Imperial Bank of Commerce, as it is known today, came into being in 1961. The bank was formed through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada. At the time, they were two of Canada’s largest banks. 

Visit: Canadian Imperial Bank




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Busted Deals Have Cost Banks Over US$300 million

Busted Deals Have Cost Banks Over US$300 million

In the world of mergers and acquisitions, 2015 was a record breaking year. However 2016 is proving to be a year of broken deals. More than $395.4 billion in US mergers, including, most recently, Staples’s combination with Office Depot, have fallen apart in 2016, according to data provider Dealogic, felled by exacting regulators, rocky markets or reluctant targets .

“More than $395.4 billion in US mergers, including, most recently, Staples’s combination with Office Depot, have fallen apart in 2016.”

~ Dealogic

Three of the largest collapsed deals this year – Pfizer’s takeover of Allergan, Halliburton’s purchase of Baker Hughes and Staples’ merger with Office Depot – will cost banks more than $300 million in advisory fees, according to a review of regulatory filings. That does not include potentially large fees banks aren’t legally required to disclose.

Related Reports: Wall Street Journal, Financial News

 

About Dealogic

Uncertain markets, continued challenging trading conditions, tighter regulation and increased competition have placed greater pressure on banks to operate more efficient businesses with fewer resources for optimal performance.

Supporting the key businesses within an Investment Bank, the Dealogic Platform provides a consistent management framework across Equity Capital Markets, Fixed Income, Investment Banking and Sales, Trading & Research. Connecting professionals between each core unit, the Platform helps Investment Banking professionals better understand their clients so they can make better decisions, allocate resources and compete more effectively to optimize the flow of capital around the world.

Visit: Dealogic


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