Contents
INTERNATIONAL FINANCING REVIEW ASIA
AUGUST 18 2018 ISSUE 1054COVER STORIES
ONDS
04 China defaults spread to LGFVs
A state-run organisation tasked with defending China’s
western border missed a payment on Rmb500m of
onshore notes, triggering the first LGFV bond default.
EQUITIES
05 Electric car maker revs up US IPO
Chinese electric vehicle maker Nio kicked off a
US$1.8bn New York listing last week, pressing ahead
even as Tesla was drawing up plans to go private.
BONDS
06 ThaiBev brews biggest baht bond
Thai Beverage returns to the baht market with a plan to
raise Bt70bn in Thailand’s largest corporate bond issue,
just five months after its latest Bt50bn financing.
NEWS
06 Malaysia puts brakes on toll plan
Investors holding M$53bn of toll road-related Islamic
and conventional bonds can relax after the government
backed down from its pledge to scrap highway tolls.
07 OCBC reopens Singapore AT1 OCBC tapped pent-up demand from the
private banks with the city’s first sale of AT1 capital in over a year.
08 ING joins Aussie covered ranks ING Bank revived Australia’s domestic
covered bond market with a well-received A$1bn dual-tranche debut.
08 Euroyen placements pick up The yen bond market is drawing attention
of global issuers as Japanese investors look for long-dated assets.
PEOPLE & MARKETS
10 ANZ banks on growth in Japan
ANZ Group is targeting double-digit growth in Japan as
it looks to scale up its institutional business following a
retrenchment across the region over the last two years.
11 StanChart reshuffles credit markets team Standard Chartered has made
a raft of internal appointments in its new global credit markets group.
12 Philippines steps up bond reforms Bankers predict an uptick in local
lender bond issuance after prior approval for debt sales was dropped.
10 Who’s moving where Citigroup is relocating Beibei Li to HK to take the
new head of banking and origination for Belt and Road position.
15 In brief NAB warned of higher compliance-related provisions in the
second half — a sign of the impact of the country’s Royal Commission.
ASIA DATA
32 This week’s figures
17 AUSTRALIA
Moody’s sees the appointment
of CBA as sole arranger of the
world’s first blockchain bond to
be credit-positive for the bank it
currently rates Aa3.18 CHINA
BECG has priced US$600m
of three-year US dollar senior
unsecured notes at par to
yield 5.75%, unchanged from
guidance.22 HONG KONG
Hong Kong-listed brokerage
Huarong International Financial
Holdings is sounding the
market for a refinancing of
about HK$3bn.25 INDIA
Tata Capital has filed a draft
shelf prospectus with the
market regulator to raise up to
Rs75bn from a public issue of
bonds in one or more tranches.27 INDONESIA
Toll road operator Jakarta
Lingkar Baratsatu plans to raise
Rp1.3trn from a two-tranche
bond offering, according to the
offer document.27 JAPAN
GLP J-REIT is opening books for
a global offering of shares to
raise up to ¥46.4bn, based on
last Monday’s closing price of
¥117,700 a share.28 MALAYSIA
CIMB Group Holdings is pre-
marketing a Tier 2 issue to raise
up to M$1.2bn. Proceeds will be
used to redeem a M$750m Tier
2 note that was sold in 2013.28 NEW ZEALAND
Z Energy has mandated three
lead managers for a potential
offer of NZX-listed six-year
fixed-rate notes to New Zealand
institutional and retail investors.28 SINGAPORE
CapitaLand Mall Trust last
Tuesday priced S$150m of
seven years at par to yield 3.2%,
or a spread of 83.5bp over
Singapore dollar SOR.29 SOUTH KOREA
KEB Hana Bank became the
first commercial Korean bank to
issue in the Swiss franc market,
naming Commerzbank and
UBS as leads.29 TAIWAN
Paiho Shih Holdings is
returning to the loan market
for a US$120m five-year loan
after an absence of more than
a year.31 THAILAND
TPI Polene Power plans to sell
up to Bt25bn of bonds to fund
an expansion of its electric
capacity.The issuance requires
shareholder approval.31 VIETNAM
The Socialist Republic of
Vietnam saw little change in its
offshore bonds after Moody’s
upgraded it to Ba3 from B1 on
the evening of August 10.COUNTRY REPORT
11