Philippines

San Miguel Corp is leaning towards peso as its currency of choice for a $1.1bn financing for a potential joint venture with telecommunications company Telstra.

Philippine property developer DM Wenceslao and Associates, which was expected to open books for its IPO of around Ps10.73bn ($227m) this week, has pulled the plug on the transaction until next year.

Around this time last year, I reviewed the dismal performance of the Hong Kong primary markets, and ventured a guess that investors could instead turn en masse to ECM transactions in Malaysia, Singapore, Thailand, Indonesia - and even the Philippines. How wrong I was!

Philippine property developer DM Wenceslao and Associates, which was expected to open books for its IPO of around Ps10.73bn ($227m) this week, has pulled the plug on the transaction until next year.

DM Wenceslao and Associates has trimmed the maximum offer price on its IPO of up to Ps10.73bn ($227m) to Ps25 from Ps44, as it gears up to launch and price the deal in the coming weeks.

San Miguel Corp, which is looking to set up a new mobile network joint venture in the Philippines, is seeking as much as $1.1bn for it, via a combination of onshore and offshore loans.

Construction firm Datem, which received approval from the Philippine Stock Exchange earlier this month for its IPO, has decided to postpone its plans.

In this round-up, new RMB mini metals contracts coming on HKEx, Singapore Exchange and EBS to launch CNH block futures, Turkey renewed its RMB swap line, and Morgan Stanley said one of its funds will start trading via the Shanghai-Hong Kong Stock Connect link.

Philippine property developer DM Wenceslao and Associates started gauging investor appetite for its $150m-$200m IPO on November 13 as it gears up to become the biggest listing in the country this year.

Philippine property developer DM Wenceslao and Associates started gauging investor appetite for its $150m-$200m IPO on Friday as it gears up to become the biggest listing in the country this year.

Rizal Commercial Banking Corp (RCBC) has wrapped up its second offering in the dollar bond market this year, finding strong interest from onshore and offshore investors thanks to a rating upgrade from Moody’s.

Beijing Automotive Group (BAIC) and Rizal Commercial Banking Corp (RCBC) are venturing into the international debt market, opening books for their respective euro and dollar bonds.