Philippines

Sino-Singapore Tianjin Eco-city (SSTEC) and Rizal Commercial Banking Corp are both eyeing the offshore bond market, with the issuers hiring banks for their respective offerings.

Metro Retail Stores Group started pre-marketing its Ps5.61bn ($119.90m) IPO on Monday, with joint global co-ordinators BPI Capital and Deutsche Bank expected to meet investors over the week.

The leads on HM Sampoerna’s Rph20.8tr ($1.4bn) follow-on have told investors that the trade is covered across the price range, after the Indonesian unit of Philip Morris International attracted a slew of long-only investors.

The stated aim of the China-backed Asian Infrastructure Investment Bank (AIIB), officially launched in June 2015, is to respond to a need for massive spending across Asia. But its creation has caused political controversy, with supporters arguing it shows up previous iniquities while opponents fear it will be a mere tool for China's projection of power. Peter McGill reports.

Asiamoney is pleased to present its choices for Asia’s Best Managed Companies 2015. The winners were the firms that impressed us the most through a combination of factors including innovation, financial performance and strategic execution, and after also surveying the views of regional analysts and investors. Our congratulations to all those chosen.

Philippines’ Rizal Commercial Banking Corp (RCBC) has signed a larger $280m loan with 18 lenders on board.

Philippines’ Rizal Commercial Banking Corp (RCBC) is considering increasing the size of its $200m three year fundraising, after gathering commitments from 15-16 banks in syndication.

Philippines’ Petron Corp, which recently amended covenants on a 2014 borrowing, has hit the market for a $550m refinancing that was funded in July.

The Republic of the Philippines has pulled off a mammoth Ps263bn ($5.6bn) transaction, switching investors out of existing domestic bonds into new notes, with bondholders flooding in despite a volatile economic backdrop. The sovereign’s liability management exercise was well worth the effort with savings of about Ps2.4bn expected in the first year.

Philippine property developer SM Prime Holdings has started talks with lenders about a new facility to replace a $270m loan sealed in 2011.

Green bond issuance in Asia has taken off this year after sluggish growth in the past, according to data by Dealogic.

The Republic of the Philippines is set to return to the offshore bond market as early as this year, as the sovereign hopes to take advantage of its rating upgrade.