IFR Asia - November 04, 2017

Contents

INTERNATIONAL FINANCING REVIEW ASIA

NOVEMBER 4 2017 ISSUE 1016

COVER STORIES

EQUITIES

04 Tencent bestseller stirs IPO fever

The HK$8.33bn Hong Kong IPO of China Literature

shows how interest for Chinese technology listings is

spreading from institutional investors to retail buyers.

RESTRUCTURING

04 Dandong Port sinks into default

The operator of the main Chinese port on the border

with North Korea has defaulted on Rmb1bn of bonds

after investors rejected higher coupon payments.

BONDS

06 China reopens offshore bond flow

Chinese regulators have reopened the pipeline for

mainland issuers to sell offshore bonds after slowing

approvals in recent months.

NEWS

06 China tightens approvals of IPOs

The rejection rate of Chinese IPO applications has

nearly doubled since a new slate of examinators took

over at the end of September.

07 Indika Energy enjoys re-rating benefit Indika Energy took advantage of
strong demand for high-yield credits to raise funds.
08 Huishan wrests creditor support China Huishan Dairy has come to an
agreement with most of its Chinese creditors to restructure its debt.
08 Suke dusts off project sukuk Prolintas Expressway is dusting off project
financing plans for a 24.4-km elevated road.

PEOPLE & MARKETS

14 Asia earnings drive HSBC results

HSBC’s profit in the third quarter soared five-fold as its

post-crisis restructuring ends and the bank switches its

attention to growth, led by its Asian business.

14 China banks post higher profits Four of China’s big five reported higher
quarterly profits, after a few years of shrinking margins, rising bad loans.
17 Who’s moving where Standard Chartered has named Ben Hung to the
additional role of global retail banking chief, effective November 30.
19 Interview Greenko warms to local debt market CFO Vasudeva Rao
Kaipa targets even split between onshore and offshore funding.
21 Comment Jonathan Rogers The plan behind China’s latest ornament

ASIA DATA

48 This week’s figures

23 AUSTRALIA

Suncorp-Metway issued a

US$500m 2.375% three-year

144A/Reg S bond last Thursday

at Treasuries plus 68bp, 7bp

inside initial price thoughts

25 CHINA

Industrial and Commercial

Bank of China priced three

tranches of US dollar bonds,

totalling US$1.5bn, through its

New York branch

33 HONG KONG

Locally based CNQC

International Holdings raised

S$100m last Tuesday from

the sale of maiden three-year

bonds, priced at 5%

36 INDIA

Indian Railways Finance Corp

has sent requests for proposals

to banks for a potential offering

of US dollar bonds to raise

US$300m

38 INDONESIA

First REIT and Lippo Malls

Indonesia Retail Trust are

seeking consent from investors

in separate solicitations for

changes to their bond trustee

39 JAPAN

Tsubaki Nakashima said it

signed a US$300m-equivalent

financing last Wednesday to

take out a bridge loan from

August

40 MALAYSIA

The Singapore High Court has

granted financially strapped

Malaysian company Nam

Cheong’s application for a

scheme of arrangement

41 MALDIVES

Four banks are providing a

US$280m five-year stapled

financing to back Blackstone

Group’s sale of Trans Maldivian

Airways, operator of seaplanes

41 NEW ZEALAND

Auckland Council has hired

Citigroup, HSBC, UBS and

Westpac for a Eurobond of

seven to 12 years expected to

price this week

42 SINGAPORE

Frasers Hospitality REIT sold

S$120m of seven-year Sing

dollar bonds last Monday at

3.08% with a spread of 92.5bp

over Singapore dollar SOR

43 SOUTH KOREA

Harvest Operations has added

US$200m to its 3.0% due 2022

KNOC-guaranteed notes at

Treasuries plus 115bp and to lift

the outstanding to US$485m

44 TAIWAN

Electronics manufacturer

Wistron is sounding the market

for a loan of up to US$600m,

after having closed a US$700m

facility in June

46 THAILAND

Deutsche Bank was the sole

winner of approval from

Thailand’s Ministry of Finance

to sell baht bonds and send the

proceeds out of the kingdom

46 VIETNAM

State Capital Investment

Corp is selling a 3.3% stake

in Vinamilk for D7.25trn at a

minimum price of D150,

per share

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