Contents
INTERNATIONAL FINANCING REVIEW ASIA
APRIL 28 2018 ISSUE 1038COVER STORIES
BONDS
04 Rising yields hit Asian issuers
Rising long-term US Treasury yields forced Asian
issuers to rethink their funding plans last week, with
two borrowers dropping plans for 10-year tranches.
EQUITIES
04 Health website stirs IPO fever
The Hong Kong IPO of Ping An Healthcare and
Technology has drawn an overwhelming response from
both institutional and retail investors.
EQUITIES
06 Singapore snubs foreign IPOs
The poor response to the IPOs of Summit Power and
Qualitas Medical highlights the challenges facing
foreign companies looking to raise capital in Singapore.
NEWS
07 Top SOEs dodge volatility
China’s top-tier state enterprises kept up the pace of
offshore bond issues last week despite a spike in US
Treasury yields.
08 Agile pays up for offshore funds Agile’s US$765m syndicated loan pays
the highest margin in the Chinese property sector in nearly five years.
08 Biotech treatment shows results Hong Kong’s bid to be a funding
platform for the biotechnology sector is already showing results.
09 Iran probe scuppers Huawei’s euro debut Huawei called off its first euro
bond issue after reports of a US investigation into its dealings with Iran.
PEOPLE & MARKETS
12 Hong Kong welcomes new IPO era
Bourse chief executive Charles Li declared Hong Kong
“open for business” after ushering in controversial rules
to allow shares with weighted voting rights.
13 Credit Suisse’s Asia markets arm returns to profit Credit Suisse’s Asia
Pacific markets division returned to profitability in the first quarter of 2018.
14 In brief Trading via the Bond Connect link rose 7.2% to Rmb162.58bn in
the first quarter of 2018 compared to the last quarter of 2017.
16 Who’s moving where Credit Agricole CIB has appointed Dominique
Blanchard as regional head of the global markets division for Asia-Pacific..
ASIA DATA
36 This week’s figures
17 AUSTRALIA
Ausgrid, sold US$1bn of bonds
in two tranches, in its debut
dollar offering on Monday.
Orders were heard to reach
around US$1.9bn.18 CAMBODIA
Cambodia’s Prasac
Microfinance Institution has
launched a US$50m three-year
loan with a US$50m greenshoe
option.18 CHINA
Kaisa Group Holdings has
appointed Credit Suisse and
Deutsche Bank to arrange a
series of fixed-income investor
update meetings.25 HONG KONG
United Asia Finance is returning
to the market for a HK$1.6bn
four-year loan, barely two
months after obtaining a
smaller borrowing.28 INDIA
Power Finance Corporation
has hired Barclays, MUFG, SBI
Capital Markets and StanChart
for a potential benchmark 10-
year US dollar bond offering.30 INDONESIA
Federal International Finance
is planning a debut US dollar
bond offering with HSBC as
global coordinator, as well as
joint bookrunner.32 MALAYSIA
WCT Holdings has sold
M$310m eight-year Islamic
bonds, priced at 5.65%. The
sukuk settled on April 20. RHB
Investment Bank was sole lead
manager on the print.32 MONGOLIA
Coal miner Mongolyn Alt (MAK)
has put a US dollar five-year
non-call two bond offering on
hold, after bookbuilding since
April 17.33 PHILIPPINES
Ayala Land has set the yield at
5.9203% to raise Ps10bn from
an issue of 10-year peso bonds.
The interest on the bonds will
be paid quarterly.33 SINGAPORE
Singapore-listed RHT Health
Trust has obtained consent
from holders of its S$120m
4.5% bonds to sell assets to
India’s Fortis Healthcare.34 SOUTH KOREA
Harvest Operations, a Calgary-
based oil exploration and
production company, has priced
a US$397.5m five-year note at
Treasures plus 140bp.35 TAIWAN
Banco General is raising
another US$200m through an
accordion facility after closing
a US$800m three-year bullet
loan in late December.35 THAILAND
CH Karnchang plans to offer
Bt4bn of four and five-year
bonds in May through sole
lead manager and underwriter
Bangkok Bank.COUNTRY REPORT
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