HSBC

Sentiment towards China property companies took a positive turn this month after the People’s Bank of China (PBoC) cut its benchmark lending rate. Dalian Wanda Commercial Properties is primed to take advantage of the optimism and will open books for its IPO of around $5.5bn next week. But while equity investors are expected to welcome Dalian with open arms, others may not be able to attract the same following, write Rashmi Kumar and John Loh.

Hulusi Horozoğlu, previously head of global capital finance and debt finance at HSBC Turkey, has been promoted to assistant general manager, head of banking and capital financing. He is now responsible for all debt financing products as well as the bank’s investment banking operations which includes its M&A and equity capital markets business, global banking coverage, multinationals business and FIG.

Singapore’s Universal Terminals is shelving its S$1bn ($770m) IPO due to delays in completing certain procedural matters, but it could yet make a comeback next year.

China’s recent interest rate cut and a conservative approach to deal size helped Bank of Communications Taipei Branch price its Rmb2bn ($325m) Formosa bond tightly on November 27. The deal, which was only the second four tranche Formosa, was the first from a Chinese bank to feature a domestic Taiwan rating.

Chinese property developers are making the most of the bullish sentiment following China’s recent interest rate cut, with Logan Property Holdings and Yuzhou Properties Company pricing bonds this week.

Banks are working on financings for several bidders looking to acquire units of cement companies Holcim and Lafarge. The two cement companies, which are looking to merge, are spinning off assets in Europe, Asia and South America. Depending on the assets being targeted, bidders are looking for financing between $800m and $6bn.

Pricing for a S$1.3bn ($991m) loan to back the acquisition of Vietnamese state owned Saigon Beer Alcohol Beverage Corp (Sabeco) has come in low, said bankers. Singaporean company Fraser and Neave (F&N), which is borrowing the money, has split the fundraising equally between a term loan and a bridge.

Bankers close to Chile’s international bond market comeback said that the quality of the order book and long-term diversification meant it was worth the sovereign paying as much as 30bp more to sell 10 year debt in euros than it did in US dollars.

Financial services company Far East Horizon has wrapped up a three year loan at a higher than launch size of $272m, with 16 banks. The bullet loan, which has been around since September, features a margin pegged to China’s state-owned Sinochem’s shareholding in Far East Horizon.

The National Mortgage Corporation of Malaysia, or Cagamas, successfully embarked on its debut dollar bond on December 3, just two months after the Kuala Lumpur-based borrower made its debut in the dim sum market.

Grupo Actividades de Construcción y Servicios (ACS) of Spain is in talks with a group of banks to refinance €2.2bn of debt, and plans to complete the deal in January 2015.

Volvo joined the growing group of corporate issuers of hybrid capital on Wednesday, when it priced its first hybrid bonds. The deal was popular with investors, generating €7.4bn of orders.