Asean

Cambodia’s Union Commercial Bank has approached the loan market for a $100m three year fundraising. The borrower is majority owned by Taiwan’s E.Sun Commercial Bank.

Around this time last year, I reviewed the dismal performance of the Hong Kong primary markets, and ventured a guess that investors could instead turn en masse to ECM transactions in Malaysia, Singapore, Thailand, Indonesia - and even the Philippines. How wrong I was!

Philippine property developer DM Wenceslao and Associates, which was expected to open books for its IPO of around Ps10.73bn ($227m) this week, has pulled the plug on the transaction until next year.

DM Wenceslao and Associates has trimmed the maximum offer price on its IPO of up to Ps10.73bn ($227m) to Ps25 from Ps44, as it gears up to launch and price the deal in the coming weeks.

Thailand’s Star Petroleum Refining successfully wrapped up its Bt13bn ($365m) IPO on Thursday. But while the trade was oversubscribed, it decided not to go ahead with an increase and greenshoe option.

Morgan Stanley has made a series of high level changes to its business with Eric Ma taking the helm as vice-chairman for southeast Asia, according to an internal memo seen by GlobalCapital Asia.

The Singapore dollar market is welcomed another new participant this week as French lender BNP Paribas launched its a debut tier two trade at an attractive level

United Overseas Bank in Singapore came one step closer to issuing the country’s second covered bond when it published an offering circular on Monday.

The investment banking arm of RHB Banking Group is tweaking its strategy to boost its presence outside Malaysia, and plans to build on its transaction and commercial banking relationships to win market share. Rashmi Kumar reports.

OCBC has hired David Cheng from Deutsche Bank to be head of corporate finance. He will run the Singapore bank’s equity capital markets, M&A and equity syndication teams.

Saka Energi Indonesia, a subsidiary of Perusahaan Gas Negara, has hit the market for a financing of up to $600m and is giving banks the option of booking the loan onshore or offshore.

Bank of Qingdao priced its HK$4.7bn ($606.5m) IPO at the bottom of guidance on November 25, leaning on a heavy cornerstone tranche and investors from Hong Kong and China to get over the finish line.