Search results for

Australia The Australian Stock Exchange is again seeking to change the composition of the All Ords index following last year's debacle. The ASX announced proposals in December to create an ASX 100 and an ASX 250 to replace the All Ords, only to see its plans rejected by fund managers. Bankers said that the 10 largest stocks now account for more than half the market's A$500bn capitalisation.

INDIA's National Thermal Power Corp (NTPC) has moved into the final selection process for a $100m US targeted transaction it hopes to launch by March. Bankers bidding for the deal, however, said that complications with the structure of the transaction, combined with signs that bidding is shifting into the historically slow moving realm of the Indian public sector mandating process, could throw the timetable into jeopardy.

SAMSUNG Electronics this week launched the first public securitisation by a Korean corporate, as Crédit Lyonnais inaugurated a $100m revolving programme to finance the company's export receivables. The French bank's US asset backed commercial paper conduit Atlantic Asset Securitization Corp issued some $7m of A-1/P-1 rated one month CP. The notes are backed by payments due from Samsung's overseas customers for finished goods such as televisions, monitors and microwave ovens. The assets have an average maturity of 90 days.

THE INNOVATIVE exchange offer for Bangkok Bank, scheduled to close on January 25, looks to be moving successfully to completion. Structured to aid the bank improve tier one capital ratios, the offer comprises three subordinated US targeted deals that will be exchanged into two new lines with slightly extended maturities. Under offer are three outstanding subordinated debt issues comprising a $300m 7.25% 2005 issue originally led by JP Morgan at 112bp over Treasuries; a $150m 8.5% 2016 issue also led by JP Morgan at 155bp over Treasuries; and a $300m 8.3/8 2027 issue led by Morgan Stanley Dean Witter at 155bp over Treasuries.

FOR THE SECOND year running, Westpac has kicked off its funding programme for the year with a transaction in Japan's Uridashi market. An A$125m three year fixed rate deal launched this week marks the third time that the AA-/Aa3 rated credit has tapped its ¥100bn shelf over the past year, each time with Nomura as lead manager.

JARDINE Fleming completed a block trade of 100m shares, or around 6% of Indofood Sukses Makmur yesterday (Thursday). Raising $60m and involving government-owned shares, the deal is the first Indonesian privatisation since Cemex's successful bid for a stake in cement company Semen Gresik, also through Jardine Fleming. Bahana Securities and Danareksa acted as selling brokers for the government; buyers' names will be revealed later in the month as Indonesia enjoys a public holiday for much of next week.

THE LIKELIHOOD of a first bond issue emerging from Greater China this month faded further into the distance this week as spread volatility from Latin America cast a new shadow over Asia. Bankers reported that although Hong Kong/China spreads were the least affected of any Asian credit by events in Brazil, timing remains far from ideal for the kind of large benchmark bonds envisaged by the Mass Transit Railway Corporation (MTRC) and State Development Bank of China (SDB).

PLANS BY the Republic of the Philippines to launch a debut euro offering were complicated this week by growing confusion over lead management roles and collapsing emerging market spreads triggered by problems in Brazil. Following the overwhelming success of its surprise $1bn split 10 and 20 year offering last week, the Philippines had hoped to capitalise on positive sentiment by bringing a roughly $500m equivalent euro deal to market in late February/early March.

HONG KONG slipped back into crisis mode this week after local stocks plunged on fears over red chip debt repayment and local interest rate hikes. A hefty HK$2.34bn ($302.75m) placement for property company New World Development did little to inspire confidence, but Heilongjiang Agriculture's IPO will soldier on regardless, said bankers. New World Development sold 117m shares at HK$20.15 in a Hong Kong-style block trade and top-up deal on Monday, with settlement on Wednesday. Crédit Lyonnais Securities Asia (CLSA) and Goldman Sachs were joint underwriters, although CLSA fully underwrote the entire deal. Tai Fook Securities acted as a sub-underwriter to CLSA.

TOKYO Mitsubishi this week launched the first Japanese industrial Euroconvertible for 18 months with the ¥10bn sale of bonds in Nedec Corporation, taking advantage of improving sentiment towards selected Japanese companies as well as upcoming redemption flows. JCR Pharmaceuticals and Nissin Kogyo also reopened the Swiss franc Japanese equity linked sector on Tuesday with the launch of successful convertibles.

Swiss francs * JCR Pharmaceuticals Co Ltd

THE RANKS of US life insurance companies in the euro denominated market will grow further next week when John Hancock launches its debut issue in the new currency. ABN Amro and Lehman Brothers will lead manage the transaction, which will follow presentations this week to investors in Amsterdam, Milan, Frankfurt and London. The offering will have a maturity of seven years or more and is likely to be for around Eu300m-Eu500m.