Contents
INTERNATIONAL FINANCING REVIEW ASIA
JUNE 30 2018 ISSUE 1047COVER STORIES
EQUITIES
04 Chinese issuers rush out IPOs
At least 16 Chinese companies are rushing out overseas
IPOs in July in a bid to raise a combined US$15.4bn
before market conditions deteriorate further.
BONDS
04 Cambodia set for bond first
Cambodia is set to become the next frontier market
for credit investors, as it prepares to welcome its first
corporate bond later this year.
BONDS
06 Foreign funds cool on Malaysia
Foreign investors are pulling out funds from Malaysia
and hedging against widening credit spreads, with
uncertainty over government policies.
NEWS
06 China readies dollar bond return
The PRC is set to issue US$3bn of sovereign bonds later
this year, adding to its sovereign curve after ending a
decade-long absence from the dollar market in 2017.
08 China curbs property bond sales Property developers face tighter state
scrutiny over offshore bond sales, after an aggressive fundraising spree.
08 Investors snap up Samurai supply Rare issuers KT Corp and Westpac
Banking Group added to the rebound in Samurai bond sales.
10 Q2 slowdown hits Asian lending Syndicated lending in Asia Pacific, ex-
Japan, showed a 31% year-on-year decline to US$94.17bn in Q2.
PEOPLE & MARKETS
12 SGX introduces weighted voting rights
Singapore Exchange ushered in new rules last week
allowing companies with dual-class shares to list in the
city, despite criticism of insufficient investor protection.
13 Modi urges AIIB to lend more Indian PM urged the PRC-backed AIIB to
increase lending tenfold within two years to meet regional investment needs.
15 In brief Citigroup has received a licence to provide futures margin deposit
services in China to investors.
16 Who’s moving where ABN AMRO has announced two senior
appointments in its Asia Pacific trade and commodity finance business.
ASIA DATA
36 This week’s figures
17 AUSTRALIA
Teachers Mutual Bank used
an otherwise closed market
to price an upsized A$200m
three-year floating-rate note at
three-month BBSW plus 137bp.19 CHINA
Chinese sportswear maker
Guirenniao was downgraded
by Moody’s to B2 from B1 on
Thursday and has placed the
rating on review for downgrade.23 HONG KONG
Hong Kong-listed Health
and Happiness International
Holdings is returning to the
loan markets for a US$350m-
equivalent refinancing.26 INDIA
Shriram Transport Finance has
fixed yields for an offering of up
to Rs50bn (US$731m) of retail
bonds, according to the offer
document.27 INDONESIA
A US$950m multi-tranche
loan for Indonesia Eximbank
attracted over 30 lenders in
general syndication despite
tight pricing levels.28 JAPAN
Toyota Motor has mandated JP
Morgan, Bank of America Merrill
Lynch and Citigroup to arrange
investor calls with Asia, Europe
and the US, starting June 26.29 MACAU
MGM China Holdings has
completed an amendment
and extension of a HK$23.4bn
seven-year loan signed in June
2015.29 MALAYSIA
UOB Malaysia has set up a
senior/subordinated MTN
programme of M$8bn to sell
senior or Tier 2 bonds in the
ringgit bond market.29 NEW ZEALAND
Genesis Energy has allocated
the NZ$200m general offer of
its new 30-year non-call five
subordinated unsecured listed
capital bonds.30 PHILIPPINES
Bank of the Philippine Islands
has established a US$2bn MTN
programme. BPI Capital is sole
global coordinator and lead
arranger of the programme.30 SINGAPORE
CapitaLand Retail China Trust
has sold S$130m of four-year
bonds at 3.25%, inside initial
guidance of 3.4% area at a
spread of 97.7bp over SOR.31 SOUTH KOREA
Tong Yang Life Insurance,
has hired JP Morgan, Nomura
and UBS to arrange investor
meetings in Singapore, Hong
Kong and London from July 2-6.32 TAIWAN
Aircraft leasing firm AerCap
Holdings has self-arranged a
US$790m seven-year secured
loan attracting 28 banks
despite very tight pricing.34 THAILAND
PTT Global Chemical will
buy back US$495.894m
of its US$1bn 4.25% senior
unsecured notes due
September 19 2022.34 VIETNAM
The deadline for Vingroup’s
US$400m five-year loan has
been extended to early July.
The transaction has attracted a
handful of lenders so far.COUNTRY REPORT