2020-04-04 IFR Magazine

SINGAPORE

REITs UNDER EQUITY PRESSURE – OCBC

3INGAPORESûREALûESTATEûINVESTMENTûTRUSTSûWILLû

COMEûUNDERûPRESSUREûTOûRAISEûEQUITYûASûTHEû

CORONAVIRUSûEMERGENCYûSTRAINSûTHEIRûNEAR

TERMû

CASHmOWSû/#"#û3ECURITIESûWROTEûINûAûREPORT

4HEûPANDEMICûHASûDISRUPTEDûLOCALûANDû

OVERSEASûTRAVELûANDûHITûOCCUPANCYûRATESûATû

LOCALûOFlCESûSHOPPINGûCENTRESûANDûHOTELS

/#"#ûSAIDûTHEûPLANûBYûTHEû-INISTRYûOFû,AWû

TOûINTRODUCEûAû#OVID

û4EMPORARYû

-EASURES    û"ILLûINûPARLIAMENTûTHISûWEEKû

AIMEDûATûPROVIDINGûTEMPORARYûRELIEFûTOû

BUSINESSESûANDûINDIVIDUALSûUNABLEûTOûFULlLû

THEIRûCONTRACTUALûOBLIGATIONSûDUEûTOûTHEû

PANDEMICûALSOûMAKESûTHEûEARNINGSûOUTLOOKû

FORû2%)4SûUNCERTAIN

5NDERûTHEûPROPOSALûTENANTSûWITHûLEASESû

ONûNON

RESIDENTIALûPROPERTYûAREûALLOWEDûTOû

DEFERûTHEIRûRENTALûPAYMENTSûFORûSIXûMONTHSû

WITHOUTûFEARûOFûLEGALûACTION

h'IVENûTHATûTHEREûISûNOûCLARITYûONûHOWû

MANYûTENANTSûWOULDûTAKEûTHISûOPTIONû

ALTHOUGHûITûISûFAIRûTOûSAYûTHATûITûWOULDûLIKELYû

BEûAûHIGHûPROPORTION    ûWEûBELIEVEûEARNINGSû

VISIBILITYûFORûTHEûSECTORûHASûBEENûCLOUDEDûBYû

AûLARGEûEXTENTûNOWvû/#"#û3ECURITIESûWROTE

4HEû30û3INGAPOREû2%)4ûINDEXûHASû

PLUNGEDûALMOSTûûINûTHEûPASTûMONTH

THAILAND

PTT OIL AND RETAIL FILES FOR IPO

PTT OIL AND RETAIL BUSINESSûHASûlLEDûAûDRAFTû

PROSPECTUSûFORûAû3TOCKû%XCHANGEûOFû4HAILANDû

)0/ûOFû53BNnBN

4HEû)0/ûWHICHûISûLIKELYûTOûBEûLAUNCHEDû

TOWARDSûTHEûENDûOFûTHEûYEARûISûSMALLERûTHANû

THEûUPûTOû53BNûTHATûHADûBEENûEXPECTED

)NûAûSTOCKûEXCHANGEûANNOUNCEMENTû

PARENTûCOMPANYû044ûSAIDûITSûSUBSIDIARYûWILLû

OFFERûUPûTOûBNûPRIMARYûSHARESûINûTHEû)0/û

OFûWHICHûMûWILLûBEûSOLDûTOûEXISTINGû

SHAREHOLDERSûOFû044û4HEREûWILLûBEûAû

GREENSHOEûOPTIONûOFûMûSHARES

044û4HAILANDSûLARGESTûENERGYûCOMPANYû

SAIDûITSûHOLDINGûINû044/2ûWILLûBEûûAFTERû

THEû)0/

4HEûPLANNEDû)0/ûWILLûCOMPRISEûTHEûOILû

MARKETINGûBUSINESSûANDûTHEû!MAZONûCOFFEEû

SHOPSûLOCATEDûATûPETROLûSTATIONS

044/2ûHASûûSTORESûACROSSûTHEûCOUNTRYû

ANDûûBRANCHESûINû3INGAPOREû#HINAûANDû

/MAN

Bank of AmericaûBualuangûFinansaûJP Morganû

KasikornûMorgan StanleyûPhatra and Tisco

SecuritiesûAREûTHEûBANKSûONûTHEûTRANSACTION

044/2ûWILLûBEû044SûSEVENTHûBUSINESSûTOû

BEûLISTEDûONû3%4ûAFTERû044û%XPLORATIONûANDû

0RODUCTIONû044û'LOBALû#HEMICALû4HAIû/ILû

)20#û'LOBALû0OWERû3YNERGYûANDû'LOBALû

'REENû#HEMICAL

4HAILANDûCONTINUESûTOûBEûONEûOFûTHEûMOREû

ACTIVEûEQUITYûCAPITALûMARKETSûINû3OUTH

%ASTû!SIA

/THERûMAJORû)0/SûEXPECTEDûINûTHEûSECONDû

HALFûINCLUDEû4HAIû,IFEû)NSURANCEû53M   û

3#'û0ACKAGINGû53BN   ûANDû+ERRYû,OGISTICSû

53M    

THAI LIFE INSURANCE HIRES BANKS

THAI LIFE INSURANCE has hired Bank of America

and NomuraûTOûWORKûONûAû3TOCKû%XCHANGEûOFû

4HAILANDû)0/ûOFûABOUTû53MûLATERûTHISû

YEARûPEOPLEûWITHûKNOWLEDGEûOFûTHEû

TRANSACTIONûSAID

-OREûBANKSûAREûLIKELYûTOûJOINûTHEûSYNDICATE

/WNEDûBYûTHEû#HAIYAWANûFAMILYû4HAIû

,IFEûISû4HAILANDSûTHIRDûLARGESTûLIFEûINSURERûBYû

ASSETSûANDûCOUNTSû-EIJIû9ASUDAû,IFEû

)NSURANCEûASûONEûOFûITSûBIGGESTûSHAREHOLDERSû

AFTERûSELLINGûAûûSTAKEûTOûTHEû*APANESEû

GROUPûINû

EUROPE/MIDDLE

EAST/AFRICA

ESTONIA

TALLINK LOOKS FOR STATE FUNDING

TALLINK GRUPPûISûEXPECTEDûTOûBEûBAILEDûOUTûBYû

THEû%STONIANûSTATEûTAKINGûANûEQUITYûSTAKEûINû

THEûCRUISEûANDûFERRYûCOMPANYûTHEûCOUNTRYSû

lNANCEûMINISTERûSAIDûONû4HURSDAY

-ARTINû(ELMEûTOLDûAûNEWSûCONFERENCEûTHATû

THEûGOVERNMENTûISûREADYûTOûTAKEûAûSTAKEûINû

4ALLINKûWHICHûHASûCLOSEDûITSûKEYûROUTESûDUEû

TOûLOCKDOWNûASûAûRESULTûOFûTHEûCORONAVIRUSû

4HEûEXPECTATIONûHEûSAIDûISûTHATûTHEû

GOVERNMENTûWILLûSELLûITSûHOLDINGûLATER

4ALLINKûSAIDûTHEûPREVIOUSûWEEKûTHATûITûISû

FOCUSEDûONûMANAGINGûCOSTûANDûCASHmOWSûTOû

BEûREADYûTOûRESUMEûREGULARûOPERATIONSûASû

QUICKLYûASûPOSSIBLEûAFTERûTHEûCRISISû!SûPARTûOFû

THOSEûMEASURESûITûHASûSCRAPPEDûITSûû

DIVIDENDû4HEûBUSINESSûHASûAûMARKETûCAPûOFû

APPROXIMATELYûõM

%STONIAûHASûCLOSEDûSCHOOLSûANDûSTOPPEDû

PUBLICûEVENTSûUNTILû-AYûûANDûBANNEDû

FOREIGNûTRAVELLERSûFROMûENTERINGûTHEûCOUNTRY

ITALY

MEDICAL MASK COMPANY GVS ON TRACK

TO FLOAT

&ILTERûCOMPANYûGVS@SûPLANNEDû)0/ûISûLIKELYûTOû

GOûAHEADûASûDEMANDûFORûITSûRESPIRATORûMASKSû

SOARSûAMIDûTHEûCORONAVIRUSûPANDEMIC

7HILEûTHEû)0/ûISûSTILLûINûTHEûPREPARATORYû

PHASEûITûISûPEGGEDûFORûBEFOREûTHEûSUMMERû

BREAKûTHOUGHûTHEûPANDEMICûMAYûDISRUPTû

THEûHOLIDAYûPERIODû

'63ûMANUFACTURESûlLTERSûANDûCOMPONENTSû

FORûTHEûHEALTHCAREûLIFEûSCIENCESûAUTOMOTIVEû

ANDûSAFETYûINDUSTRIESûANDûWASûALREADYû

THOUGHTûTOûBEûPLANNINGûAûmOATûBEFOREûTHEû

PANDEMICûHALTEDûALMOSTûALLûDEALSûINûTHEû

PIPELINEû

4HEûCOMPANYSûPRODUCTûLINEûOFûPROTECTIVEû

MASKSûISûMAKINGûTHEûBUSINESSûPARTICULARLYû

ROBUSTûINûTHEûCURRENTûCLIMATEûANDûWILLû

POTENTIALLYûSAVEûTHEû)0/

Goldman Sachs ISûWORKINGûONûTHEûDEALû

Mediobanca ISûALSOûRUMOUREDûTOûBEûMANDATEDû

'63ûRECORDEDûTURNOVERûOFûõMûINûû

PRODUCINGûûBILLIONûITEMSûWITHûSALESûACROSSû

ûCOUNTRIES

)TALIANûNEWSPAPERûREPORTSûSAIDûTHEû

COMPANYûHADûHIREDûûNEWûEMPLOYEESûANDû

BUILTûlVEûPRODUCTIONûLINESûTOûDEALûWITHû

EMERGENCYûREQUESTSûFORûMASKSûANDû

PROTECTIVEûGEARûWITHûMILLIONSûOFûUNITSûTOûBEû

PRODUCEDûEACHûMONTH

1UESTIONSûSTILLûREMAINûOVERûHOWûTHEû)0/û

PROCESSûWILLûWORKûWITHOUTûMEETINGûINVESTORSû

FACE

TO

FACEû)TALIANû)0/SûAREûPARTICULARLYû

RELIANTûONûLOCALûINVESTORSûANDûTHEûCOUNTRYû

WILLûNEEDûTOûRETURNûTOûAûLEVELûOFûNORMALITYûTOû

BEûCONlDENTûOFûLAUNCHINGûAûSUCCESSFULû)0/û

'63ûDIDûNOTûRESPONDûTOûAûREQUESTûFORû

COMMENT

BPER ON TRACK AS INTESA REITERATES

UBI TAKEOVER

)NTESAû3ANPAOLOûISûPRESSINGûAHEADûWITHûITSû

TAKEOVERûOFûSMALLERûRIVALû5")û"ANCAû

ENSURINGûAûRELATEDûõBNûRIGHTSûISSUEûPLANNEDû

BYûFELLOWû)TALIANûBANKûBPER BANCAûISûLIKELYûTOû

ALSOûGOûAHEAD

)NTESAûREITERATEDûLASTû4UESDAYûTHATûITûWILLû

ASKûSHAREHOLDERSûTOûVOTEûONûTHEû5")ûTAKEOVERû

DEALûATûANû%'-ûONû!PRILû

!SûPARTûOFûTHEûPLANNEDûACQUISITIONûû

BRANCHESûAREûTOûBEûSOLDûTOû"0%2û"ANCAûANDû

THEûõBNûRIGHTSûISSUEûWILLûFUNDûTHEûPURCHASE

Mediobanca HASûPROVIDEDûSTANDBYû

UNDERWRITINGûONûTHEû"0%2ûRIGHTSûISSUEûANDû

Rothschild ISûADVISINGûTHEûCOMPANY

!ûBANKERûAWAYûFROMûTHEûDEALûSAIDûTHEREûISû

STILLûONGOINGûCOMPETITIONûTOûBAGûSPOTSûONûTHEû

UNDERWRITINGûSYNDICATEûWITHûAûHANDFULûOFû

ROLESûUPûFORûGRABS

h4HISûISûAûDEALûPEOPLEûWILLûBUYû)ûWOULDû

ûTAKEûAûPORTIONûOFûTHISûRISKvûTHEûBANKERû

SAIDûh4HEûPRICESûGETûADJUSTEDûONûTHEûMARKETû

PRICEûSOûBYûTHEûTIMEûYOUûGETûTOûTHEû

UNDERWRITINGûSHAREûPRICESûWILLûREmECTûTHEû

MARKETûCONDITIONSûOFûTHEûCURRENTûTIMEv

)NTESAûLAUNCHEDûTHEû5")ûTAKEOVERûBIDûINû

MID

&EBRUARYû4HEûDEALûISûTHEûlRSTûMAJORû

STEPûTOWARDSû)TALYSûLONG

AWAITEDûBANKINGû

CONSOLIDATION

100 International Financing Review April 4 2020

10 IFR Equities and SE 2327 p 95 - 106 .indd 100 03 / 04 / 2020 20 : 40 : 33