Morgan Stanley

Southeast Asian bankers are enjoying a revival in primary equity raising, after three large deals were launched or set to be priced this week. Bankers are guardedly optimistic they can keep up the momentum. Jonathan Breen reports.

Singapore-incorporated global energy business Puma Energy has pulled a planned dollar bond that was set to refinance an existing loan. The company attributed it to a lack of conducive market conditions, though investors say the issuer's credit story was unconvincing.

Chinese companies Simcere Pharmaceutical Group and First Service Holdings have started testing investor appetite for their Hong Kong IPOs.

Argenta Spaarbank attracted attention from investors with a 15bp new issue premium on Tuesday, allowing it to raise €500m of non-preferred senior debt for the minimum requirements for own funds and eligible liabilities (MREL).

Risk appetite has returned to the high grade corporate bond market, with UK airport Heathrow and US drinks firm PepsiCo managing to move spreads by around 45bp during execution.

Argenta Spaarbank announced plans for a new non-preferred senior deal on Monday, as it looks to take advantage of the supportive tone set by other rare borrowers last week.

Philippines-based internet services provider Converge ICT Solutions has kicked off the roadshow for its up to Ps28.6bn ($590.4m) IPO, set to be the country’s largest ever public offering.

Brookfield Asset Management is readying the IPO of its Indian real estate investment trust, which could raise up to Rp38bn ($519m) in primary proceeds.

A record month for US mergers and acquisitions will fail to boost the dollar corporate bond market, as bankers predict a sharp slowdown in activity in the fourth quarter.

Chinese data centre operator Chinadata Group Holdings has guided investors to the top of price guidance for its Nasdaq listing, eyeing $540m from the deal, according to a source familiar with matter.

China Merchants Port Holdings Co (CMP) paid a generous premium to close a $600m dual-tranche bond on Tuesday, responding to weakness in the secondary prices of similar deals.

Singaporean sovereign wealth fund Temasek made a successful return to the dollar bond market on Tuesday, raising $2.75bn from 10 year, 30.5 year and 50 year bonds.