Contents
INTERNATIONAL FINANCING REVIEW ASIA
MAY 5 2018 ISSUE 1039
COVER STORIES
EQUITIES
04 Xiaomi blockbuster heads to HK
Chinese phone maker Xiaomi last week became the first
to take advantage of Hong Kong’s new listing rules by
applying for the city’s biggest technology IPO.
BONDS
04 Shandong trials new CB model
Shandong Iron & Steel is planning to issue China’s first
convertible perpetual bond, giving investors the option
to convert the instrument into equity.
BONDS
06 Nagacorp set for Cambodia debut
Nagacorp, which owns and operates the only integrated
casino and hotel resort in Phnom Penh, plans to be the
first Cambodian issuer to sell offshore bonds.
NEWS
07 Foxconn mulls strategic tranche
The Shanghai IPO of Foxconn Industrial Internet may
be the first mainland listing in more than four years to
set aside a portion of shares for strategic investors.
08 Indian property firms raise equity Three Indian real estate companies
are preparing to tap the equity capital markets.
08 Lippo Karawaci faces cash crunch Indonesian property developer Lippo
Karawaci faces a cash crunch after breaching a covenant in its dollar bonds.
09 China’s loan tenors shrink Onshore Chinese loans are getting shorter as
banks seek to limit risks and price-sensitvie borrowers reduce maturities.
PEOPLE & MARKETS
12 UBS first to raise China stake
UBS has become the first foreign bank to apply for
majority ownership of an existing Chinese securities
joint venture, days after regulators eased restrictions.
13 India eases debt rules to buttress rupee India’s central bank has
loosened rules for foreign investment in domestic bonds.
18 Who’s moving where Ivan Lee has joined BoCom Hong Kong branch as
deputy chief product manager in the structured & capital finance dept.
18 In brief The scheme that allows qualified PRC domestic financial
institutions to buy renminbi-denominated products overseas has resumed.
16 Interview Mathias Meisel, head of capital markets at Zurich Insurance
ASIA DATA
40 This week’s figures
21 AUSTRALIA
BlueScope Steel has hired
banks for a proposed
benchmark five-year US dollar
senior unsecured bond offering
off its EMTN programme.24 CHINA
Guangzhou Finance Holdings
Group has mandated CICC,
Ping An of China and Wing
Lung as joint coordinators for a
US dollar Reg S bond.30 HONG KONG
Hong Kong-listed Kingboard
Chemical Holdings is returning
to the market for a HK$6bn
four-year loan, six months after
obtaining a HK$5.5bn facility.31 INDIA
The assets under management
of offshore Indian bond funds
have doubled to US$8bn in
2017, according to a Fitch
release.32 INDONESIA
Indonesian motorcycle leasing
company Federal International
Finance raised US$300m from
a debut US dollar bond offering
for general corporate purposes.34 MALAYSIA
Genting Malaysia has
established a M$3bn MTN
programme with CIMB and
Maybank as joint principal
advisers and lead arrangers.35 MALDIVES
The Republic of the Maldives
has returned to the offshore
bond market with a US$100m
private placement. The five-year
bonds were issued at par with a
coupon of 5.5%.35 MONGOLIA
The Asian Development Bank
received approval for its first
Mongolian tugrik bond issue,
either offshore or onshore it
said on Friday.35 SINGAPORE
Manulife US REIT hired DBS,
HSBC and Standard Chartered
to arrange investor meetings
in Hong Kong and Singapore,
which began on May 3.36 SOUTH KOREA
Korea National Oil Corporation
has mandated BNP Paribas
(Suisse) and UBS to lead a
Swiss roadshow on Monday in
Zurich.36 SRI LANKA
A group of 10 banks is
among the bidders vying for
the mandate on a US$1bn-
equivalent loan for the
Government of Sri Lanka.37 TAIWAN
Taiwanese LCD maker AU
Optronics has launched a
NT$35bn five-year loan,
10 months after it closed a
NT$23bn loan.37 THAILAND
Export-Import Bank of Thailand
has hired banks for a proposed
offering of US dollar senior
unsecured notes and has
started to meet investors.38 VIETNAM
South Korean conglomerate
Hyosun is cancelling a US$1bn
project financing in Vietnam.
Hyosung Vina Chemicals was
the borrower.COUNTRY REPORT