Power Finance Corp taps yen market as REC allocates

1 September 2010

Power Finance Corp launched a loan worth around ¥20bn ($240m) on Tuesday in the latest example of an Indian borrower turning to offshore markets to avoid expensive funding rates at home. Rural Electrification Corp has also turned to overseas lenders for funding, and will allocate an increased dollar-denominated loan on Thursday morning. read more »


  • ASIA BOND WATCHBOX: Powerlong. Vista Land, Optus

    Powerlong Real Estate Holdings, Vista Land and Lifescapes, SingTel Optus and Mitsubishi Corp are all meeting investors ahead of potential bond issues as the Asian bond pipeline continues to grow. Read on for a list of expected deals.

  • Citic Pacific launches increased HK$ loan into syndication

    Citic Pacific launched an increased HK$4.83bn ($621m) loan into syndication on Wednesday and wants to close the deal within three weeks.

  • BOND ROUND-UP: KDB could launch today as market heats up

    Korea Development Bank could launch a global dollar bond on Wednesday, kicking off a heavy supply of deals from Korea. Funding officials from the policy bank were in Hong Kong on Tuesday, preparing for an issue that could launch as a variety of issuers including Vista Land & Lifescapes, SingTel Optus and Woori Bank prepare to meet investors.

  • San Miguel wraps up $1bn syndication

    San Miguel closed syndication of a $1bn loan on Friday, after eight additional banks joined the syndicate rendering unnecessary a previous call for underwriters to commit more money to guarantee the deal reached its target.

  • AU Optronics to sign upsized loan

    AU Optronics is set to sign a $360m loan on Friday, increased after the Taiwanese borrower exercised a greenshoe option on a $300m loan.

  • Philippines moves closer to synthetic peso bond

    The Republic of the Philippines is hoping to sell a global peso bond in the fourth quarter of the year, and mandated banks to manage the offer over the last few days.

  • Healthscope preps launch as Study Group closes

    Healthscope is preparing to syndicate a A$1.5bn ($1.3bn) acquisition loan next week, as it tests demand for Australian leveraged finance deals in the wake of a A$330m deal from Study Group that is set to close on Tuesday.

  • Neptune Orient taps S$ bonds after nine year lay-off

    Singaporean shipping company Neptune Orient Lines returned to its domestic bond market after a nine year lay-off on Friday, raising S$260m ($192.1m) at the end of a busy week for debt bankers in the country.

  • Asian bond bankers set for busy months ahead

    Asia’s debt bankers are preparing for a stream of G3 bond supply over the coming months, as a brief summer slowdown makes way to new deals from issuers across the credit spectrum.

  • Huijin raises $7.9bn as foreign banks eye China underwriting

    Central Huijin Investment, the Chinese government investment vehicle that holds the State’s big four bank stakes, raised Rmb54bn ($7.94bn) in the interbank bond market this week, showing the huge deals on offer to those foreign banks now applying for permission to underwrite issues in the country’s biggest bond market.

  • Aussie ABS in full swing but Appa threatens to break-up the party

    Australia’s structured finance bankers proved the growing strength of their domestic market this week, taking leasing company Fleet Partners on a debut ABS deal roadshow as Macquarie Bank became the second RMBS issuer in as many weeks to increase its deal after big demand. But the Australian Prudential Regulation Authority (Apra) dampened spirits when it issued tough guidance on capital relief.

  • Malaysia Air, ADCB turn to ringgit bid

    State-owned Malaysia Airports got a big response to its debut domestic bond at the end of last week, attracting M$10bn ($3.18bn) of orders only days before Abu Dhabi Commercial Bank came to the market with its own deal.

  • Stemcor sets its sights on Asia with $75m loan

    Stemcor, the UK steel trader, is in the market with a $75m revolver — its first loan to target Asian banks. The deal is to be the first of several in Asia for the borrower, which, like many European commodity companies, is drawn by the liquidity in Asia’s loan market.

  • Coastal Road Corp raises $160m after tough sell as investors take their time over analysis

    Philippine toll road operator Coastal Road Corp raised $160m in the international bond market at the end of last week, ending a difficult execution process after investors took longer than bankers had expected to analyse the credit.

  • Bankers pitch for Korea Air Lines ABS deal, pricing key

    Asia’s structured finance bankers sent proposals to Korean Air Lines this week, after the company asked for ideas on how it could raise funds in the asset-backed securitisation (ABS) market.

  • Healthscope LBO gets three commitments ahead of launch

    Three banks have signed up to Healthscope’s A$1.5bn ($1.33bn) buy-out loan, and two more are expected to join, ahead of the deal heading to syndication in the next few weeks. It is the largest leveraged loan in Asia Pacific this year — the buy-out is the biggest in Australia since 2007 — and will test market appetite for LBO loans.



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Poll of the week

The Chinese government invited foreign banks to invest in its interbank bond market last week. When do you think it will take the next step — and let foreign banks underwrite non-government debt in the market?