Philippines

Bank of Tokyo-Mitsubishi UFJ (BTMU) has appointed Melina Concha as executive vice-president and head of global corporate banking for the Philippines as part of the Japanese firm’s strategy to deepen its presence in the region.

Hospitality business Genting Hong Kong, which operates cruise liners, has signed a $500m borrowing to refinance debt taken for funding six vessels.

The impact of the UK’s decision to abandon its European Union membership hit Asian equity capital markets with varying degrees of intensity this week, with some IPOs wobbling and others braving market jitters to launch deals. But orders have become smaller and there is a clear flight to safety among investors. Jonathan Breen and John Loh report.

Cemex Holdings Philippines has raised Ps21.9bn ($465m), pricing its IPO near the bottom of guidance after it was put under pressure by last week’s Brexit decision.

Cemex Holdings Philippines, an affiliate of Mexican cement giant Cemex, has kicked off bookbuilding for its Ps24.4bn ($526.3m) listing, with the offering generously covered, according to a source with knowledge of the situation.

Cemex Holdings Philippines has kicked off bookbuilding for its potential Ps24.4bn ($526.3m) listing, with the offering covered by cornerstones and anchor investors at the low end of guidance, according to a source with knowledge of the situation.

The Philippines-based arm of oil and gas giant Royal Dutch Shell has selected two firms to lead its potential IPO in the country, according to a source familiar with the matter.

Cemex Holdings Philippines has begun gauging investor interest in its IPO, which could raise up to $500m, sources close to the deal told GlobalCapital Asia.

Cemex Holdings Philippines is planning to start pre-marketing its potential $500m IPO from the first week of June, according to a source with direct knowledge of the matter.

The founder of JG Summit pared his stake in the Philippine conglomerate on Wednesday, raising a larger than planned Ps11.70bn ($250.75m) in the country’s biggest accelerated share sale in two years.

JG Summit is out with the first post-national election accelerated bookbuild of size in the Philippines, with the sell-down expected to net up to Ps10.29bn ($220.53m) for a shareholder.

The Philippines’ tough-talking new president may be ruffling feathers with his firebrand public persona but bankers and market watchers have mostly brushed this off and said the country is poised to see a resumption in primary equity and debt issuance. But the leader’s thinking on the economy remains a wild card, writes John Loh.