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INTERNATIONAL FINANCING REVIEW ASIA
OCTOBER 27 2018 ISSUE 1064COVER STORIES
BONDS
04 Chinese banks heed Tier 2 call
Chinese banks are accelerating their issuance of
onshore Tier 2 bonds to replenish capital, as many
notes they issued in 2014–2015 turn callable in 2019.
BONDS
04 Aussie banks lose market share
Australian bank issuance is about to pick up briefly, but
the longer-term supply trend is down, with a housing
slump, tighter regulations and non-bank competition.
BONDS
05 AMP plans sub-notes after share bloodbath
Scandal-hit financial group AMP picked a bad day to
announce a roadshow for a potential Australian dollar-
denominated 10-year non-call five subordinated note.
NEWS
06 Dhaka stocks to get bond fillip
Bangladesh’s state-owned investment agency is
planning to take the unusual step of issuing bonds to
use the proceeds to support the local stock market.
07 Calsonic gears up for Magneti LBO Japanese auto parts maker Calsonic
Kansei is raising €5bn to acquire high-tech parts maker Magneti Marelli.
08 Locals buy into Thailand Future Thailand Future Fund completed the
kingdom’s largest IPO in three years due to support from local institutions.
08 Metrobank leads bond charge Philippine banks are about to issue their
first bonds since authorities stopped requiring prior approval for debt sales.
PEOPLE & MARKETS
12 StanChart mulls job cuts again
Standard Chartered is preparing fresh job cuts during
the fourth quarter as its chief financial officer conceded
that the bank’s cost-cutting drive had stalled.
13 Goldman Sachs changing Asia IB leadership Goldman Sachs veteran
banker Todd Leland will become Asia investment banking head.
13 Sebi urges monitoring of end use of funds India’s regulator urged proper
monitoring of the end use of funds after a series of defaults.
12 Who’s moving where CIMB Group has appointed Mohd Nasir Ahmad as
its new chairman, effective October 20.
15 In brief Singaporean Fintech startup Covalent Capital is planning on
launching its bond issuance platform OMAS next month.
ASIA DATA
39 This week’s figures
19 AUSTRALIA
Treasury Corporation of Victoria
targeted the short end of the
domestic bond market with last
Tuesday’s A$2bn syndicated
three-year sale.20 CHINA
Hainan Airlines priced a
US$100m two-year non-put
bond at 13.17% yield to maturity.
The coupon is 12%. Notes were
issued at a discount price of 98.26 HONG KONG
Chinese automobile glass
maker Xinyi Glass Holdings
seeks to amend the covenant
on September’s HK$750m
three-year bullet deal.28 INDIA
World Bank affiliate IFC has
issued Rs7.4bn three-year
Masala notes at a yield of 7.46%.
Indicative guidance was 7.5%
levels for the offshore issue.31 INDONESIA
Pertamina has postponed a
proposed new US dollar bond
issue and called off a tender
offer for some of its existing
paper.32 JAPAN
Afreximbank is holding a non-
deal roadshow arranged by
MUFG in Tokyo this week ahead
of the maturity of a debut Ninja
loan it completed last year.33 LAOS
Lao Viet Bank launched a
three-year term loan of up to
US$100m, returning to loan
market after an absence of
more than a year.34 MACAU
Sands China is self-arranging
an unsecured US$2bn revolving
credit facility to replace an
outstanding portion of a 2016
US$6.385bn loan.33 MALAYSIA
State-owned funding vehicle
DanaInfra Nasional has
mandated five banks to lead
an offering of Islamic bonds to
raise up to M$4bn.34 NEW ZEALAND
Kiwi Property Group has
mandated three joint lead
managers for a seven-year
fixed-rate senior secured retail
note offer, opening October 29.34 PHILIPPINES
Metrobank Card has launched a
US$100m three-year term loan.
The bullet deal pays an interest
margin of 100bp over Libor and
has an unspecified greenshoe.35 SINGAPORE
Wastewater treatment
company Citic Envirotech will
redeem its US$355m 5.45%
senior perpetual notes on the
first call date of November 27.36 SOUTH KOREA
Korea Southern Power has
mandated BNP Paribas
Suisse and UBS as lead
managers for a Zurich
roadshow on October 30.37 TAIWAN
Panjit International and its unit
Panjit Asia International have
increased two five-year loans to
US$227m-equivalent from the
US$191m-equivalent target.38 THAILAND
Muangthai Capital will invite
institutional and high-net-
worth investors to subscribe to
three and four-year bonds from
October 30 to November 1.COUNTRY REPORT