Asean

The Republic of the Philippines printed one of its largest bonds on record this week at exceptionally tight levels, taking $2.35bn from a dual-tranche deal. The sovereign gave investors what they wanted: long tenors, attractive initial pricing levels and full clarity on the impact of Covid-19 on the country, writes Morgan Davis.

Singapore's Temasek Holdings-backed Clifford Capital has restructured its business, creating a holding company and a new infrastructure loan platform.

The Singapore Exchange (SGX) and Citic Securities Co have signed an agreement to collaborate across multiple parts of Asia's capital markets.

The Republic of the Philippines pushed its bond maturities further this week, selling a 25 year note alongside a 10 year portion. The deal raised a combined $2.35bn, making it one of the country's largest trades.

Indonesia’s Sarana Multi Infrastruktur (SMI) has mandated five banks for a planned $500m refinancing loan. But bankers on the deal warn the terms could change due to uncertain market conditions.

PSA International, a Singaporean port operator, raised $650m from a 10 year bond that appealed to investors because of its strong credentials.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has closed its maiden borrowing at a bigger size of $500m, after receiving strong response during syndication.

Khazanah Nasional's sell-down in Malaysian electricity company, Tenaga Nasional, and Serba Dinamik Holdings' primary share placement both received a big thumbs-up from investors on Thursday, allowing them to boost the deal sizes.

Malaysian sovereign wealth fund Khazanah Nasional is in the market to offload a chunk of Tenaga Nasional shares. It is looking to raise up to MR910.2m ($208.8m) from the block.

Asia’s bond market set a blistering pace this week, with nearly $4.2bn of deals sold through Wednesday and one of the busiest days since the global spread of the coronavirus. But although the successful deals are a sign that market sentiment is improving, bankers are cautious about what is yet to come. Morgan Davis reports.

Singapore Airlines has announced the record date for its planned S$8.8bn ($6.17bn) concurrent rights issue and mandatory convertible bonds sale.

Sino Biopharmaceutical’s shares tumbled about 8% on Tuesday after its chief executive officer, Tse Ping, sold a portion of his stake in the company for HK$2.27bn ($292.9m).