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Wednesday, 03 September 2014

IFRAsia
IFR Asia 744 - April 28, 2012

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  • 3i Infotech finds success

    IFR Asia 744 - April 28, 2012

    There was an overwhelming response to IT services provider 3i Infotech’s tender and exchange offer for its outstanding zero-coupon €28m and US$94m convertible bonds due April and July, respectively. It received acceptances for 100% of its euro-denominated CBs and 96.33% of its dollar-denominated CBs.

  • ABN AMRO: Shanghai office opens

    IFR Asia 744 - April 28, 2012

    ABN AMRO has opened an office in Shanghai to support its energy, commodities and transportation business in Asia. Of late, the bank has been keen on getting more exposure to Asia. In the release announcing the new office, ABN pointed to the Netherlands, where it is based, as China’s second largest trading partner in the European Union.

  • Abu Dhabi bank returns

    IFR Asia 744 - April 28, 2012

    Abu Dhabi Commercial Bank made a comeback to the ringgit bond market, two years after its last sale. The new paper, its third in as many years, is a M$310m five-year bond priced at 4.30% yesterday. That yields a nice pick-up of about 37bp over the average secondary yield of other AAA rated financials in Malaysia

  • Allocations for ECOM revolver

    IFR Asia 744 - April 28, 2012

    The US$368m 364-day revolving credit for ECOM Agroindustrial Corp and ECOM Agroindustrial Asia has been allocated. The facility was increased from an original t

  • Alvarez & Marsal: Forensic hire

    IFR Asia 744 - April 28, 2012

    Restructuring advisory firm Alvarez & Marsal has hired a forensic accountant in Beijing, a sign that the growing number of accounting and governance scandals is presenting business opportunities in China.

  • Astra Agro talks about refi

    IFR Asia 744 - April 28, 2012

    Plantation firm Astra Agro Lestari is in talks with a handful of relationship banks on the refinancing of the US$50m three-year revolving credit it sealed in July 2009.

  • Atlas Resources turns to bonds

    IFR Asia 744 - April 28, 2012

    Indonesia’s Atlas Resources plans to raise Rp1trn (US$109m) through five-year bonds in mid-May. DBS, Indo Premier Securities, Mandiri Sekuritas and Standard Chartered are leads on the deal.

  • Ayala plans retail issue

    IFR Asia 744 - April 28, 2012

    Conglomerate Ayala Corp plans to raise Ps10bn (US$234m) of 15-year bonds with the call options starting at the 10th until the 14th year.

  • Bakries loans back in the spotlight

    IFR Asia 744 - April 28, 2012

    LOANS Lenders confident of resolution on covenant breach as equity investors run scared

  • Bakries, reloaded

    IFR Asia 744 - April 28, 2012

    The threat of a default clearly doesn’t faze the Bakries. For the second time in six months, the influential Indonesian family is facing a potentially crippling cash call following a technical default on a US$437m share-backed financing.

  • Bangchak targets Bt3bn

    IFR Asia 744 - April 28, 2012

    Thai refiner Bangchak Petroleum will raise Bt3bn from a two-tranche bond. Bangkok Bank will be sole manager of the issue.

  • Bank Negara trades up

    IFR Asia 744 - April 28, 2012

    Bonds from Bank Negara Indonesia are trading up after its US$500m issue received orders of US$3bn from 183 accounts.

  • Bank of Ceylon in strong debut

    IFR Asia 744 - April 28, 2012

    Sri Lanka’s Bank of Ceylon has priced a five-year Reg S/144a bond at the tight end of the 6.875%–7.000% guidance.

  • Banpu plans Q2 issue

    IFR Asia 744 - April 28, 2012

    Thai coal company Banpu has named Bangkok Bank, Kasikorn Bank and Krung Thai Bank for a bond sale in the second quarter.

  • BCA Finance prices issue

    IFR Asia 744 - April 28, 2012

    BCA Finance priced its Rp1.5trn (US$163m) issue within the indicated pricing guidance. However, the Indonesian car-financing company scrapped the 18-month tranche due to weak demand for the tenor.

  • BEA (China) Dim Sum show

    IFR Asia 744 - April 28, 2012

    The Bank of East Asia (China) will meet fixed income investors on Wednesday to explore an issuance of offshore reminbi-denominated senior bonds. It will hold a one-day roadshow in Hong Kong. Bank of East Asia, BNP Paribas and HSBC are joint leads on the deal.

  • Bhushan loan goes into general

    IFR Asia 744 - April 28, 2012

    Sole mandated lead arranger and bookrunner State Bank of India has launched into syndication a US$250m term loan for Bhushan Steel.

  • Big oil trades tighter

    IFR Asia 744 - April 28, 2012

    New bonds from top Chinese offshore oil producer CNOOC traded tighter in secondary in the morning last Thursday. This is after the company logged orders of US$17.3bn for its US$2bn trade.

  • Blooming books

    IFR Asia 744 - April 28, 2012

    Hotel and casino operator Bloomberry Resorts last Monday opened books for a top-up placement of up to Ps9.7bn (US$228m). Controlling shareholder Prime Metroline Holdings will offer 1.179bn shares, equivalent to about 12.7% of outstanding, and then subscribe to the same number.

  • BoT bags Walsin mandate

    IFR Asia 744 - April 28, 2012

    Bank of Taiwan has secured the mandate to arrange a NT$10bn five-year refinancing for cable and wire maker Walsin Lihwa Corp.

  • BoTMU to hire 200 for derivatives in three-year push

    IFR Asia 744 - April 28, 2012

    Bank of Tokyo-Mitsubishi UFJ, the core bank at the heart of Japan’s biggest banking group Mitsubishi UFJ Financial Group, aims to grow its sales and trading profit 30% to ¥270bn (US$3.3bn) in three years. 

  • BoTMU: RBS unit on board

    IFR Asia 744 - April 28, 2012

    Bank of Tokyo-Mitsubishi UFJ completed the acquisition of RBS’s Australian public-private partnership business in the week of April 16. The move is part of BoTMU’s strategy to expand its project finance lending volumes and banking revenues outside of Japan.

  • Bumi Armada block cut by third

    IFR Asia 744 - April 28, 2012

    EQUITIES Ananda Krishnan holds onto shares, but deal is still Malaysia’s largest share sale of 2012

  • BW block struggles

    IFR Asia 744 - April 28, 2012

    A block trade in BW Plantation last Wednesday appeared to struggle, raising a lower-than-targeted Rp367.7bn (US$40m). Sole bookrunner Morgan Stanley launched an offering of 290m shares, but eventually cut it to 232m shares after keeping the book open overnight. At the bottom of the range, the vendors were said to hav

  • CAO mandates five for revolver

    IFR Asia 744 - April 28, 2012

    China Aviation Oil (Singapore) Corp has mandated ABN AMRO Bank, ANZ, Bank of Communications, Credit Agricole and UOB to arrange a US$125m revolving credit facility.

  • CBA pre-finances

    IFR Asia 744 - April 28, 2012

    Commonwealth Bank of Australia is looking to refinance A$22bn (US$22.8bn) of maturities in its 2013 fiscal year. It has already completed its funding for the current fiscal year to June 30 2012. CBA issued A$26bn of term wholesale debt and is busy prefunding for FY2012 in the last quarter.

  • CDB sells Rmb20bn paper

    IFR Asia 744 - April 28, 2012

    China Development Bank auctioned Rmb20bn (US$3.17bn) of five-year floating-rate bonds at 78bp over the one-year deposit rate. The deal was 2.34 times covered. The offering started on April 27 and will end on May 3, which will also be the settlement date for the deal.

  • Chandra Asri closes

    IFR Asia 744 - April 28, 2012

    Indonesia Eximbank has joined in limited syndication of the US$150m seven-year term loan for Chandra Asri.

  • China bailout rewrites rules on capital structure

    IFR Asia 744 - April 28, 2012

    BONDS Lenders and suppliers left out as Helon repays CP

  • China Merchants prices tight

    IFR Asia 744 - April 28, 2012

    China Merchants received orders of US$1.9bn from 145 accounts for its 10-year bonds. The response allowed the company to price the paper at 320bp over US Treasuries, a sharp contrast to the initial price talk of 350bp above.

  • China tells IPO bankers to ‘like’ Facebook

    IFR Asia 744 - April 28, 2012

    EQUITIES Regulator praises banned website’s risk disclosure as example for local IPOs

  • China's coal hunger rescues Winsway holders

    IFR Asia 744 - April 28, 2012

    CREDIT TRADING Winsway bonds bounce after SOE investment eases fears of restructuring

  • Chongqing Land offers Rmb5bn

    IFR Asia 744 - April 28, 2012

    Chongqing Land Property Group issued Rmb5bn of seven-year fixed-rate enterprise bonds at 7.35% last Wednesday. The offering closed last Friday. Guangfa Securities and Qilu Securities were joint leads on the deal, which, along with the issuer, has an AA+ rating from Chengxin.

  • Close Sesame!

    IFR Asia 744 - April 28, 2012

    The US$3bn dual-tranche loan for Alibaba Group was slated to close before the end of last week. This followed a blowout response from lenders, with commitments, including verbal and written, totalling US$1.64bn.

  • CNMM starts premarketing

    IFR Asia 744 - April 28, 2012

    China Nonferrous Metal Mining (Group) started premarketing its Hong Kong IPO of US$500m–$700m last Wednesday. The timing of the roadshow, however, has yet to be set. ABCI, CICC, JP Morgan and UBS are arranging the transaction.

  • CNOOC paper trades firmer

    IFR Asia 744 - April 28, 2012

    New bonds from CNOOC debuted tighter in the secondary market after the Chinese offshore oil producer raised US$2bn. It had logged orders of US$17.3bn.

  • Completed Deals

    IFR Asia 744 - April 28, 2012

  • Datang completes private MTNs

    IFR Asia 744 - April 28, 2012

    Hong Kong- and Shanghai- listed Datang International Power Generation has completed a Rmb5bn private MTN issue. The three-year tap of its Rmb10bn shelf registration was priced at 5.08%, equivalent to around 57bp over the public MTN benchmark level of top AAA rated and comparable tenor.

  • Dozen turn out for PEP

    IFR Asia 744 - April 28, 2012

    A dozen lenders are providing an A$700m-plus leveraged buyout loan to back Australian buyout fund Pacific Equity Partners’ revised bid for Spotless Group. The target entity is a cleaning and catering services group, with contracts that include selling meat pies at the Melbourne Cricket Ground.

  • Felda IPO shifts to plan B – again

    IFR Asia 744 - April 28, 2012

    EQUITY Settlers left out of bumper listing even after voting to take part

  • Final run for desal frenzy

    IFR Asia 744 - April 28, 2012

    Final bids are expected on May 4 for the US$2bn-equivalent sale of Sydney’s desalination plant. Industry Funds Management, Spark Infrastructure and a Hastings Funds Management-led consortium will file the bids for one of the largest privatisations in Australia this year.

  • Four get NDRC okay

    IFR Asia 744 - April 28, 2012

    China’s National Development and Reform Commission has granted approval to four top state-owned enterprises to issue offshore renminbi bonds totalling up to Rmb18.5bn (US$2.93bn).

  • Four more qualify for F1 IPO

    IFR Asia 744 - April 28, 2012

    EQUITIES Market watchers look for bookrunner links to racing

  • Galaxy selldown

    IFR Asia 744 - April 28, 2012

    An undisclosed institutional seller raised HK$1.09bn (US$140m) from a selldown in Macau’s Galaxy Entertainment Group last Tuesday. The 50m shares on offer were priced at HK$21.80 apiece, the mid-point of an indicative range of HK$21.70–$21.90, representing a discount of 3.96% to the pre-deal spot.

  • GE Capital: Mukerji joins as India head

    IFR Asia 744 - April 28, 2012

    GE Capital has hired Neeta Mukerji to lead its capital markets business in India.

  • Global peso bonds back on agenda

    IFR Asia 744 - April 28, 2012

    BONDS Bankers pitching offshore local currency trades after Brazil success story

  • Global renminbi contest is a one-sided game

    IFR Asia 744 - April 28, 2012

    So far, China is the only winner from its currency’s internationalisation, says IFR Asia’s Jonathan Rogers.

  • Golomt Bank postpones deal

    IFR Asia 744 - April 28, 2012

    Golomt Bank, Mongolia’s largest privately owned bank, has decided not to proceed with a potential Reg S/144a transaction after meeting investors.

  • Graff sets June goal

    IFR Asia 744 - April 28, 2012

    London-based high-end jeweller Graff Diamonds is looking to complete its Hong Kong listing of US$1bn in June. The listing hearing is expected to happen in the next few weeks.

  • Growing pains

    IFR Asia 744 - April 28, 2012

    Any foreigner who has done business in China knows to expect the unexpected. A near-default in a North-eastern province is giving the Western world a blueprint for how a restructuring might be carried out in the mainland’s capital markets. And, as expected, the usual rules do not apply.

  • Healthy mandate for TCCB

    IFR Asia 744 - April 28, 2012

    Johnson Health Tech has mandated Taiwan Cooperative Commercial Bank to arrange a NT$2.8bn five-year loan.

  • High-yield bucks trend

    IFR Asia 744 - April 28, 2012

    Credit trading in Asia was counterintuitive last week. The investment-grade market reacted to the Federal Reserve’s statement and Spain’s downgrade by softening, but the high-yield space, usually more tied to overall market trends, traded up.

  • HK watchdog revokes IPO licence

    IFR Asia 744 - April 28, 2012

    The Hong Kong stock market regulator has hit Taiwanese-owned Mega Capital, underwriter of a troubled 2009 listing, with some of its toughest enforcement action to date, revoking a corporate finance advisory licence for the first time and imposing a record fine.

  • HKEx to issue new shares

    IFR Asia 744 - April 28, 2012

    Hong Kong Exchanges and Clearing has secured shareholder approval to issue additional shares of up to 10% of its enlarged share capital, at a discount of up to 10%.

  • Hotai relies on BoT for refi

    IFR Asia 744 - April 28, 2012

    Leasing company Hotai Finance Corp is seeking a NT$3bn refinancing. The facility is expected to have a tenor of three to 3.5 years.

  • Hotel's late check-out

    IFR Asia 744 - April 28, 2012

    Hotel Leelaventure said it expected to be late making the redemption payment for its US$100m zero coupon convertible bonds due April 25 2012. A total of US$41.6m of the bonds are still outstanding, and the issuer needs to pay US$60.99m to redeem them.

  • HSBC: DCM shuffle

    IFR Asia 744 - April 28, 2012

    HSBC has shuffled its DCM team following the transfer of former Asia Pacific head Rod Sykes. Alexi Chan becomes head of debt capital markets origination for Asia. Chan, who was running South-East Asia DCM, will stay in Singapore. Sean Henderson, head of debt capital markets for Australia, will take up the remainder of Sykes’ Asia Pacific responsibilities, adding New Zealand to his remit. They will report to Stephen Williams, head of global capital markets for Asia Pac

  • Huadian Jinsha needs Rmb15bn

    IFR Asia 744 - April 28, 2012

    Huadian Jinsha River Upper Reaches Hydropower Development is seeking loans of about Rmb15bn for power station construction projects.

  • Huaibei mines for big prize

    IFR Asia 744 - April 28, 2012

    The CSRC has made public the IPO prospectuses of two Shanghai listing candidates. Huaibei Coal Mining Group, a major coking coal producer, plans to raise about Rmb6.06bn from the sale of up to 2.2bn shares. China Galaxy Securities is the sponsor. Funds raised will be used to improve technology, build a coal-preparation plant

  • Huge demand for Pertamina paper

    IFR Asia 744 - April 28, 2012

    Pertamina has priced a two-tranche bond, its first since an upgrade to investment grade. The Indonesian state-owned energy firm priced with a small new-issue premium as investors piled into long-term debt from South-East Asia’s biggest economy.

  • IBK still eyeing yen

    IFR Asia 744 - April 28, 2012

    Industrial Bank of Korea is unlikely to be among the expected string of South Korean issuers planning to access the Samurai market in May–June. Bankers note that IBK has been constantly considering yen issuance this year after cancelling a deal in November, but talk is that it has ample liquidity and will not make a mov

  • India sticks to sovereign plan

    IFR Asia 744 - April 28, 2012

    India is still pursuing plans to set up its own sovereign wealth fund. This time, plans are afoot to use some of the disinvestment proceeds received from selling stakes in state-owned enterprises for the fund. In 2012–13, the government aims to raise Rs300bn (US$5.7bn) from its privatisation programme.

  • Indian Oil walks the 'tight' line with new issue

    IFR Asia 744 - April 28, 2012

    BONDS Oil refiner and marketer prices five-year bonds at 9.35%

  • IPO on Tsui Wah menu

    IFR Asia 744 - April 28, 2012

    Local eatery chain Tsui Wah Restaurant is reportedly hoping to list in Hong Kong in the fourth quarter to raise US$150m–$200m.

  • IPOs gather momentum

    IFR Asia 744 - April 28, 2012

    Samvardhana Motherson Finance will open anchor books on Monday for its IPO of up to Rs16.65bn (US$316m). It is offering 141.1m–147.3m shares, of which 113.9m–118.9m are primary and 27.2m–28.4m are being offered by Radha Rani Holdings. The deal size is equivalent to 24.0%–24.9% of enlarged share capital.

  • JP Morgan adds to Asia wager

    IFR Asia 744 - April 28, 2012

    Money-centre bank relocates global investment banking chief to Hong Kong

  • K Wah goes tight

    IFR Asia 744 - April 28, 2012

    Hong Kong-based property concern K Wah International priced a US$200m five-year Reg S at a yield of 5.375%. The pricing tightened some 25bp from initial talk of 5.625%.

  • Kiwi for KfW

    IFR Asia 744 - April 28, 2012

    Triple A rated KfW sold a NZ$100m (US$81.4m) three-year piece last Thursday. The German state-owned agency priced the bonds at a coupon of 3.25%, with a price at 99.54565 yielding 3.412%. The spread came out at 42bp over MS, in line with guidance.

  • League Tables

    IFR Asia 744 - April 28, 2012

  • Legend unit seeks US$200m refi

    IFR Asia 744 - April 28, 2012

    Right Lane is seeking a US$200m three-year guaranteed term loan in the Hong Kong market to refinance a maturing facility. Right Lane is a subsidiary of China’s Legend Holdings.

  • Local debt markets add to rapid growth

    IFR Asia 744 - April 28, 2012

    BONDS ADB report shows lower ratings, longer maturities adding depth to Asian currency bonds

  • Lotte Shopping eyes bond

    IFR Asia 744 - April 28, 2012

    South Korean retail operator Lotte Shopping met investors in Hong Kong on April 24 and Singapore on April 25 for a potential US-dollar Reg S/144a bond this week.

  • M&L pulls hotel REIT

    IFR Asia 744 - April 28, 2012

    M&L Hospitality Trusts has decided to defer its Singapore IPO of up to S$509m (US$410m) after meeting with subdued demand.  Much of the interest was said to come at the wide end of the S$0.80–$0.87 per unit range, which gave a forecast dividend yield of 8.05% for 2012 and 8.3% for 2013. The issuer was not willing to contemplate pricing below the guidance range and there was not sufficient book coverage to proceed.

  • Maybank sells chunky sub

    IFR Asia 744 - April 28, 2012

    Malayan Banking sold a chunky M$2.1bn (US$688m) subordinated bond on April 25, pricing it at a tight 4.25%. The largest Malaysian commercial bank in terms of assets has been on a capital-raising spree in the past 12 month and this is its latest effort.

  • Mayora prices dual trancher

    IFR Asia 744 - April 28, 2012

    Mayora Indah priced its two-part bond to raise Rp1trn (US$109m), higher than the planned Rp750bn.

  • Minmetals handling own financing

    IFR Asia 744 - April 28, 2012

    China Minmetals Corp is tapping the market for a self-arranged US$250m three-year offshore loan to refinance an existing borrowing maturing this year.

  • Mizuho joins Panda pack

    IFR Asia 744 - April 28, 2012

    Mizuho Corporate Bank (China) became the latest foreign bank to tap China’s onshore bond market with so-called Panda bonds, pricing a two-year issue of Rmb1bn at 4.55% last Monday. That pricing was near the low-end of the guidance of 4.4%–4.8% and equivalent to 168bp over the two-year government bonds.

  • Modest Hotel Properties

    IFR Asia 744 - April 28, 2012

    The S$150m (US$120.6m) maiden perpetual securities issue of Hotel Properties drew a modest book of S$200m. This is one of the smallest-sized perps in a spree of corporate long-term fundraising in recent weeks. It was kept modest deliberately because HPL said it did not want a large deal.

  • Nam Na 3 closes

    IFR Asia 744 - April 28, 2012

    Nishi-Nippon City Bank has joined a ¥7.1bn (US$87m) 13-year loan for the Nam Na 3 hydropower project in Vietnam. Nishi-Nippon signed on as an initial lender on the BNP Paribas-arranged facility, providing ¥1bn of the overall loan.

  • NTPC among bond pack

    IFR Asia 744 - April 28, 2012

    State-run NTPC closed its bond sale last Wednesday, deciding to cap the sale at Rs5bn (US$95.15m). The bonds are priced at 9.25%, higher than the indicative guidance of 9.00%–9.10%.  Bankers still pegged the pricing as “fair” because of the volatile market with yields rallying.  

  • On lookout for NT$4bn refi

    IFR Asia 744 - April 28, 2012

    Paper products-maker Cheng Loong Corp has invited relationship banks to bid for the mandate for a NT$4bn five-year refinancing.

  • ONGC gets the money

    IFR Asia 744 - April 28, 2012

    ONGC-Mangalore Petrochemicals has obtained a Rs25.08bn (US$476m) loan via sole-bookrunner SBI Capital Markets. The loan, linked to the State Bank of India’s base rate of 10%, matures on September 30 2023.

  • Other Tables

    IFR Asia 744 - April 28, 2012

  • Pacific Andes needs US$145m

    IFR Asia 744 - April 28, 2012

    Pacific Andes International Holdings will need a syndicated loan of roughly €110m (US$145m). The Hong Kong frozen seafood processor wants to take out a bridge facility and fund an acquired company’s operations.

  • Paladin CB overcomes tough market backdrop

    IFR Asia 744 - April 28, 2012

    EQUITY-LINKED Uranium miner completes enlarged deal, despite Dongyue failure

  • Pamapersada relies on club

    IFR Asia 744 - April 28, 2012

    Indonesian mining contractor Pamapersada Nusantara is raising US$265m through a dual-tranche club loan.

  • Pertamina hints at higher premiums

    IFR Asia 744 - April 28, 2012

    BONDS Indonesian issuer raises the bar for new issue concessions with first investment-grade benchmark

  • Pipelines

    IFR Asia 744 - April 28, 2012

  • Powering on to No 2

    IFR Asia 744 - April 28, 2012

    Leading issuer Taiwan Power has priced a NT$17.25bn (US$523m) three-tranche corporate bond of five, seven and 10 years. The deal marks the second unsecured standalone corporate bond from the top Taiwanese power supplier since late last year. This is after the government scrapped a guarantee requirement for bond from loss-making government entit

  • PTT prices Bt15bn issue

    27-Apr-2012

    Top Thai energy firm PTT has priced its Bt15bn (US$485m) seven-year bond. The paper will be offered only to the company’s existing bondholders.

  • PTTEP signs KKD project facility

    IFR Asia 744 - April 28, 2012

    The three Japanese majors signed a C$300m (US$305m) five-year loan with PTT Exploration & Production on March 29. Proceeds fund the Canada Oil Sands Kai Kos Dehseh project in which PTTEP holds a 40% stake.

  • Qiya eyes project loan

    IFR Asia 744 - April 28, 2012

    Sichuan Qiya Aluminium Industry Group is seeking a loan of Rmb5bn for two production projects in Guizhou and Xinjiang.

  • Rabobank cuts stake

    IFR Asia 744 - April 28, 2012

    Rabobank sold around 10.3m shares in Yes Bank last Wednesday night to raise Rs3.69bn (US$70m). It did the sale in two blocks of 9.29m shares at Rs356.7 each and 1.05m shares at Rs357, representing a discount of around 2.5% to the April 25 close.

  • Radium draws 24 participants

    IFR Asia 744 - April 28, 2012

    Radium Life Tech signed a NT$25bn four-year term loan on April 23 with 24 participating banks.

  • Rare gem from UOL

    IFR Asia 744 - April 28, 2012

    Property company UOL Group raised S$250m last Thursday after it priced a two-tranche bond. The more popular three-year tranche was fixed at a coupon of 2.493% for a deal size of S$175m, while the five-year piece was at 3.043% for S$75m.

  • RCBC plans long-term NCDs

    IFR Asia 744 - April 28, 2012

    Rizal Commercial Banking Corp plans to sell 1.15bn of long-term negotiable certificates of deposit. Deutsche Bank and ING are leads on the transaction.

  • Reg S: A weary Reg contemplates his future

    IFR Asia 744 - April 28, 2012

  • Release of pledged shares

    IFR Asia 744 - April 28, 2012

    Carlyle Group is seeking to free up its Ta Chong Bank shares pledged for a NT$12.3bn (US$417m) loan. Freeing the shares will allow Carlyle to sell them.

  • RHB lifts size and price

    IFR Asia 744 - April 28, 2012

    RHB Bank has increased the size of its Lower Tier 2 bonds to M$750m after demand came in at an improved pricing. The subordinated bonds will pay a coupon of 4.30%, up from the 4.25% indicated price in the week of April 16.

  • Rising toxic Indian assets

    IFR Asia 744 - April 28, 2012

    Toxic assets in the Indian banking system are rising at an alarming rate. Together, these restructured and non-performing assets are estimated to hit nearly Rs2trn (US$38bn) in 2011–12 and 2012–13.

  • S&P issues warning on Chinese property sector

    IFR Asia 744 - April 28, 2012

    BONDS Rating agency warns of huge refinancing burden for China property developers

  • Sale for great view

    IFR Asia 744 - April 28, 2012

    Sellers Bain Capital TP and CDH Packaging have raised HK$387m (US$49.7m) from a selldown in Greatview Aseptic Packaging. The disposal of 94m secondary shares was done at the low end of the indicative price range of HK$4.12–$4.21, representing a discount of 5.1% to the pre-deal spot.

  • Shaanxi Coal signs Rmb1bn club

    IFR Asia 744 - April 28, 2012

    State-owned Shaanxi Coal & Chemistry Industry Group signed a Rmb1bn one-year term loan on March 28.

  • Shangri-La seeks HK$1bn financing

    IFR Asia 744 - April 28, 2012

    Hotel operator Shangri-La Asia is seeking a three-year financing of roughly HK$1bn (US$129m) in Hong Kong. Price talk for the facility is an all-in of around 200bp.

  • Shenhua makes it big deal

    IFR Asia 744 - April 28, 2012

    Bonds from Shenhua Group, the world’s largest coal producer, are getting ready to hit the streets. The company is set to issue up to Rmb10bn of five-year MTNs on May 3. The deal will be off the company’s total Rmb20bn of registered issuance quota with NAFMII. ICBC will be the bookrunner and joint lead with CCB on

  • SingTel exits Taiwan telco

    IFR Asia 744 - April 28, 2012

    Singapore Telecommunications raised NT$8.03bn (US$274m) from a sale of its entire stake in Taiwan’s Far EasTone Telecommunications last Friday.

  • Suhyup Bank bonds widen

    IFR Asia 744 - April 28, 2012

    South Korean policy bank Suhyup Bank saw its US$300m issue covered more than 3.5 times, allowing it to price the bond with barely any concession to its nearest comparable.

  • Swissie allows peek into KDB strategy

    IFR Asia 744 - April 28, 2012

    BONDS Korean lender ’s Swiss deal hints at focus on alternative markets

  • Tight five-year

    IFR Asia 744 - April 28, 2012

    South Korean policy lender Suhyup Bank priced a US$300m five-year bond Wednesday night at barely any concession to its nearest comparable.

  • Uni-President returns

    IFR Asia 744 - April 28, 2012

    Food and beverage company Uni-President China Holdings has mandated Bank of Taiwan, Chinatrust Commercial Bank and Taiwan Cooperative Commercial Bank to arrange its US$200m five-year revolving credit.

  • URA places 3-yr paper

    IFR Asia 744 - April 28, 2012

    Quasi-sovereign Urban Renewal Authority has placed a HK$1.3bn (US$167m) three-year bond at 1.15%. The pricing level is equivalent to Hibor plus 53bp or Libor plus 60bp, assuming mid swaps. RBS is arranging the issue, which will settle on May 7.

  • Urwin to HK: does that really signify regional commitment?

    28-Apr-2012

    There is a far easier way for JP Morgan to signal its commitment to Asia than Jeff Urwin’s transfer, says IFR’s Keith Mullin.

  • US investors shun Chinese listing

    IFR Asia 744 - April 28, 2012

    EQUITY ’Worst-ever response’ shows door for Sino-American issuance has closed

  • Vista Land raises US$105m

    IFR Asia 744 - April 28, 2012

    Vista Land and Lifescapes has raised Ps4.5bn through five-year bonds at 7.27%.

  • Vitol self-arranging refi

    IFR Asia 744 - April 28, 2012

    Vitol Asia is self-arranging a refinancing of the US$1.585bn 364-day revolving credit sealed last June.

  • World Bank to buy renminbi bonds

    IFR Asia 744 - April 28, 2012

    China has taken another important step to internationalise its currency with an agreement that will allow the World Bank to invest in renminbi bonds.

  • Xtep in right direction

    IFR Asia 744 - April 28, 2012

    Chinese sportswear-maker Xtep International Holdings has closed its US$100m-equivalent three-year term loan with eight banks joining.

  • Yongda seeks approval

    IFR Asia 744 - April 28, 2012

    Chinese auto-dealer Yongda Group will seek approval from the SEHK for a proposed listing. If the company gets the approval, it intends to start premarketing the deal early this week.

  • ZhengTong on the road

    IFR Asia 744 - April 28, 2012

    ZhengTong Auto Services Group kicked off a roadshow for an international offering of guaranteed senior notes last Thursday. The Hong Kong-listed company, a major car dealer in China, will be making its debut in the international bond markets.