Contents
INTERNATIONAL FINANCING REVIEW ASIA
OCTOBER 14 2017 ISSUE 1013COVER STORIES
BONDS
04 Bond funds brace for volatility
Global investors are positioning for an end to the
bull run in credit markets as the US Fed prepares for
another interest rate increase as early as December.
STRUCTURED EQUITY
04 Zhongsheng sells short-dated CB
Zhongsheng Group has raised HK$2.35bn from a CB
with an unusually short tenor, mirroring a structure
gaining popularity among Chinese bond issuers.
BONDS
06 BMW revs up Dim Sum market
BMW has printed the first public Dim Sums bonds
from a multinational corporate issuer in over two years,
breathing life into the offshore renminbi sector.
NEWS
06 Sea sets off for US at low tide
Sea is pitching its US IPO at a smaller-than-expected
US$596m–$696m to overcome the lack of familiarity of
US investors with South-East Asian issuers.
07 Anchor tranche glitch tarnishes IEX IPO IEX froze out foreign investors
from its IPO after custodians flagged a rule precluding their participation.
08 UOB sets tight AT1 benchmark UOB has achieved the tightest reoffer
spread globally for its first Basel III AT1 offering in US dollars.
08 Haier enjoys sovereign support Sovereign wealth funds and top-tier
investors helped Haier Group to print an unrated perpetual bond last week.
PEOPLE & MARKETS
12 Bankers unfazed by latest SFC salvo
Hong Kong’s securities regulator has sent a warning to
investment banks that it is investigating 15 firms that
sponsored IPOs for “substandard work”.
12 Global banks staff up for Belt and Road International banks are staffing
up as they look to grab business linked to the Belt and Road initiative.
17 Who’s moving where Standard Chartered has appointed Abrar Anwar as
Malaysia CEO.
18 In brief Bank of Taiwan plans to open a representative office in Frankfurt,
as it takes steps to brace for Brexit and boost its presence in Europe.
Comment Jonathan Rogers is away
ASIA DATA
39 This week’s figures
21 AUSTRALIA
CBA suffered no investor
push-back for its third offshore
bond offering since becoming
embroiled in a domestic
money-laundering scandal24 CHINA
The People’s Republic of
China will issue soon in Hong
Kong US$2bn of dual-tranche
sovereign bonds in its first US
dollar offering since 200427 HONG KONG
Minsheng Financial Leasing is
coming back for a US$164m
pre-delivery payment facility
after obtaining a US$335m
three-year bullet loan in April28 INDIA
Canara Bank, acting through
its London branch, has added
US$200m to its existing
2022 bonds, lifting the total
outstanding size to US$600m32 INDONESIA
Sarana Multi Infrastruktur aims
to raise up to Rp5trn from a
public issue of fixed-rate and
floating-rate notes, according
to a source close to the plans32 JAPAN
Mizuho Financial Group priced
€500m of seven-year senior
bonds, which represented its
first euro trade and debut Green
offering34 MALAYSIA
Gaming and resorts company
Genting last Tuesday tapped
its 4.25% senior unsecured
bonds due January 24 2027 for
a further US$500m35 NEW ZEALAND
ASB Finance, acting through
its London branch, last Monday
sold a €500m 0.625% seven-
year covered Eurobond at
mid-swaps plus 10bp, inside
initial 14bp area guidance.35 PHILIPPINES
An undisclosed vendor has
sold Ps2.8bn of shares in local
retailer Robinsons Retail at
Ps97.80 each, off a Ps96.80–
Ps100 price range35 SINGAPORE
Genting Singapore, the
operator of the Resorts World
casino resort, began marketing
last week maiden three-tranche
Samurai bonds37 SOUTH KOREA
Korea Housing Finance Corp,
Aa2/AA– (Moody’s/Fitch),
has mandated five banks for a
proposed offering of US dollar
five-year covered bonds37 TAIWAN
Pricing has emerged on a
US$250m three-year debut
loan, likely to be syndicated
in Asia, for sharia-compliant
Kuwaiti lender Warba Bank38 VIETNAM
Shopping mall Union Square
is in the market for a five-year
transferable term loan of up to
US$450m-equivalent through
coordinator Hang Seng BankCOUNTRY REPORT
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