Asean

SMC Global Power Holdings Corp (SMCGP) sold a rare perpetual bond on Tuesday, proving that investors still like the format and the rarity of a Philippines credit.

Two subsidiaries of Taiwan’s Formosa Plastics Corp are in the syndicated loan market raising a China onshore facility and an offshore deal respectively.

State-owned Vietnam Airlines Corp has won approval to list on the Ho Chi Minh City Stock Exchange (HOSE).

Singapore’s United Overseas Bank this week set a new benchmark after the country introduced an enhanced bank resolution regime allowing the statutory bail-in of subordinated debt. Addison Gong reports.

Private equity firm CVC Partners sold a large part of its stake in Indonesian clothing retailer Map Aktif Adiperkasa (Map Active) on Wednesday, taking part in a $296m secondary sale targeted to international investors.

India’s JSW Steel raised $500m in an opportunistic transaction on Wednesday, marking the company’s first dollar bond in two years.

Singapore’s DBS Group Holdings on Tuesday sold a three year senior unsecured bond, giving investors a scarce opportunity to buy a fixed rate deal at that tenor and format from one of the highest rated financial institutions in the region.

United Overseas Bank priced on Monday the tightest Basel III-compliant tier two deal from an Asian borrower, setting a new benchmark following the strengthening late last year of the bank resolution regime in its home jurisdiction of Singapore.

Singapore-based loans banker Cho-Teng Kooi has resigned from BNP Paribas, according to a source familiar with the matter.

Resorts World Las Vegas (RWLV), a subsidiary of Malaysia’s Genting Berhad, priced a larger-than-expected $1bn bond on Tuesday, at a level that was more aggressive than market participants had anticipated.

Singapore-listed Keppel Real Estate Investment Trust (Reit) raised S$200m ($147.9m) from a convertible bond on Tuesday, its first tap of the equity-linked market.

Deutsche Bank has promoted Haitham Ghattas to co-head of its financing and solutions group in Asia Pacific, following Jake Gearhart’s relocation to the US.