IFR Asia – September 30, 2017

Contents

INTERNATIONAL FINANCING REVIEW ASIA

SEPTEMBER 30 2017 ISSUE 1011

COVER STORIES

BONDS
04 China hits pause on dollar debt

The record run of offshore bond issues from China

is set to come to an end in the fourth quarter after a

slowdown in regulatory approvals.

EQUITIES

04 Sea tests US IPO market

Singapore-based Sea is premarketing a hotly

anticipated US listing that looks set to seal its status as
South-East Asia’s most valuable internet business.

BONDS

06 RBI reversal revives Masalas
The RBI has carved out offshore rupee notes from its

corporate bond quota for foreign investors, paving the

way for a revival of the frozen Masala market.

NEWS

06 HY issuers win market reprieve

Three Asian companies took advantage of improved
market conditions last week to revive high-yield bond

offerings that had stalled over the summer.

08 Ezion investor wants redemption A dissident bondholder is demanding
redemption of his investment in a bond of Ezion Holdings.
08 APP-China pays for comeback APP-China paid the third-highest yield in
Asia for the year to date on its return to the US dollar bond market.
09 Vincom IPO aims for speed and size Vincom Retail started
premarketing an IPO that promises to be the biggest and fastest in Vietnam.

PEOPLE & MARKETS

12 HKEx reviews dilution, delistings

HKEx has proposed tougher rules governing capital
raisings and delistings in a bid to bolster safeguards for

investors and clamp down on market abuse.

13 IFC programme gets boost IFC is looking to deploy more funds in
syndicated loans, following its recent tie-up with the HKMA.
15 Who’s moving where Citigroup has named Ashu Khullar head of capital
markets origination for Asia Pacific, effective immediately.
15 In brief Banks can buy up to 10% of Indian REITs and infrastructure
investment trusts (InvITs), the Reserve Bank of India has said.
16 Comment Jonathan Rogers Sustainable progress needs a sustainable
system

ASIA DATA

40 This week’s figures

18 AUSTRALIA

Brambles capitalised on

a constructive European

corporate bond market to lure

bumper interest of €3.9bn for a

€500m no-grow 10-year issue

20 CHINA

Postal Savings Bank of China

relied heavily on PRC lnvestors

for its jumbo US$7.25bn AT

1 non-cumulative perpetual

offshore preference shares

28 HONG KONG

Nan Fung sold US$410m of

10-year bonds at US Treasuries

plus 175bp, versus initial price

guidance in the 190bp area,

with five joint bookrunners

30 INDIA

Indian Renewable Energy

Development Agency has raised

Rs19.5bn from debut five-year

Masala bonds at a reoffer yield

of 7.23%

31 INDONESIA

Geo Energy Resources attracted

orders of over US$1.2bn from

140 accounts for a debut

US$300m offering of five-year

non-call three bonds

32 JAPAN

Nissan Motor Acceptance on

Monday priced US$2bn of

senior unsecured bonds in

four tranches, with four active

bookrunners

33 MALAYSIA

Yinson Holdings priced on

Thursday US$100m senior

unsecured perpetual non-call

fives at par to yield 7.85% after

tightening from 8.00% area

34 NEW ZEALAND

Dunedin City Treasury raised

the maximum NZ$80m

sought from a dual-tranche

wholesale bond sale through

joint leads ANZ and Westpac,

NZ branch

34 PAKISTAN

The Ministry of Finance of

Pakistan has raised a one-year

loan of US$200m on its return

after closing a US$650m

borrowing in June

34 SINGAPORE

OCBC achieved the tightest

spread for five-year euro

covered bonds from Asia to

show that Europeans have

taken to such Singapore notes

36 SOUTH KOREA

Hanjin International has

issued a US$300m Green

bond against the backdrop of

escalating tensions between the

US and North Korea

37 TAIWAN

A NT$10.3bn seven-year loan

for Oxo Chemical Industries

to build a plant in Kaohsiung

has received an overwhelming

response in general syndication

38 THAILAND

Laotian power producer Nam

Ngum 2 last Thursday priced

triple-tranche baht bonds in the

middle of guidance ranges to

healthy demand

COUNTRY REPORT

14