Contents
INTERNATIONAL FINANCING REVIEW ASIA
JANUARY 20 2018 ISSUE 1025COVER STORIES
BONDS
04 US tax reform lifts Chinese bonds
One of China’s dollar-denominated sovereign bonds
traded inside US Treasuries last week, thanks to a
rise in US rates after tax reform legislation.
BONDS
04 Issuers strike while HY is hot
Higher yields and hot market conditions allowed
low-rated Asian issuers to revive US dollar bond
offerings this past week.
LOANS
06 CMB tackles first Aussie LBO
CMB is the first Chinese bank to lead the financing of a
leveraged buyout in Australia, marking another step in
the aggressive overseas expansion of mainland lenders.
NEWS
06 China LGFVs pass latest test
A default scare in onshore debt markets has put the
spotlight on China’s local government finances while
financing vehicles turn to offshore markets for funds.
08 Tight Samurai reward for BPCE BPCE left nothing to chance in its quest
for tight pricing on Japan’s first Samurai issue of 2018.
08 SoftBank mulls mega telco float Bankers are circling a record Japanese
listing after SoftBank said it might float its local telecoms business.
09 Country Garden taps record HK market Country Garden raised
HK$23.5bn from equity offerings last week after record stock market highs.
PEOPLE & MARKETS
12 China targets shadow banking
The chairman of China’s banking regulator sent a
strong signal to banks last week that it would step up
oversight of shadow banking.
12 Mizuho’s new CEO faces growth challenge Mizuho’s newly appointed
chief executive faces a tough task to turn around the bank’s fortunes.
15 In brief StanChart has sold its 15% stake in Asia Commercial Bank,
bringing to an end its 12-year partnership with the Vietnamese bank.
16 Who’s moving where Credit Agricole has promoted Christophe Cretot to
head of debt origination and advisory for Asia.
17 Comment Jonathan Rogers Keeping the crypto craze alive
ASIA DATA
40 This week’s figures
18 AUSTRALIA
Westpac Banking Corporation
raised US$2.5bn from last
Wednesday’s three-part
offering of SEC-registered
senior unsecured notes.19 CAMBODIA
Prasac Microfinance Institution
is sounding the market for a
US dollar loan, five months
after having closed a US$37m
five-year term financing.19 CHINA
Geely Automobile Holdings
on Thursday priced US$300m
of five-year senior unsecured
bonds at 99.602, with a coupon
of 3.625% to yield 3.713%.28 HONG KONG
FWD has mandated HSBC,
Citigroup and StanChart as
joint lead managers and joint
bookrunners for an offering of
US dollar perpetual securities.29 INDIA
India’s state-owned powergen
company NTPC has sent banks
a request for proposal to raise
up to US$400m from 10-year
and 30-year dollar bonds.31 INDONESIA
Sawit Sumbermas Sarana got
orders of over US$1.1bn for
US$300m of 7.75% five-year
non-call three notes: a similar
offering last year was pulled.33 JAPAN
Japanese real-estate developer
Mitsui Fudosan on Tuesday
priced US$300m of five-year
2.95% senior unsecured notes
at 99.848 to yield 2.983%.33 LAOS
State-owned Banque pour le
Commerce Exterieur Lao has
launched a US$100m four-year
term financing on its debut in
the offshore loan markets.34 MALAYSIA
Malaysian state-owned
investment agency Khazanah
Nasional priced a M$1.5bn 15-
year sukuk musyarakah at par
to yield 4.94%.34 NEW ZEALAND
ANZ Bank New Zealand took
advantage of market conditions
to raise US$1bn from last
Tuesday’s dual-tranche 144A/
Reg S senior unsecured notes.34 PHILIPPINES
Property developer SM Prime
Holdings plans to sell five-
year and seven-year fixed-rate
bonds, according to a filing to
the Philippine Stock Exchange.35 SINGAPORE
Housing and Development
Board on Wednesday made its
first visit of the year to the bond
market to sell S$515m of 10-
year senior unsecured notes.38 SOUTH KOREA
Woori Bank on Tuesday priced
US$300m of five-year Formosa
floating-rate notes at three-
month Libor plus 87bp, the
tight end of final guidance.38 TAIWAN
Electronics maker Wistron
mandated Mega International
Commercial Bank for a loan of
up to US$600m, after closing a
US$700m facility last June.39 THAILAND
Sole bookrunner Morgan
Stanley has sold US$200m of
exchangeable bonds, with a
letter of credit from Bangkok
Bank, in Indorama Ventures.COUNTRY REPORT