Philippines

Department store operator Metro Retail Stores Group is gearing up for a fourth quarter listing on the Philippine Stock Exchange having filed its preliminary prospectus on August 9.

The recent move by two Asian oil companies to change covenants on existing borrowings has prompted a debate on whether more of their industry peers will follow suit. Some bankers believe the reality of a lower oil price environment justifies the revisions, while others are convinced the changes reflect the needs specific to these companies, rather than their sector, writes Shruti Chaturvedi.

Development Bank of the Philippines (DBP) is said to have chosen three lenders to arrange its financing of up to $300m.

Filipino property firm DM Wenceslao and Associates Inc has filed for a listing to raise $200m, in a deal led by BPI Capital, Citic CLSA Securities, Deutsche Bank and Maybank. The float is expected to go live in the fourth quarter of this year, say bankers.

Philippine oil refining company Petron Corp, which recently mandated seven banks for a $550m refinancing loan, has proposed an amendment related to a $475m facility it sealed in 2014.

The Development Bank of the Philippines (DBP) is said to have zeroed in on three lenders to arrange its financing of up to $300m.

Rizal Commercial Banking Corp (RCBC) is in the market for a $200m three year loan, making it the fifth lender from the Philippines to seek funds offshore this year. Two mandated lead arrangers and bookrunners are leading the syndication. The deal comes with a $100m greenshoe.

CICC in limelight for $1bn — LIG Nex1 gets IPO nod — Pakistan preps for State Life sale — San Miguel brews $739m

DBP hunts for funds — Oxley out with S$110m — LK Machinery seeks HK$600m

South Korean weapons maker LIG Nex1, which filed for an IPO worth W400bn-W500bn ($360m-450m) in early June, has received the regulator’s approval to go ahead with its listing.

Philippine oil refining company Petron Corp has lined up seven banks to lead its $550m refinancing loan. The deal is likely to go into further syndication sometime in August, according to a source.