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INTERNATIONAL FINANCING REVIEW ASIA
AUGUST 24 2019 ISSUE 1103COVER STORIES
EQUITIES
04 HK protests put IPOs in doubt
Political unrest has cast doubts over stock listings for
the foreseeable future in Hong Kong, including the
secondary listing of up to US$15bn from Alibaba Group.
BONDS
05 Developers face financing woes
China’s property developers are facing funding
pressures both onshore and offshore as regulators
tighten access to cool prices and mitigate debt risks.
BONDS
06 Syndicate switches gain ground
Chinese issuers change their bookrunners in the middle
of bookbuilding for G3 bond sales more than a quarter
of the time, IFR research has shown.
NEWS
07 Safe-haven bonds draw investors
SingTel and Chugoku Electric Power took advantage
of the recent dearth of Asian investment-grade bond
supply to revive the market and print flat to their curves.
08 Property boost for China loans A slew of commercial property buyouts is
providing welcome cross-border lending opportunities for global banks.
08 NBFCs broaden funding options India’s NBFCs are looking to diversify
their sources of funding after regulators relaxed rules to boost liquidity.
09 Retail bonds come to Cambodia ABA Bank has completed Cambodia’s
first retail bond offering, further developing the nascent capital market.
PEOPLE & MARKETS
12 HSBC snubbed in China rate reform
China has left out HSBC from the expanded panel of
banks that will determine its new benchmark lending
rate, in an apparent snub for the Anglo-Asian lender.
13 Westpac flags lower capital ratio Westpac’s capital levels are showing
signs of strain as it reported a drop in its common equity Tier 1 ratio to 10.5%.
14 Goldman to raise stake in China JV Goldman Sachs has applied to raise
its stake in its China securities JV, Goldman Sachs Gao Hua, to 51%.
12 Who’s moving where HSBC Greater China chief executive Helen Wong is
leaving, the second senior departure after the ousting of John Flint.
17 In Brief A Malaysian court postponed for a week the biggest of five trials
linked to a multi-billion dollar scam at 1MDB allegedly involving Najib Razak.
ASIA DATA
52 This week’s figures
19 AUSTRALIA
ANZ Banking Group established
new major bank clearing rates
with last Thursday’s self-led
A$3bn multi-tranche senior
unsecured MTN sale.21 CHINA
BoCom International Holdings
has subscribed to US$30m of a
US$80m bond tap issue from
Fujian Yango Group, according
to a stock exchange filing.32 HONG KONG
Cathay Pacific Airways has
established a US$2bn MTN
programme via HSBC, to issue
debt to professional investors
for the next 12 months.36 INDIA
India’s Greenko Energy
Holdings priced US$350m
3.5-year non-call 1.5 senior
unsecured bonds at par to yield
6.25%, inside initial guidance.40 INDONESIA
Indonesian power producer
Cikarang Listrindo is seeking
consent from holders of its
US$547m 4.95% bonds to
amend the terms.41 JAPAN
Indonesia’s state power
company Perusahaan Listrik
Negara, rated Baa2/BBB/BBB,
is planning a yen-denominated
bond issue.43 MACAU
Hong Kong-listed MGM China
Holdings has self-arranged a
HK$9.75bn unsecured loan,
paying richer pricing than the
loan it is refinancing.44 MALAYSIA
Malaysia’s Digi
Telecommunications plans to
kick off bookbuilding as early
as this week on an Islamic bond
that will raise up to M$900m.45 NEW ZEALAND
ASB Bank has mandated
three to arange meetings in
Europe for a euro-denominated
intermediate to long tenor
senior unsecured or covered.46 PHILIPPINES
San Miguel Corp has
announced the offer period,
open to the public September
23-27, for Ps10bn five-year
fixed-rate retail bonds.47 SINGAPORE
CapitaLand broke a four-week
drought in Singapore dollar
bond supply with a chunky
S$800m 10-year bond priced at
par to yield 3.15%.49 SOUTH KOREA
Korean Air Lines has hired three
banks for a proposed offering
of three-year US dollar senior
unsecured notes guaranteed by
Korea Development Bank.49 TAIWAN
Chailease International Finance
is back for a US$250m three-
year term loan, a few weeks
after launching a Hong Kong
dollar borrowing.49 THAILAND
Thailand’s Bank of Ayudhya
plans to issue US$220m of
women entrepreneurs bonds in
Asia Pacific’s first private sector
“gender” debt issue.COUNTRY REPORT