Asean

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.

A $100m three year offshore syndicated term loan for debutante Mitra Pinasthika Mustika Finance has been oversubscribed. The deal, launched into general syndication in May, is due to close imminently.

Singapore-listed Frasers Centrepoint (FCL), which raised a £300m ($468.5m) five year loan from Barclays, BNP Paribas and Standard Chartered to fund the acquisition of boutique hotel chain Malmaison Hotel du Vin, has opened the loan into wider syndication.

Singapore Exchange (SGX) has launched evaluated bond prices (EBP) on its website, which will provide market participants with secondary prices for SGX-listed bonds.

Royal Bank of Scotland (RBS) has made its Singapore and Hong Kong bond teams redundant as it continues to carry out a restructuring that will substantially reduce its presence in Asia.

Chery HuiYin Motor Finance Service Co is seeking to list in Hong Kong via sole sponsor CICC. The automotive financing company filed a preliminary prospectus with the stock exchange on July 31.

Nikko Asset Management has made several changes to its Asia business with the promotion of two senior executives in Singapore and Hong Kong.