Hong Kong developer Kerry Properties launched an up to $400m dollar bond deal on Wednesday, hard on the heels of a $400m deal from rival Henderson Land’s the previous day. read more »
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09 February 2012
UBS has cut two members of staff from its ECM team in Hong Kong as part of a 35-strong staff cut at the bank’s Asia Pacific operations over the past few weeks.
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09 February 2012
An arm of Temasek, the Singaporean sovereign wealth fund, raised Rp14.7bn ($299m) from the sale of a stake in ICICI Bank on Tuesday night in India. A competitive bidding process involving most banks in the street pushed the deal to price at just a 1.5% discount to the stock’s closing price, surprising some bankers.
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08 February 2012
Philippine bank Banco de Oro Unibank (BDO) raised $300m from the international bond market on Tuesday, returning to debt investors after more than a year away. The bank will use the proceeds from the offering mostly for dollar lending.
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08 February 2012
Korea Finance Corp (KoFC) has raised A$250m ($270m) from its first ever sale of bonds in Australia, part of a plan to drum up $2bn from overseas creditors this year.
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08 February 2012
IT services company SCSK Corp reopened the Japanese ECM market to international investors after private equity firm ACA Investments sold a ¥12.549bn ($163.8m) stake in the company on Monday night.
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08 February 2012
Hong Kong developers Sun Hung Kai Properties and Nan Fung International raised a combined $750m on Monday, pricing their deals at tighter levels even as the number of potential issuers in the international bond market continued to rise.
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08 February 2012
The long-term outlook for US rates is pushing investors to accept longer durations, making it more likely that some Asian companies will be able to sell hybrid bonds. But bankers should be careful not to push investors too hard on structures: the buyside is still apt to clam up if things get volatile.
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08 February 2012
UK supermarket chain and retailer Tesco has started pre-marketing for a $450m IPO of some of its Tesco Lotus properties in Thailand. Tesco owns several shopping centres, or malls, in Thailand and the IPO will sell 17 of them into a fund to be called the Tesco Lotus Property Fund.
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07 February 2012
Canada’s Sunshine Oilsands has delayed the launch of its IPO roadshow, which was due to start on Monday. The deal has run into delays with Canadian regulators, who are taking a careful look at the offering circular before approving its distribution to local investors, said a banker close to the deal.
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07 February 2012
Hong Kong developers Nan Fung International, Sun Hung Kai and China Overseas Land and Investment are planning to sell bonds this week, taking advantage of the heavy demand for strong local credit after the blow-out response to deals from Wharf Holdings and Hutchison Whampoa last week.
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07 February 2012
Malayan Banking Corp (Maybank) raised $400m from a five year bond issue at the end of last week, becoming the first Malaysian issuer in the international debt market this year. The bonds traded slightly wider in the secondary market on Monday, after some rival bankers said the deal was priced too tightly.
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07 February 2012
Philippine bank Banco de Oro Unibank (BDO) is planning to raise between $200m and $250m in the international bond market this week, returning to debt investors after more than a year away.
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07 February 2012
Two Chinese companies started bookbuilding initial public offerings in Hong Kong this week. Xiwang Special Steel Company is hoping to close a HK$1.68bn ($217m) listing, and bakery chain Christine International is planning to close a HK$555m deal.
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06 February 2012
Carlos Garcia Moreno, chief financial officer of América Móvil, talks to EuroWeek Asia about the company’s recent experience in the offshore renminbi market.
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06 February 2012
South Korea’s Busan Bank drew a whopping $5bn of orders for its $300m bond last week, proving the ravenous appetite for investment grade bonds despite the heavy issuance since the start of the year.
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06 February 2012
Asia Pacific debt bankers are enjoying a surge in activity since the start of the year, after closing some $14.45bn of deals. But instead of fearing a slowdown in activity after this frenzied start, they are ever more bullish about the prospects for issuance. After all, they got a helping hand last month: the Federal Reserve’s commitment to keeping rates low for the next few years has pushed some usually risk-averse investors to reconsider the bond market.
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06 February 2012
Philippine conglomerate SM Investments Corp raised $250m on Friday morning, after pricing a five year convertible bond at the most attractive end for investors.
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06 February 2012
South Korean retailer Lotte Shopping raised Rmb750m ($119m) from a five year dim sum bond last week, becoming the first issuer from the country to tap the offshore renminbi market this year.
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06 February 2012
NWS Holdings, the infrastructure division of Hong Kong conglomerate New World Development, raised $500m in the international bond market last week, pushing ahead with a deal that was put on hold last month after a string of new issues caused a temporary strain on liquidity.
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03 February 2012
Hong Kong conglomerates Hutchison Whampoa and Wharf Holdings raised a combined $1.6bn this week, becoming the first issuers to test the bond market after the previous week’s Chinese New Year holidays.
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03 February 2012
ECM bankers launched two deals from Philippine companies this week, taking advantage of a rise in risk appetite among global investors after Chinese New Year — and the strong performance of Petron Corp’s recent deal.
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03 February 2012
Samsung Securities decided this week to shut its overseas businesses to focus on its domestic market, forcing more than half of its Hong Kong staff out of their jobs. The move leaves just specialist equity sales teams in the firm’s overseas offices, and they will now focus on pitching to global investors interested in South Korea’s domestic market.
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03 February 2012
Indonesian shipping company Berlian Laju Tanker is considering a possible debt restructuring and has yet to decide whether to continue with interest payments. It froze repayments on its outstanding debt at the end of last week after telling investors that one of its subsidiaries had breached a loan covenant.
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03 February 2012
The shine has come off the offshore renminbi market. Funding costs are rising, bond investors are posturing and some analysts now think that renminbi deposits in Hong Kong will fall this year, after an almost unbroken growth streak for the past two years. That is bad news for loans bankers.
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03 February 2012
Mexican telecommunications company America Movil priced its first offshore renminbi bond this week, becoming the first foreign company this year to tap the market. It was also the first dim sum bond sold from a bond programme registered with the US Securities and Exchange Commission, said bankers.
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03 February 2012
Philippine Airlines plans to raise around $50m from offshore lenders, after asking Credit Suisse to increase the size of a bilateral loan it signed last year. The deal offers potential lenders a novel structure — an amortising deal that pays a steady stream of receivables from credit card bookings for the airline’s flights.