Asia Pacific

The Jakarta leg of our Asean Bond Markets Roundtable discussions for 2015.

Philippine bank supervisors, like their counterparts elsewhere, face a complex and often thankless task. But unlike regulators in many other countries, they also face the risk of being taken to court and suspended from their jobs if banks decide to bite back. The problem is a longstanding one, but it is finally starting to be addressed, as Matthew Thomas reports.

We remarked last week that emerging markets could face a difficult time ahead. Well, we didn’t have to wait long before the early manoeuvers in a possible currency war had an impact on sovereign CDS spreads.

Matrimony.com, a provider of online matchmaking services in India, has filed for a listing to raise Rp3.5bn ($53.7m) in new equity, and appointed Citi, Deutsche Bank and Kotak Mahindra Capital as its lead banks.

Jiangxi Jiangling Chassis Co has opened books on Singapore’s first Mainboard IPO of the year, launching an S$49m ($35m) deal on Thursday. But with Chinese shares teetering on the edge this week, bankers are foreseeing a bumpy ride during bookbuilding.

International Container Terminal Services (ICTSI) provided a breath of fresh air to Asia’s bond market with its $450m perpetual deal. The lack of issuance this year from Philippine borrowers worked in the company’s favour, but SMC Global Power Holdings Corp’s quick follow-up had to endure a turn of sentiment in the market.

This week’s stunning slide in the Malaysian ringgit has rocked markets, as the currency slipped to a 17 year low against the dollar. That weakness is now spilling over into capital markets. The slump is shutting out activity for certain sectors and forcing domestic companies to rethink — or abandon — their fundraising plans, writes John Loh.

The Securities and Exchange Board of India (Sebi) has paved the way for the listing of start-ups by firming up rules governing their IPOs, in a move that could change the landscape of the country’s equity capital markets.

Trio to arrange $500m for SBI — NewOcean Energy returns for $170m — China duo clinch $1.1bn Wuxi take-private loan — Tiphone out for $184m — Kingboard to increase from HK$5bn

A $1.5bn chunk of financing backing the acquisition of the LED and automotive lighting division of Dutch company Philips has become a talking point because of its low amortisation and seven-year tenor. Syndication has closed for the deal, but it was too aggressive for some, as Shruti Chaturvedi reports.

Myanmar has stepped up its efforts to establish the country’s first modern stock exchange following the release of a series of listing criteria last week. The high standard of the requirements means only a handful of companies will be eligible to list, but bigger issues will in any case need to be addressed before the Yangon Stock Exchange (YSX) can launch, writes Rev Hui.

The two leads on Yuexiu Real Estate Investment Trust’s (Reit) financing for its acquisition of Hongjia Tower in Shanghai are inviting lenders to join the syndicate.