Asean

Swiss private bank Julius Baer returned to the Singapore dollar market for an additional tier one, clinching a S$325m ($235m) deal at a lower coupon than its debut one year ago. The positive outcome came despite the noise around European banks and concerns over Moody’s downgrade of the issuer’s existing subordinated notes.

Teflon Thailand proved its resilience again this week, as stocks rebounded and Banpu Power priced its Bt13.6bn ($394m) listing on the same day news broke about the passing of the country’s beloved king.

Export-Import Bank of Korea (Kexim) executed yet another blockbuster $2.5bn trade on Thursday just a few months after printing a deal of the same size. Korea's first four-tranche trade drew a strong response from the market, allowing the policy bank to price inside its existing curve.

In this round-up, the Shanghai Free Trade Zone introduces electronic warrants to facilitate cross-border payments for commodity companies, Macau gets high level backing for its renminbi ambitions and new RQFII quotas for Thailand and Luxembourg. Plus, a recap of our coverage this week.

Pilipinas Shell Petroleum Corp has clinched a Ps18.4bn ($380.6m) IPO after robust demand meant the leads had tough time during an allocation process that saw plenty of investors scaled back.

Malaysia’s Tenaga Nasional sold its first dollar sukuk on Wednesday, attracting $2bn of bids as investors shrugged off concerns around the country. While participants said that that the sukuk market has always been open for borrowers, they are hoping that the power company’s deal will fuel more issuance. Addison Gong reports.

A diverse group of issuers forged ahead with their respective fundraisings on Thursday, seeking everything from dollars to Singapore dollars and green debt.

Malaysia’s Tenaga Nasional, which set up a $2.5bn multi-currency sukuk programme at the start of the month, has kicked off its first dollar outing in about 15 years.

Singapore-listed Frasers Hospitality Real Estate Investment Trust has raised S$266m ($192.6m) from an oversubscribed rights issue.

Vietnam’s equity capital markets is peculiar in that doing an IPO and listings are viewed as two separate events, leading to companies, particularly state-owned ones, often being in no hurry to start trading their shares on the stock exchanges. There’s no simple solution, but a shake-up of the market is well overdue.

Fullerton Healthcare Corp has wrapped up its Singapore listing at the bottom of guidance, valuing the deal at S$213.3m ($154.7m).

The Monetary Authority of Singapore has cracked down on DBS Bank, Falcon Private Bank and UBS for breaching its anti-money laundering (AML) requirements, following an investigation into fund flows related to scandal-hit Malaysian investment fund 1MDB.