IFR Asia – February 10, 2018

International Financing Review Asia February 10 2018 3

Contents

INTERNATIONAL FINANCING REVIEW ASIA

FEBRUARY 10 2018 ISSUE 1028

BONDS

04 Volatility sidelines Asian issuers

Global volatility meant only a handful of Asian issuers

dared to brave the offshore bond market last week, and

those that did had to pay up.

BONDS

04 Haier mulls landmark listing

Chinese home-appliance giant Qingdao Haier is

considering a listing in Frankfurt that would create a

new class of stock for PRC companies.

BONDS

06 Panda rulebook on the horizon

China has taken a big step towards the publication of

long-awaited guidance on Panda bond offerings, more

than two years after reopening the market.

NEWS

07 GEAR pays year’s highest yield

GEAR overcame choppy markets to make its offshore

debut last Thursday, but the company had to pay the

highest year-to-date yield in the Asian G3 sector.

07 Volatile Sing rates stall issuance Sales of Singapore dollar bonds
ground to a halt this month on large swings in local benchmark rates.
08 Vietnam steps up privatisations Vietnam’s equity capital market is
enjoying flurry of activity since the beginning of the year.
08 Ezion nears rehabilitation Ezion Holdings has secured the support of its
secured lenders for a restructuring that will slash its debt burden.

PEOPLE & MARKETS

12 Hong Kong loosens IPO pricing rules

Bankers in Hong Kong have welcomed the local

bourse’s plan to allow issuers to sell IPO shares below

indicative price ranges.

12 Singapore, Malaysia to renew trading link The two countries plan to
establish a new trading link between their stock markets.
15 Who’s moving where Deutsche Bank has appointed Duncan Mann and
Apurva Shah as co-heads of financial sponsors for Asia Pacific.
16 In brief Singapore’s central bank is studying the risks cryptocurrencies
pose, yet so far there is no strong case to ban trading of the digital coins.
Comment Jonathan Rogers is away

ASIA DATA

34 This week’s figures

17 AUSTRALIA

Westpac has released price

guidance at 90-day BBSW plus

320bp–340bp for Westpac

Capital 5 Notes, aiming to raise

approximately A$750m

18 CAMBODIA

Acleda Bank’s five-year

offshore loan, doubled in size

to US$100m, was allocated

to 11 banks with Shin Kong

Commercial as sole MLAB

19 CHINA

Greenland Holding, rated Ba1/

BB/BB, drew final orders of

US$1.9bn for a US$700m dual-

tranche offering of US dollar

senior unsecured notes

25 HONG KONG

ZH International Holdings

plans to raise US$200m from

the sale of US dollar short-

term notes to meet general

corporate needs

25 INDIA

Golden Energy on Thursday

overcame choppy markets on its

offshore debut, but had to pay

the highest yield in the Asian G

sector year to date

26 INDONESIA

Panin Bank intends to issue

Rp3.9trn five-year rupiah bonds

at 7.6% with the help of five

lead arrangers, according to a

source close to the plans

28 JAPAN

Toei Reefer Line’s management

buyout is back in the limelight

after a revised bid from its

president, who failed in an

attempt last month

29 MALAYSIA

State-owned DanaInfra

Nasional sold M$4bn of Islamic

bonds in a multi-tranche

transaction last week through

five joint lead managers

30 NEW ZEALAND

Fletcher Building is reviewing

key projects of its building and

interiors division as it expects to

post losses on breaches of one

or more of its loan covenants

30 PHILIPPINES

Food and beverage company

Del Monte Pacific plans to list

unit Del Monte Philippines on

the Philippine Stock Exchange

with an IPO of up to Ps16.7bn

30 SINGAPORE

GuocoLand raised S$50m from

a tap of its 4.6% perpetual non-

call five bonds, priced at par

with a spread of 260.9bp over

Singapore dollar SOR

31 SOUTH KOREA

Daegu Bank, rated A2/A–

(Moody’s/S&P), drew final

orders of US$2.3bn from 138

accounts for US$300m of US

dollar senior unsecured bonds

32 TAIWAN

The Taiwan Formosa bond

market continued to provide

ample fundraising opportunities

for Asian issuers in the first five

weeks of the year

33 THAILAND

Frasers Property Holdings

Thailand will sell bonds of up

to Bt5bn at end-February on its

market return after a Bt2.5bn

maiden issue late last year

33 VIETNAM

A US$100m term loan

for Vietnam Joint Stock

Commercial Bank for Industry

and Trade has seen six lenders

join in general syndication

COUNTRY REPORT