Asean

A novel green loan for Singapore’s Wilmar International has put the focus on the potential for sustainable products in Asia. While green bonds have gained popularity in the region, the loan market is still lagging far behind — but that appears to be set to change, writes Shruti Chaturvedi.

A year after the Philippine Stock Exchange approved the issuance of dollar-denominated securities (DDS) on its bourse, the market is starting to heat up. Cirtek Holdings Philippines Corp raised $140m from just the second such deal this week, while Del Monte returned for a tap. The asset class is still in its infancy, but the advantages it offers could give a fillip to deal flow. Jonathan Breen reports.

Indonesian toll-road operator Jasa Marga is taking bids for the first ever offshore rupiah bond, throwing open what has been dubbed the Komodo bond market.

Sasseur Reit will put off launching its S$500m ($366m) IPO in Singapore until early next year, according to bankers close to the matter.

CapitaLand Retail China Trust is turning to equity investors to help fund its property acquisition in China, launching a S$104m ($77m) overnight placement on Tuesday evening.

The sheer amount of dollar bond issuance seen this month in Asia, and the expected supply heading into the year end, has taken a bit of a toll on the market, with a handful of deals pulled and many others suffering in secondary. But there is a silver lining. Issuers in the region are being forced to think hard, communicate better and push the boundaries — things which can only make the market stronger.

Bond investors in the Philippines are struggling to ramp up their portfolios as borrowers shun the debt market in favour of cheaper bank funding, according to panellists speaking at Euromoney’s Philippines Investment Forum on Monday.

The first post-IPO share sale in Thailand-listed B. Grimm Power raised Bt2.5bn ($76.6m) for the company chairman last Friday.

The surge in dollar bond issuance from Asia ex-Japan continued unabated at the tail end of last week, with three issuers selling $1.1bn of deals on Friday.

Singapore sovereign investor GIC pocketed Bt3.6bn ($110m) over the weekend after selling the last of its stake in Thailand’s Quality Houses through a block deal.

Thailand’s Gulf Energy Development Co priced its IPO at the top of guidance this week, raising Bt23.9bn ($730.4m) from the largest corporate listing in the country in more than a decade. The deal was swamped with orders, reflecting investors’ eagerness to look beyond Asia’s developed markets for better returns, writes Jonathan Breen.

UBS has named a top executive in Zurich to take over as its India country head from next year, according to an internal memo seen by GlobalCapital Asia.