Contents
INTERNATIONAL FINANCING REVIEW ASIA
MARCH 24 2018 ISSUE 1033COVER STORIES
BONDS
04 Philippines creates Panda stir
The Philippines shook up the Panda bond market with
a tight debut that underscored the growing role of
overseas investors in onshore renminbi financings.
EQUITIES
05 Tencent block sets APAC record
Tencent Holdings’ largest shareholder cut its stake in a
record HK$76.95bn block trade during a global sell-off
as the US opened a trade war with China.
BONDS
06 Tech giants suffer bond pushback
Asian credit investors are so wary of rising interest rates
that even tech giants such as SoftBank, Lenovo and
Baidu are having a hard time raising long-term debt.
NEWS
07 HKBN redials for tighter loan
Hong Kong’s leveraged finance market is on a roll
with HKBN the latest to take advantage of lenders’
insatiable appetite for high-yielding financings.
08 Tenors diverge in Asian credit The tenors of Asian IG bonds have
become longer this year, while those of high-yield notes have turned shorter.
08 DanaInfra to drive ringgit supply Malaysian investors are gearing up for
a new deluge of government-guaranteed paper from DanaInfra Nasional.
09 HAL stumbles on take-off India completed its Rs41bn IPO of Hindustan
Aeronautics last week, but fell short of its original target.
PEOPLE & MARKETS
12 HKEx details “flexible” biotech IPO rules
After issuing proposals to lure biotech listings to Hong
Kong, the stock exchange last week made a plea to
likely candidates not to get fixated on the small print.
12 StanChart CEO talks up revenue growth Bill Winters said the bank was
now growing across all divisions and regions.
13 In brief Bloomberg said it planned to add renminbi-denominated bonds
to its Bloomberg Barclays Global Aggregate Index from next April.
13 Who’s moving where Credit Suisse has promoted Joe Lai to co-head of
China investment banking and capital markets, effective immediately.
16 Comment Jonathan Rogers Moral hazards linger in Chinese bonds
ASIA DATA
44 This week’s figures
18 AUSTRALIA
Macquarie Group overcame a
challenging market to sell a
US$1.75bn three-part 144A/
Reg S bond through a blue-chip
line-up of US bookrunners20 CHINA
Baidu managed to price a
US$1.5bn dual-tranche bond as
equity markets took a hit from
President Trump’s imposing
tariffs on Chinese imports27 HONG KONG
A five-year amortising loan of
US$255m for Affinity Equity’s
purchase of a majority stake in
label-maker Trimco has gone
into limited syndication31 INDIA
Shriram Transport Finance has
signed a pricing supplement
for a Rs1.9bn tap of its Masala
bonds due in June 2023,
according to a BSE release33 INDONESIA
Oto Multiartha plans to raise
Rp1.5trn from triple-tranche
rupiah bonds, via leads BCA,
Mandiri Sekuritas, IndoPremier
and Nikko Sekuritas34 JAPAN
SoftBank announced the results
of an exchange offer for some of
its dollar and euro bonds, and
said it decided not to launch a
new-money issue34 LAOS
State-owned Banque pour
le Commerce Exterieur Lao
has allocated to 16 lenders its
enlarged four-year debut term
loan of US$150m35 MALAYSIA
Malayan Banking, rated
A3/A–/A–, issued five-year
floating-rate notes last Monday
to raise US$100m at 70bp over
three-month Libor37 NEW ZEALAND
Kiwibank issued a SFr150m
0.25% 5.5-year (October 18
2023) Eurobond, priced at par,
23bp wide of mid-swaps, last
Thursday, via sole lead UBS37 PHILIPPINES
San Miguel has hired Mizuho
Bank, StanChart and SMBC for
a US$1.6bn five-year loan to
acquire an operator of power
plants in the country38 SINGAPORE
Listed property company
Ascendas India Trust has
sold ¥5bn of five-year bonds
at 0.67375%, with Mizuho
Securities Asia as a dealer39 SOUTH KOREA
Korea Resource will meet
investors in Asia and Europe
from April 3, with a US dollar
Reg S short-to-intermediate
maturity bond to follow40 TAIWAN
ChipMos Technologies has
launched a five-year loan of
NT$10bn through mandated
lead arranger and bookrunner
Taiwan Cooperative Bank41 THAILAND
CIMB Thai sold M$390m of
10-year non-call five bonds at
5.20%, the wide end of price
guidance, through sole lead
CIMB Investment BankCOUNTRY REPORT