IFR Asia – November 25, 2017

International Financing Review Asia November 25 2017 3

Contents

INTERNATIONAL FINANCING REVIEW ASIA

November 25 2017 ISSUE 1019

Cover STorIeS

BONDS

04 Asian oversupply pressure builds

Asian issuers kept up the frenetic pace in the G3 bond

markets last week, despite mounting supply pressure at

the end of a record year.

EQUITIES

04 Sell-off hits US fintech listings

LexinFintech faces new challenges to its US$500m

Nasdaq IPO, after a clampdown on the micro-loan

market triggered a sell-off in US-listed finance firms.

BONDS

06 First test for Komodo pricing

Indonesia’s biggest toll-road developer is marketing the

first global rupiah bonds, testing international appetite

for a potential new source of funding.

NeWS

06 No more demonetisation woes

Indian issuers are lining up to sell rupee bonds after a

surprise end to the central bank’s liquidity operations

sent benchmark yields plunging.

08 Elion highlights Chinese HY risks A Chinese issuer with plans to sell US

dollar bonds triggered a technical default on its onshore notes last week.

08 Wanda takes steps to repay debt Dalian Wanda Commercial Properties

is proposing to repay US$1.7325bn of offshore loans within six months.

09 China adds new layer to IPO reviews China aims to enhance scrutiny of

domestic listings further with a new body to supervise IPO reviews.

PeoPLe & mArKeTS

12 Long wait nears end for HSbC Jv

It has been several years in the making, but the wait for

HSBC’s securities JV is almost over with HSBC Qianhai

Securities due to open its doors next month.

13 Thais to offer better protection Thailand is moving to beef up investor

protection in the rapidly growing domestic bond market.

16 Who’s moving where Credit Suisse has made 11 new hires for its equity

research team in Hong Kong.

18 In brief BOC and CCB have moved up one tier in the ranking of G-SIBs of

the G20’s Financial Stability Board.

20 Comment Jonathan Rogers China’s outbound frenzy is real

ASIA DATA

44 This week’s figures

21 AUSTRALIA

Macquarie raised US$2.5bn

from 144A/Reg S senior

unsecured notes last Monday,

showing that investors remain

fully engaged in buying bonds

23 CHINA

State-owned China Reform

Holdings Corporation has hired

four banks to arrange meetings

with fixed-income investors in

Hong Kong, starting Monday

30 HONG KONG

Shanghai Commercial Bank,

has sold US$250m of Tier 2

bonds at 3.8%, inside initial

price guidance in the 4% area,

with HSBC as sole bookrunner

34 INDIA

REC is targeting US$400m

from three-year US dollar

bonds at a maturity of three

years, with ANZ, Barclays,

Mizuho and MUFG as MLAs

36 INDONESIA

ABM Investama, rated Ba3/

BB– (Moody’s/Fitch), has added

US$50m to its 7.125% 2022s at

103.25, lifting the outstanding

total to US$300m

37 JAPAN

Banco Santander last week

started sounding out for an

offering of senior non-preferred

Samurai bonds, with Mizuho

and Nomura as joint leads

39 MALAYSIA

PNB Merdeka Ventures has

filed two sukuk programmes,

totalling M$5.65bn,to finance

the construction of Malaysia’s

tallest building

40 PHILIPPINES

Union Bank of the Philippines

priced US$400m of five-year

bonds at T plus 127.5bp, as

orders hit US$3.2bn,

through Citigroup and

StanChart

41 SINGAPORE

Tertiary education provider

Singapore Management

University sold five-year bonds

of S$150m last Tuesday

through sole bookrunner DBS

42 SOUTH KOREA

Korean Southern Power has

hired BNP Paribas, Citigroup,

HSBC and UBS for investor

meetings in Asia, Europe and

the US from November 29

42 TAIWAN

Casetek is sounding out the

market after more than two

years for a US$300m loan for

which the terms and details

have yet to be determined

43 THAILAND

Germany’s Deutsche Bank,

rated Baa2/A–/BBB+, plans to

sell bonds to raise up to Bt20bn

in three tranches at maturities

of one to three years

CoUNTrY rePorT

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