Asean

Rao to lead HSBC’s Southeast Asia corporates team – JP Morgan names Asia DCM head

Indonesian coal company Toba Bara Sejahtra failed to make its debut in the dollar bond market this week, after a weak market backdrop and concerns about high yield credits dented investor appetite. But other firms looking for funding are not giving up just yet, writes Morgan Davis.

DoubleDragon Properties Corp is nearing the launch of its first post-IPO liquidity event, which has been in the works for half a year.

DBS Group announced a mandate on Wednesday for a euro tier two deal. It is thought a transaction would be its first in euros outside of covered bonds, and it would be the first unsecured trade from a Singaporean financial institution in euros in more than 10 years.

Singapore-listed OUE tapped the markets on Tuesday with a pair of five year equity-linked bonds, one convertible into its shares and the other exchangeable into stapled securities of OUE Hospitality Trust.

A unit of Puma Energy is in the loan market, seeking $1.1bn across three tranches, according to a banker who received the invitation.

Malaysian conglomerate UMW Holdings is planning a MR1.1bn ($282m) rights issue, as it raises funds for the acquisition of automotive company MBM Resources.

HSBC has appointed Pradeep Rao as head of corporates for Southeast Asia, effective immediately, according to a press release sent on Tuesday.

Philippine firm Metropolitan Bank & Trust Co has set the final terms for its Ps60bn ($1.15bn) rights issue, which will be launched next week.

Singapore Exchange (SGX) on Thursday proposed changes to rules governing its clearing house, which it said should result in more appropriate contributions to its derivatives clearing fund.

After months of anticipation, the Philippines is finally planning to come to the Panda bond market on March 20 for a Rmb1.46bn ($230m) three year deal.

The Singapore Exchange is firing shots at the Hong Kong Stock Exchange once again to lure IPO-hopefuls, this time over the city’s ever closer political relationship with China. But Hong Kong can boast some clear advantages over its rival.