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INTERNATIONAL FINANCING REVIEW ASIA
SEPTEMBER 15 2018 ISSUE 1058COVER STORIES
EQUITIES
04 Yahoo block breaks Japan record
A record US$4.3bn block trade in Yahoo Japan has put
overnight bookbuilds on the radar for vendors looking
to dispose of sizable stakes in Japanese companies.
BONDS
04 Aussie banks weather slowdown
Analysts and investors are playing down fears over
Australian banks despite mounting pressure from
falling house prices and damning financial scandals.
STRUCTURED EQUITY
06 Japan claims Green CB first
Sumitomo Forestry gave the convertible bond market a
hint of green by sealing the world’s first Green CB last
week, raising ¥10bn to refinance a New Zealand project.
NEWS
06 Thai IPOs bank on local demand
Despite Thailand overperforming in the summer’s
emerging markets sell-off, its two biggest listings of the
year show no signs of banking on overseas support.
07 Iron Man firm faces stark time China’ s DMG Entertainment and Media,
co-producer of Iron Man 3, has defaulted on its onshore bonds.
08 Korea swamped on bond return Global investors flocked to Korea’s
US$1bn dual-tranche bond, stocking up on high-quality credits.
08 Oxley keeps lenders busy Singapore’s Oxley Holdings is raising S$317m,
its fourth loan outing this year, despite measures to curb property prices.
PEOPLE & MARKETS
12 CLSA plots Belt and Road expansion
CLSA, the offshore arm of Citic Securities, is looking to
open more offices in major outposts along the Belt and
Road, its chief executive Jonathan Slone said last week.
13 Taiwan to tighten Formosa limits Taiwan’s regulator plans to rein in
insurance companies’ foreign credit risk exposure via the bond market.
14 StanChart parting ways with Asia trio StanChart is parting with three
senior Asia-focused bankers and some lower-level bankers to cut costs.
15 ANZ faces new suit over ‘cartel’ trade Australia’s corporate watchdog
initiated civil proceedings against ANZ over its ‘cartel’ trade scandal.
12 Who’s moving where JP Morgan has appointed Filippo Gori as Hong
Kong CEO, replacing for Kam Shing Kwang.
ASIA DATA
40 This week’s figures
18 AUSTRALIA
South Australia’s Government
Financing Authority raised
the A$1bn maximum it had
targeted for last Wednesday’s
dual-tranche bond taps.20 BANGLADESH
Banglalink has won consent
to amend its US$300m
8.625% bonds to increase its
consolidated leverage ratio to
5.0x from 3.5x.21 CHINA
ABC International Holdings,
through unit Inventive Global
Investments, priced US$800m
of three-year bonds in fixed and
floating-rate tranches.26 HONG KONG
Insurer AIA Group priced a
US$500m three-year floating-
rate senior unsecured note
offering at par to yield three-
month Libor plus 52bp.29 INDIA
Rural Electrification Corp has
withdrawn a three-year 13-day
bond offering on September 12
after it received bids at a higher
than expected level.31 INDONESIA
Mobile telecom services
operator XL Axiata is planning
to raise Rp2trn from a five-
part bond offering, including a
Rp1trn sukuk portion.32 JAPAN
Mitsubishi UFJ Lease and
Finance priced a US$500m
five-year senior bond offering at
par to yield 3.96%, equivalent
to Treasuries plus 110bp.33 MACAU
Macau gaming resort Studio
City International has filed a
US$115m NYSE IPO with the
US Securities and Exchange
Commission.33 MALAYSIA
Bank Islam Malaysia has
established a M$10bn senior
and subordinated Islamic
bond programme under the
murabahah concept.34 NEW ZEALAND
Industrial property landlord
Property for Industry has
appointed Westpac as arranger
for a seven-year senior secured
fixed-rate note offer.34 SINGAPORE
CCBC Singapore branch priced
a S$300m two-year bond at
par to yield 2.643% with a
spread of 60bp over Singapore
dollar SOR.36 TAIWAN
Taiwan Star Telecom, a
subsidiary of conglomerate
Ting Hsin International Group,
has raised a NT$6.25bn three-
year loan.37 THAILAND
Thai Beverage has priced seven
bond tranches at the wide
ends of guidance after healthy
demand. The brewer is hoping
to raise a minimum Bt70bn.37 VIETNAM
Vietnam’s PAN Group has
priced a D1.135trn debut bond
issue, helped by a guarantee
from the Credit Guarantee and
Investment Facility.COUNTRY REPORT