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INTERNATIONAL FINANCING REVIEW ASIA
JULY 28 2018 ISSUE 1051COVER STORIES
BEQUITIES
04 China Tower aims for broad base
China Tower has launched its giant Hong Kong IPO
after lining up cornerstone commitments for less than a
fifth of the up to HK$68.1bn base deal.
BONDS
04 China developers resume rush
Chinese property developers scrambled to print US
dollar bonds last week, taking full advantage of a
policy-driven rally which may be short-lived.
LOANS
06 KKR targets record Taiwan LBO
KKR is to borrow around US$1bn to support its
leveraged buyout of LCY Chemical, braving a
challenging regulatory environment.
NEWS
06 Pinduoduo highlights US appeal
Pinduoduo completed a stellar US$1.6bn Nasdaq IPO,
proving the US remains an attractive venue for fast-
growing Chinese companies despite HK competition.
07 LTA extends corporate curve Singapore’s LTA added to the city-state’s
profile as a regional hub for long-term infrastructure finance.
08 Korean issuers ride IG rebound Three issuers sold US dollar bonds last
week, taking advantage of pent-up demand for investment-grade credit.
08 Pledge of more after CLO debut Clifford Capital laid out plans to
securitise more infrastructure debt after breaking new ground last week.
PEOPLE & MARKETS
10 UBS beefs up for Asia-US listings
UBS is counting on equity underwriting and its Chinese
joint venture to drive growth in Asia after a tumultuous
couple of years, says its top regional investment banker.
10 India’s bad debts draw early bets The revised bankruptcy regime is
opening up new financing opportunities for adventurous foreign banks.
12 India promotes corporate bonds Regulators want large companies to
meet at least a quarter of their funding requirements in the bond market.
14 In brief More than 20 Indian lenders led by State Bank of India have
signed a pact to speed up the resolution of bad loans..
15 Who’s moving where JP Morgan has hired five China-focused research
analysts in Hong Kong as the bank continues to add to its A-share coverage.
ASIA DATA
32 This week’s figures
16 AUSTRALIA
Blackstone Group’s Quartz
Finance Co I is seeking to buy
all A$150m of Green MTNs due
April 5 2024 issued in March
2017 by the Investa Office Fund.17 CHINA
Beijing Capital Group priced
US$400m three-year floating-
rate senior notes at three-month
Libor plus 257.5bp, the tight end
of final guidance.24 HONG KONG
Health and Happiness has
launched a US$350m-
equivalent three-year
refinancing into limited
syndication.25 INDIA
Reliance Industries has received
board approval to raise up
to Rs200bn through private
placements of bonds in one or
more tranches.26 INDONESIA
Intiland Development has
mandated Citigroup and UBS
as joint bookrunners and joint
lead managers for a US dollar
senior unsecured bond.27 JAPAN
SMBC Aviation Capital
Finance last Monday priced a
US$500m short five-year bond
at Treasuries plus 133bp, at the
tight end of guidance.28 MALAYSIA
Affin Bank has sold M$500m of
Basel III-compliant Additional
Tier 1 bonds at par to yield 5.8%
with a spread of 201.5bp over
government securities.29 PHILIPPINES
Consumer technology company
Cal-Comp Technology
Philippines is planning to
launch its Ps6.4bn IPO in mid-
August subject to investor
demand.29 SINGAPORE
Cagamas last Thursday raised
S$65m from the sale of two-
year bonds priced at par to yield
2.52%. Cagamas Global will be
the issuer of the notes.29 SOUTH KOREA
SK Broadband has hired BNP
Paribas, Citigroup and HSBC to
arrange fixed income investor
meetings in Asia and Europe,
starting on July 30.30 TAIWAN
Private-equity firm KKR is
sounding the market for a loan
of about US$1bn to support
its leveraged buyout of LCY
Chemical.31 THAILAND
True Move H Universal
Communication has priced a
dual-tranche bond of three and
five years at the tight ends of
guidance.31 VIETNAM
The deadline for Bank for
Investment & Development of
Vietnam’s US$150m three-year
bullet loan was extended to the
end of last week from mid-July.COUNTRY REPORT
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