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  • November 29, 2014
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  1. Debt-heavy Evergrande marks first trading day with 34.3pc gain

    Posted Nov 06th 2009, 12:00am by Amanda Lee

    ... The debt-laden developer had hoped to raise HK$16.5 billion in March last year but shelved the listing plan amid the global economic slump. The deal was revived last month after New World Development ... priced at 6.6 times forecast earnings. The capital raised will pay down just a fraction of its net debt of 9.69 billion yuan (HK$11 billion). Analysts expected the shares to do well because ...

  2. Evergrande debt to remain high after IPO

    Posted Oct 22nd 2009, 12:00am by Amanda Lee

    ... Amanda Lee After cutting its offering size by 40 per cent and lowering the price, Guangzhou-based Evergrande Real Estate Group will only be able to pay off a fraction of its 9.69 billion yuan (HK$11 billion) in net debt after the listing. Originally aiming to raise HK$16.5 billion, Evergrande had to postpone its listing on the Hong Kong stock exchange in March last year. ...

  3. Debt instruments are priced 'too high'

    Posted Jun 23rd 2009, 12:00am by Amanda Lee

    ... on their economies, increase company default rates and add weight on bank balance sheets. However, these countries have been unable to provide debt restructuring and the extension of extreme monetary ... institutions. Although Mr Jehle does not believe that there is any imminent danger of sovereign US debt being further downgraded, he said the US needed a more decisive policy to address the supply ...

  4. Regional potential

    Posted Jul 13th 2008, 12:00am by Amanda Lee

    ... Amanda Lee Investors should focus on diversifying their asset allocation in Asia to reduce risk State Street Global Advisors manages the ABF Pan-Asia Bond Index Fund (PAIF), an exchange-traded fund listed on the Hong Kong stock exchange. The fund invests ...

  5. Corporate debt attracts savvy investors

    Posted Apr 26th 2009, 12:00am by Amanda Lee

    ... and was at its lowest for more than 10 years. Although it has since recovered slightly, the difference in yields- the spread- between government and investment grade corporate debt has remained wide. ... head of Asian debt at ING Investment Management. 'The last time they were at these levels was about 10 years ago. I believe we have probably seen the peak of credit spreads already. ...

  6. Yuan bonds reflect new outlook on risk

    Posted Aug 02nd 2009, 12:00am by Amanda Lee

    ... should understand the capital structure priority or the hierarchy of debt payout in the event of a credit event such as bankruptcy. Bondholders can find themselves at the bottom of the heap ...

  7. Waiting for the men from the ministry

    Posted Jul 31st 2009, 12:00am by Amanda Lee

    ... Amanda Lee It has been nearly two years since the launch of an offshore yuan-denominated bond in Hong Kong, but the trading level of these securities remains low. Although the market will be boosted by the launching of two bonds by the mainland branch of ...

  8. Hedging against inflation

    Posted Jul 13th 2008, 12:00am by Amanda Lee

    ... to Antoine Gros, Calyon's head of debt and credit markets for Asia ex-Japan. 'Investors will need to have a medium-term view and holding horizon, and be prepared to support negative ... that the distressed market is going to take more time, despite expectations that distressed debt investing, which has thrown up few opportunities recently due to historically low default levels, will again ...

  9. Investors benefit from high performing Asian currencies

    Posted Jun 28th 2009, 12:00am by Amanda Lee

    ... of Asian credits? Many institutional investors in Asia have been allocating their assets in Asian debt. Most of these investors will have US exposure, so Asian debt in local currencies offers them ... such as ETFs offer greater transparency and the costs of investing in index trackers are much lower than actively managed products. The Asian debt market has been seen as underdeveloped. Do you expect ...

  10. Cornerstone investors put US$197.5m into Longfor

    Posted Nov 03rd 2009, 12:00am by Amanda Lee

    ... as a cornerstone investor, but the company is highly leveraged and is less profitable than its peers, according to pre-listing research by Sun Hung Kai Securities. The firm has net debt of HK$1.15 billion with a debt-equity ratio of 85.2 per cent. Its return on equity is 8 per cent, compared with the sector average of 20.8 per cent. ...




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