Asia Pacific
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Ho Chi Minh City Power has sealed Vietnam’s first syndicated financing in the onshore dong market, with a bevy of Taiwanese and South Korean lenders piling in. -
DBS Bank is planning a roadshow ahead of its first dollar covered bond in over three years, and the first from a Singaporean bank since February 2017. The expected deal follows two large Canadian benchmarks and shows that dollar covered bond funding is becoming more compelling than euros.
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Chinese technology giant Baidu grabbed $1bn from a bond on Thursday, while a local government financing vehicle (LGFV) in Hunan raised $300m from a deal that was less than twice covered at its peak.
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China Development Bank Financial Leasing Co (CDB Leasing) raised $400m through its aviation leasing arm on Thursday, paying around 10bp of new issue premium for a three year floating rate note.
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State officials provide strong verbal commitment to private sector development, the China Securities Regulatory Commission promises more stringent stock trading suspension rules, and China’s State Council says it will enhance the domestic business environment for domestic and foreign companies.
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In this round-up, China’s foreign reserves in October decrease $34bn due to the stronger dollar, monthly exports climbed more than expected, Singapore Exchange signed cooperation agreements to develop more opportunities for Chinese enterprises in Singapore.
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The China Securities Regulatory Commission has given Tianqi Lithium the go ahead to list on the Hong Kong Stock Exchange.
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TFI Tab Food Investments, the owner of the Burger King chain in Turkey and China, has formally withdrawn its $220m IPO in the US after delaying it in February.
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Clifford Capital has netted $300m from its third debt outing of the year. Despite the Singapore firm’s frequency in 2018, it still managed to attract investors due to its rarity factor.
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The chances of a profound transformation of financial markets to equip them to fight climate change rose this week, when the European Parliament adopted a bold set of policies that would require investors, banks and companies to take into account their impacts on the environment and society. Bonuses would be linked to sustainability targets.
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Two emerging market (EM) sovereigns hit the euro market this week: one debuting and the other returning after a year-long absence. Both deals met with warm receptions, giving some credibility to the notion that euro investors will be happy to stay in EM deals even as quantitative easing (QE) winds up and rates climb.
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