Contents
INTERNATIONAL FINANCING REVIEW ASIA
SEPTEMBER 22 2018 ISSUE 1059COVER STORIES
BONDS
04 HY coupons scale new heights
Two Chinese borrowers priced US dollar bonds at the
highest yields for any Asian new issue in four years, as
emerging-market risk aversion raises funding costs.
EQUITIES
05 WuXi AppTec lines up HK top-up
Chinese contract medical researcher WuXi AppTec has
turned to Hong Kong for a share sale only four months
after its Shanghai IPO fell short of its fundraising target.
BONDS
06 Japan Tobacco fires up treble
Investors put health warnings to one side and piled into
Japan Tobacco International’s three-currency offering of
US dollar, euro and sterling bonds last Wednesday.
NEWS
07 Default test looms for LGFVs
Investors await the possible first default of a LGFV
as the due date for an issue from struggling Qinghai
Provincial Investment Group draws near.
08 Lenders spurn Tata Sons pricing Tata Sons has drawn a poor response
for a US$1.5bn multi-tranche loan.
08 Three bonds flop in busy week Three Asian issuers cancelled US dollar
bond sales last week as a glut of new issues came up against picky investors.
09 Forex fears derail Asian IPOs The slump in emerging market currencies
is forcing Asian companies to delay IPOs on concerns of a weak response.
PEOPLE & MARKETS
12 Nomura’s neighbours from ‘L’
Buying Lehman Brothers was a chance to turn Nomura
into a global investment bank. Ten years on, most
Lehman staff have left: has the global dream gone too?
14 HSBC memo lashes out at leadership HSBC’s investment bank is under
scrutiny after a scathing memo sharply criticised its strategy and leadership.
15 BAML’s Koder to replace Meissner as CIB chief BoA Merrill Lynch has
named Matthew Koder head of corporate and investment banking.
12 Who’s moving where Goldman Sachs is relocating Craig Murray to Hong
Kong to become head of its financial institutions group for APAC ex-Japan.
18 In brief Hillhouse Capital closed its latest funding round at US$10.6bn,
making it the region’s biggest private equity capital raising.
ASIA DATA
44 This week’s figures
21 AUSTRALIA
Troubled financial AMP Group
tapped its 0.75% December
19 2022 bond by SFr50m last
Wednesday to take the size of
the line up to SFr160m.24 CHINA
BOC Aviation priced a
US$500m five-year floating-
rate note at three-month US
dollar Libor plus 112.5bp. Books
exceeded US$750m.30 HONG KONG
Fortune Oil PRC Holdings
increased its three-year loan
to US$430m-equivalent from
US$400m after attracting 10
banks in general syndication.32 INDIA
State Bank of India, acting
through its London branch
priced its debut offshore Green
bond issue, a US$650m five-
year senior unsecured offering.34 INDONESIA
Indonesian state-owned
developer Waskita Karya has
fixed the coupons on Rp2trn
of dual-tranche rupiah bonds,
according to an offer document.34 JAPAN
Toyota Motor Credit priced a
US$1.5bn dual-tranche SEC-
registered bond offering. A
US$750m two-year floating-
rate note priced at par.36 MALAYSIA
UEM Sunrise has appointed
CIMB, HSBC Amanah Malaysia
and Maybank to jointly lead
an offering of Islamic bonds to
raise up to M$700m.36 NEW ZEALAND
ASB Bank has mandated four
to arrange investor meetings in
Europe for a €500m no-grow
seven-year covered bond which
is expected to price this week.37 PHILIPPINES
Security Bank Corp has priced a
US$300m bond with a maturity
of five years and one day at
Treasuries plus 168bp. Orders
reached US$800m.37 SINGAPORE
HSBC Holdings returned to
Singapore last Monday for its
second Additional Tier 1 issue of
S$750m (US$546.4m) priced
at 5%.39 SOUTH KOREA
One Equity Partners has
priced a block in Korean
biopharmaceuticals company
Celltrion Healthcare to raise
W401bn.41 TAIWAN
Abu Dhabi Commercial Bank
has increased a dual-tranche
loan to US$590m from an
initial US$400m target after
attracting 16 banks.42 THAILAND
Thai power producer B Grimm
Power is tentatively looking
at offering five or six tranches
ranging from two to 12 years
next month to raise Bt10bn.42 VIETNAM
Lotte Coralis Vietnam has
obtained a US$322m-equivalent
dual-tranche comprising a
¥32bn three-year tranche and a
US$30m one-year piece.COUNTRY REPORT