Contents
INTERNATIONAL FINANCING REVIEW ASIA
DECEMBER 8 2018 ISSUE 1070
COVER STORIES
EQUITIES
04 False start for London Connect
The launch of the Shanghai-London Stock Connect has
been delayed by unspecified technical issues, another
setback for China’s global financial ambitions.
BONDS
04 Huawei arrest spooks markets
Huawei’s US dollar bonds slumped to record lows on
news that its CFO was arrested in Canada and faces
extradition to the US for violating sanctions.
EQUITIES
06 Tencent Music gets sound demand
The US$1.2bn NYSE IPO of Tencent Music
Entertainment has built early momentum despite
challenging conditions and a premium price range.
NEWS
06 Indonesia seizes brief window
Indonesia moved quickly to sell a US$3bn three-tranche
bond in a brief market window, underlining its access to
long-term capital after a year of market jitters.
08 Huawei sours Samurai outlook The arrest of Huawei‘s CFO at the
request of the US has curbed lenders’ appetite for its debut Samurai loan.
08 Latitude broadens Kiwi ABS New Zealand’s structured finance market
welcomed Latitude’s debut with a NZ$200m credit card securitisation.
09 Khazanah raises hopes for Malaysia ECM Sovereign wealth fund
Khazanah returned to Malaysia with a M$364m block in bank CIMB Group.
PEOPLE & MARKETS
14 UBS’s majority stake spurs JV activity
Banks are vying to grab a bigger share of China’s
domestic capital markets after UBS became the first
foreign bank to take a majority stake in a securities JV.
16 SGX makes international appointments SGX has made several internal
appointments and external hires as it positions itself to win global business.
17 Jho Low hit with fresh 1MDB charges Police filed fresh charges and
arrest warrants for fugitive financier Low Taek Jho and four others.
14 Who’s moving where Goldman Sachs has elevated two senior bankers to
co-COOs of its investment banking division in Asia Pacific ex-Japan.
18 In brief SMBC Nikko Securities has lost out on several corporate bond
mandates after a former employee was arrested for alleged insider trading.
ASIA DATA
40 This week’s figures
20 AUSTRALIA
ANZ Banking Group continued
the recent run of defensive
major bank offshore issuance
with a US$100m two-year bond
sale via dealer BNP Paribas.22 CHINA
Search engine Baidu tapped
its US$600m 4.375% May
2024 senior bonds for a further
US$250m to use its remaining
offshore NDRC quota.28 HONG KONG
Panama’s BAC International
Bank has increased a three-year
bullet term loan to US$250m
from US$150m to refinance a
loan signed in December 2015.31 INDIA
State-owned Power Finance
Corp is to buy the government’s
majority stake in REC which
may lead to early redemption of
bonds sold two months ago.32 INDONESIA
Jababeka International, the
Dutch arm of Kawasan Industri
Jababeka, is seeking consent
from bondholders to absorb its
finance unit Jababeka Finance.33 JAPAN
MUFJFG sold US dollar bonds
in the domestic market for the
first time, with a Green bond
eligible for total loss-absorbing
capacity requirements.34 LAOS
The central bank of the Lao
People’s Democratic Republic
is returning to the loan markets
after an absence of three years
for a loan of around US$100m.34 MALAYSIA
GFM Services plans to sell
bonds off of a new M$300m
Islamic MTN programme. The
issuance is for M$165m with
tenors of 10 to 14.5 years.34 PHILIPPINES
Property developer Vista Land
& Lifescapes has set the interest
rates for a retail bond offering
in two tranches.The combined
offering size is Ps5bn.35 SINGAPORE
AIMS AMP Capital Industrial
REIT Management has
established a S$750m debt
issuance programme to sell
senior notes and perps.37 TAIWAN
Mandarina Crown Hotel is
returning to the loan market
after an absence of more than
three years for a NT$24.3bn
refinancing.38 THAILAND
Siamgas and Petrochemicals
last week printed a Bt2bn five-
year bond that will be partially
guaranteed by the Asian
Development Bank.COUNTRY REPORT
16