Asean

The Republic of the Philippines threw open the door for emerging market sovereign issuance for 2019, raising $1.5bn in an outing that offered investors just a small concession. The country’s decision to attract new Chinese investors also paid off, writes Morgan Davis.

Malaysia’s equity capital market is set for a dramatic rebound after an exceptionally quiet 2018. It promises to offer those investors that have been underweight on the country for a long time plenty of attractive opportunities to put their money to work, writes Christie Ou.

The Republic of the Philippines opened the bond market for Asian sovereign issuers in 2019 with a $1.5bn outing, making efforts to boost its engagement with Chinese investors and paying just a small double-digit premium for the deal.

Malaysian poultry producer Leong Hup International has started early stage engagement with the buy-side and is looking for cornerstone investors for its IPO, according to a source close to the deal.

Panda bonds could take a back seat in the first quarter of 2019 due to the expected increase in issuance of local government bonds and as banks focus on their own funding needs, according to onshore DCM bankers.

The Republic of the Philippines opened books for a dollar-denominated 10 year bond on Monday morning, making it the first Asian sovereign to visit the international debt market in 2019.

Hong Kong-based Kerry Logistics Network is planning to raise around $300m from an IPO of its Thai business.

Mr DIY Group, Malaysia’s largest home improvement retailer, is planning for an IPO of around $500m this year, according to ECM bankers involved in the discussions.

VPBank Finance has made a quick comeback to the international syndications market for a $130m borrowing with a short one year tenor.

Malaysian poultry producer Leong Hup International is planning to start pre-marketing for its $500m IPO next week, according to a source close to the matter.

The central bank of Laos is seeking a $100m loan through Taipei Fubon Bank, while simultaneously syndicating another deal of the same size via Cathay United Bank.

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