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Indonesia Achieves Milestone with the First Asian Sovereign Green Bond Issue
Indonesia has become the first Asian country to complete green bonds, tapping investor interest in climate-friendly investments that supported US$155.5 billion in global issuance of green bonds last year. Global green bond issuance, where deal proceeds are earmarked...
Anbang’s Chairman Seized by China Authorities for Alleged Fraud
The Chinese government seized temporary control of Anbang Insurance Group Co. and will prosecute its chairman and founder Wu Xiaohui for alleged fraud, in a surprise move that further illustrates President Xi Jinping’s anti-corruption and de-leveraging campaigns as...
UOB Sets Sterling Covered Bond Benchmark for Singaporean Banks
United Overseas Bank (UOB) priced the first sterling-denominated covered bond amongst its Singapore bank peers, with a well-received £350 million (US$486 million) five-year transaction at a floating coupon of 24 bps over the 3-month sterling Libor rate. Issued under...
Markets Keep Close Watch on Inflation Figures as Indicators of Rate Hikes
The U.S. released its consumer price index (CPI) figures last evening, reporting that consumer prices - with the headline number up 2.1% and core CPI up 1.8% from a year earlier - rose by more than projected in January thus adding to concerns about an inflation pickup...
HNA Managers Buy Its Bonds Following Reports of Land Sales and S&P Credit Cut
S&P's cut HNA Group's implied rating, for the second time in 3 months, to ccc+ from b due to its "deteriorating liquidity position" as the Hainan-based aviation-to-financial conglomerate faces mounting debt maturities in 2018. The rating agency had lowered...
Macau’s Credit Ratings Upgraded by Fitch to AA
Fitch Ratings upgraded Macau's long-term foreign-currency ratings to 'AA' from 'AA-', with a stable outlook. The upgrade reflects a number of key ratings drivers, including estimated GDP growth of 8.7% in 2017 following three consecutive years of decline. The...
Taiwan’s Dollar Formosa Bond Market Rejuvenated by Regulation Changes
Following the deregulation of Taiwan's Formosa bond market in mid-January, a number of issuers have seized the opportunity to tap this market, with its abundant dollar liquidity and strong local demand. Qatar National Bank and Abu Dhabi Commercial Bank issued dollar...
Alibaba’s 40-Year Hit Hard After Market Value Tumbled by $30 Billion
Alibaba Group Holding Ltd.’s 40-year bond, maturing in 2057, posted the biggest losses year-to-date among Asian dollar bonds, as the Chinese e-commerce giant's shares fell the most in 18-months, reducing its market capitalisation by US$30 billion late last week. The...
Fed Leaves Benchmark Rates Unchanged but Poised to Increase at the March FOMC
Federal Reserve officials met yesterday for the last time under Chair Janet Yellen, voting unanimously to leave borrowing costs unchanged, as was expected by the markets. In the FOMC statement however, the word “further” was added twice to previous...
