Contents
INTERNATIONAL FINANCING REVIEW ASIA
SEPTEMBER 8 2018 ISSUE 1057
COVER STORIES
BONDS
04 EM sell-off rocks Indonesia bonds
A brutal sell-off in Indonesia’s currency is raising the
stakes for the country’s international issuers, as nervous
global investors trim their exposure to US dollar bonds.
BONDS/EQUITIES
04 Overseas duo eye Indian listings
Infrastructure and property developers like Brookfield
and Blackstone are turning to India to raise money
through listed trusts, despite rising interest rates.
RESTRUCTURING
06 Trikomsel test for arbitration
Liquidators of two Singaporean units of Trikomsel are
looking to use a recent change in the city’s civil law to
secure a landmark litigation funding agreement.
NEWS
06 HSBC adds calls on TLAC Samurai
HSBC introduced callable TLAC bonds to the Samurai
market last week. Investor enthuiasm was high, despite
the new structure and a clash with a US dollar offering.
07 Fosun Group unit eyes India IPO Gland Pharma moved closer to offering
Indian investors the first local listing from a Chinese-owned company.
08 Sinopec, CGNPC fill up offshore Two of China’s top SOEs received
healthy demand for new offshore bonds last week.
08 Qantas takes off for long haul Qantas is seeking an asset-backed loan
of up to A$300m, mimicking a financing it completed last October.
PEOPLE & MARKETS
14 China reveals London Connect plans
Investors are readying for the long-awaited Shanghai-
London Stock Connect scheme after China’s securities
regulator published draft rules for the new link.
16 MSCI move lifts Stock Connect turnover Global investors ploughed into
Chinese equities after MSCI’s weighting increase of A-shares in its EM index.
17 How Noble Group dodged an Iceberg collision Paul Brough, chairman
of Noble Group wrangled a 120-day debt reprieve to save the company.
14 Who’s moving where Scotiabank has appointed Walter Tas as head of
Asia Pacific after Peter Heidinger was tapped as head of Europe.
15 In brief CLSA has agreed to acquire a minority stake in the securities arm
of Pakistan’s Bank Alfalah as it plots an expansion in BRI markets.
ASIA DATA
45 This week’s figures
20 AUSTRALIA
Treasury Corporation of Victoria
last Thursday issued a A$850m
tap of the 3.00% October 20
2028 bond to increase the size
of the line to A$4.117bn.23 BANGLADESH
Banglalink Digital is seeking to
amend terms of its US$300m
8.625% bonds due May 6 2019
to increase its consolidated
leverage ratio.23 CHINA
Anhui Transportation Holding
Group drew final orders of over
US$1.4bn from 80 accounts for
a US$350m US dollar senior
unsecured bond issue.32 HONG KONG
CNCB (Hong Kong) Investment
has increased its debut three-
year bullet loan to US$800m
following an overwhelming
response from 20 lenders.33 INDIA
Tata Capital Financial Services
has fixed yields at 8.7% for
three years, 8.8% for five years
and 9% for 10 years for a public
issue to raise up to Rs75bn.36 INDONESIA
Bank CIMB Niaga plans to raise
Rp746bn at 7.5% for a 370-day
tranche, Rp137bn at 8.5% for a
three-year portion and Rp117bn
at 8.8% for a five-year part.36 JAPAN
Toyota Tsusho Corp has priced
a US$500m five-year bond at
Treasuries plus 95bp. The offer
drew over US$2.1bn in orders
from 135 investors.38 MALAYSIA
State-owned public transport
company Prasarana Malaysia
last Monday raised M$1bn in
four tranches of Islamic bonds
that attracted solid demand.39 NEW ZEALAND
ASB Bank priced a NZ$450m
3.31% five-year note offer
last Tuesday within 100bp–
105bp guidance at mid-swap
plus 102bp.40 PAPUA NEW GUINEA
Papua New Guinea mandated
Credit Suisse and Citigroup to
arrange fixed income investor
meetings in Singapore, Hong
Kong, London and the US.40 PHILIPPINES
Union Bank of the Philippines
has won board approval to
raise up to Ps20bn from bonds
or commercial paper in
multiple tranches.41 SINGAPORE
United Overseas Bank last
Monday returned to the
offshore covered bond market,
locking in tight pricing for a
€500m five-year offering.42 TAIWAN
Formosa Plastics Group is
sounding the market for a
loan of about US$1.5bn. The
conglomerate is set to request
proposals in one or two weeks.43 THAILAND
Thai Beverage was offering
seven-tranche bonds in
tenors of two to 10 years last
Friday with a view to raising a
minimum of Bt70bn.44 VIETNAM
Sentiment in Vietnam’s ECM
has nosedived with the IPO of
state-owned Vinalines raising
just D54bn out of the original
target of D4.9trn.COUNTRY REPORT