fixed at par to yield 3.2%, was also being
offered.
These five tranches were offered to
institutional and high-net-worth investors.
Two other tranches of two and 10 years
were offered only to institutional investors
at respective guidance ranges of 2.40%–
2.60% and 4.00%–4.16%.
The Thai beer maker, rated AA by
Tris, is raising funds to partly refinance
bridge loans used to fund its US$4.84bn
acquisition of a 53.59% stake in Vietnam’s
Saigon Beer-Alcohol-Beverage Joint Stock
Corporation (Sabeco), which produces
Saigon Beer and 333.
Bangkok Bank, Bank of Ayudhya,
Kasikornbank, Krungthai Bank, Phatra Securities,
Siam Commercial Bank and Standard Chartered
Bank were joint lead managers and
underwriters.› GHB PREPARES BOND SALEGOVERNMENT HOUSING BANK is planning to sell
up to Bt9.2bn of bonds in tenors of three
and 10 years later this month.
CIMB THAI BANK is sole lead manager for the
deal. Pricing is expected to be set in the
week of September 17 with subscription
due on September 25-26.
The government-owned bank is
locally rated AAA by Fitch to reflect the
extraordinary support it is expected to
receive from its parent, the Ministry of
Finance.
GHB has Bt9.9bn in four bonds due over
the next four months, including Bt5.4bn
in two bonds in September, Bt1bn in
November and Bt3.5bn in December.› BTS FINDS HOT TICKET SALESBTS GROUP HOLDINGS has increased a triple-
tranche bond offering to Bt9.5bn after
finding robust demand.
A Bt3.55bn two-year tranche was priced
at par to yield 2.58% and a Bt1.29bn five-
year tranche was priced at 3.25%. Demand
was strongest for the 10-year tranche,which was fixed at Bt4.66bn with a yield of
4.03%.
All three tranches were priced at the
wide end of guidance. The respective pieces
were marketed on August 31 at 2.48%–
2.58%, 3.15%–3.25% and 3.93%–4.03%.
A two-day subscription for the notes,
rated A by Tris, kicked off last Wednesday.
The Thai mass rapid transit rail operator
had targeted a minimum size of Bt6bn with
a Bt4bn greenshoe. Proceeds will be used to
repay debt and meet working capital and
investment needs.
Bangkok Bank and HSBC were joint lead
managers for the deal.Vietnam global equity and equity-related
1/1/18 – 31/8/18
Amount
Name Issues US$(m) %
1 Deutsche 4 761.8 27.2
2 Morgan Stanley 2 533.1 19.1
3 Credit Suisse 3 453.9 16.2
4 VCSC 1 307.9 11.0
5 Citigroup 2 291.4 10.4
6* HSBC 1 225.3 8.1
6* Maybank 1 225.3 8.1
Total 4 2,798.7Source: Thomson ReutersVietnam IPO points to weak sentiment
Equities Vinalines raises a fraction of D4.9trn targetSentiment in Vietnam’s equity capital market
has nosedived judging by the response to the
IPO of state-owned VIETNAM NATIONAL SHIPPING
LINES (Vinalines), which raised just D54bn
(US$2.32m) out of the original target of
D4.9trn.
Concerns over emerging markets have
weighed on the Vietnamese stock market
and high profile IPOs such as Vietnam
Technological and Commercial Bank
(Techcombank), Vinhomes and Yeah1
Group this year, and these worries again
discouraged local and foreign investors from
buying the IPO shares.
Vinalines sold 5.43m shares at an average
price of D10,002, data on the Hanoi Stock
Exchange shows, as against the target of
488.8m shares. The US-China trade war was
also a factor in the disappointing fundraisingbecause of its likely effect on the shipping
industry.
Interest was muted despite Vinalines’
strong earnings last year. The company
earned a net profit of D748bn in 2017, up
92% from 2016, after suffering losses in the
early 2010s when several of its executives
were jailed for mismanagement and
embezzlement.
Two institutions and 39 individuals were
allocated the shares. Foreigners were
allocated 6,200 shares.
The shares will be listed on local stock
exchanges within three months.
Saigon Securities was the bookrunner.
The Vietnam Index is down 1.6% year-
to-date, following a gain of 50% last year.
Techcombank’s shares are down at D26,000,
compared with the IPO price of D128,000,Vinhomes is trading at D105,900 versus the
IPO price of D114,700, and Yeah1 Group is at
D224,300 versus the IPO price of D300,000.
All the companies sold shares earlier this
year and were expected to trigger massive
interest in the Vietnam market.
High-end Vietnamese property developer
Vinhomes raised D30.7trn through its IPO in
what is Vietnam’s largest ever equity capital
market transaction. Techcombank raised
D21trn and Yeah1 D2.35trn.
The Vinalines share sale is part of the
Vietnamese government’s plan to sell stakes
in over 64 state-owned firms this year. The
government is raising funds to finance its
fiscal deficit, which is nearing the mandated
65% of gross domestic product. So far, it has
sold stakes in close to a dozen companies.
S ANURADHATop bookrunners of Thailand syndicated loans
1/1/18 – 31/8/18
Amount
Name Deals US$(m) %
1 Maybank 1 240.0 48.2
1 CIMB Group 1 240.0 48.2
3 CTBC Financial 1 18.0 3.6
Total 2 498.0
- Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S18b