Asean

Department store operator Metro Retail Stores Group is gearing up for a fourth quarter listing on the Philippine Stock Exchange having filed its preliminary prospectus on August 9.

Asia's high yield bond market finally saw some overdue activity over the past week, with four deals pricing. But the sector is by no means invincible — eHi Car Services had to pull a deal amid tepid demand. But despite that setback, bankers are confident of printing more deals through the summer, writes Narae Kim.

The recent move by two Asian oil companies to change covenants on existing borrowings has prompted a debate on whether more of their industry peers will follow suit. Some bankers believe the reality of a lower oil price environment justifies the revisions, while others are convinced the changes reflect the needs specific to these companies, rather than their sector, writes Shruti Chaturvedi.

Development Bank of the Philippines (DBP) is said to have chosen three lenders to arrange its financing of up to $300m.

The departure of a key southeast Asia banker from a global firm has thrust the region back into the spotlight, with banks battening down the hatches in expectation of a prolonged slump. Recruiters foresee another purge in jobs before the year is out, writes John Loh.

The Kingdom of Thailand is gearing up for its third inflation-linked bond, having appointed a trio of banks to arrange the deal.

Filipino property firm DM Wenceslao and Associates Inc has filed for a listing to raise $200m, in a deal led by BPI Capital, Citic CLSA Securities, Deutsche Bank and Maybank. The float is expected to go live in the fourth quarter of this year, say bankers.

Louis Dreyfus Commodities Asia has sealed its $400m three year revolver, with a group of 38 banks. The loan, which was signed at the end of July, attracted mostly the company’s relationship banks, said a banker at one of the leads.

DBS managed to surprise much of the market last week when it picked dollars for the first covered bond issue out of Singapore. If the Lion City is serious about establishing a covered bond market, euros need to be the currency of choice.

Westpac Banking Corp has completed a swift, efficient foray into the Singapore dollar market, printing Basel III tier two notes on August 4. Demand was such that the borrower was able to price the bond by late afternoon and still manage to meet its pricing and diversification goals.

ICBC has established the first round-the-clock RMB clearing facility in its Singapore branch, the bank said in an August 4 statement.

Deutsche Bank’s head of investment banking advisory and coverage for southeast Asia, Parvati Banati, has exited the German lender, according to sources.