COUNTRY REPORT TAIWANThe group is also planning to buy
US$300m–$500m of school properties in
India and list them through a local REIT.
Currently, Embassy Office REIT is the only
REIT to be listed in India.
Alkhawaja was speaking at the WIBC
Capital Markets Summit in Singapore.
Emirates REIT, which is listed on Nasdaq
Dubai, is part of the Equitativa Group.
› LENDLEASE HIRES TWO BANKS FOR IPO
Australia’s LENDLEASE GROUP has hired
Citigroup and DBS to manage a real estate
investment trust IPO of up to US$400m–
$500m on the Singapore Exchange, people
with knowledge of the transaction said.
More banks are likely to join the
syndicate.
The REIT will contain retail assets and
the IPO is being targeted for later this year.
Lendlease has retail properties in
Singapore and Australia. In Singapore it
owns the Parkway Parade, 313@Somerset
and Jem retail malls.
SOUTH KOREA
DEBT CAPITAL MARKETS
› KDB MAKES GREEN EURO DEBUT
KOREA DEVELOPMENT BANK priced its first Green
euro-currency bond, a €500m (US$565m)
five-year offering that drew more than
€2bn of orders from 104 accounts.
Market sentiment was helped by the June
30 border meeting between the leaders of
North and South Korea and the US, which
softened tensions on the peninsula even
though nothing of substance was agreed.
KDB’s bond priced at 99.905 with a zero
coupon to yield 0.019%. This was equivalent
to mid-swaps plus 28bp, well inside
guidance of 30bp–35bp and initial price
thoughts of 45bp area.
That was a marginally tighter spread
than that paid by like-rated Export-Import
Bank of Korea in its five-year euro deal in
March: a €750m issue that priced at mid-
swaps plus 32bp.
The bonds have expected ratings of Aa2/
AA/AA–, in line with the issuer and level
with the Korean sovereign.
Benelux countries took 24% of the bonds,
France 11%, the UK 11%, Germany 10%,
Switzerland 10%, other EMEA countries
24%, and Asia 10%. Central banks and
official institutions booked 46%, continuing
a recent trend of strong participation
by SSA investors in offshore bonds from
Korean quasi-sovereigns. Asset managers
and funds got 37%, banks 10%, insurers 6%,
and private banks and others 1%.
Citigroup, Credit Agricole, HSBC and
Standard Chartered were joint bookrunners.
KDB Asia and Kexim Asia were co-managers.
The Green euro offering follows KDB’s
debut Green bond issue in 2017, a US$300m
five-year. The development bank this
year upgraded its Green framework to a
Sustainable bond framework.
It is the latest in a flurry of ESG bonds
from Korean issuers this year, following
a Green and Sustainable US dollar bondoffering by the sovereign in June, a Green
bond from Korea Electric Power Corp, and
a Sustainable Additional Tier 1 and Tier 2
bonds from Kookmin Bank.TAIWAN
SYNDICATED LOANS
› SHUNSIN TECHNOLOGY INCREASES FACILITYSHUNSIN TECHNOLOGY HOLDINGS has increased
a three-year loan to NT$3.9bn-equivalent
(US$126m) from a NT$3bn-equivalent target
after attracting a dozen banks in general
syndication.
CTBC Bank was the sole mandated lead
arranger and bookrunner of the deal, which
was available in either NT or US dollars.
The interest margin for NT dollars ranges
from 60bp to 65bp over Taibor, while theTop bookrunners of all South Korea Won bonds
1/1/19 – 30/6/19
Amount
Name Issues Won(m) %
1 KB Financial 291 15,920,136.0 16.5
2 NH Inv & Sec 191 12,707,000.0 13.1
3 Korea Investment 292 11,941,899.0 12.3
4 Kyobo Life 158 8,305,478.3 8.6
5 Mirae Asset Daewoo 151 7,430,272.0 7.7
6 Kiwoom Sec 126 5,809,890.0 6.0
7 DB Financial Invest 100 5,361,280.0 5.5
8 SK Sec 57 5,008,000.0 5.2
9 Hana Financial 120 4,300,680.0 4.5
10 Hanwha Inv & Sec 35 3,926,195.0 4.1
Total 2,255 96,743,861.4
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS22Top bookrunners of South Korea syndicated loans
1/1/19 – 30/6/19
Amount
Name Deals US$(m) %
1 KDB 1 1,378.0 82.1
2 Mizuho 1 300.0 17.9
Total 2 1,678.0
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S17bSouth Korea global equity and equity-related
1/1/19 – 30/6/19
Amount
Name Issues US$(m) %
1 NH Inv & Sec 11 629.4 18.2
2 Korea Investment 7 448.5 13.0
3 UBS 1 327.8 9.5
4 JP Morgan 1 296.2 8.6
5 KB Financial 8 281.2 8.1
6 BNP Paribas 1 227.9 6.6
7 Samsung Sec 5 188.5 5.5
8 Hana Financial 4 152.0 4.4
9 Goldman Sachs 1 150.3 4.4
10 Shinhan Financial 7 123.6 3.6
Total 46 3,456.5Source: Refinitiv data SDC Code: C1QTop bookrunners of all Taiwan dollar bonds
1/1/19 – 30/6/19
Amount
Name Issues NT$(m) %
1 Capital Sec 3 23,600.0 21.9
2 Yuanta Financial 7 16,500.0 15.3
3 HSBC 2 15,750.0 14.6
4 Masterlink Sec 4 15,340.0 14.2
5 Taishin Financial 3 12,750.0 11.8
6 Mega Financial 4 6,650.0 6.2
7 KGI Financial 1 6,500.0 6.0
8 E Sun Financial 2 3,300.0 3.1
9* Taiwan Cooperative 5 3,000.0 2.8
9* Fubon Financial 1 3,000.0 2.8
Total 28 107,990.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS11Top bookrunners of Taiwan syndicated loans
1/1/19 – 30/6/19
Amount
Name Deals US$(m) %
1 Mega Financial 23 2,728.6 13.8
2 Taiwan Financial 17 2,153.3 10.9
3 Taiwan Cooperative 17 1,553.7 7.9
4 CTBC Financial 14 1,410.7 7.1
5 First Financial 15 1,365.8 6.9
6 Fubon Financial 12 1,344.9 6.8
7 Taishin Financial 11 1,120.0 5.7
8 Standard Chartered 4 1,088.1 5.5
9 Land Bank of Taiwan 11 1,028.1 5.2
10 Cathay Financial 4 723.3 3.7
Total 100 19,777.1
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S19b