Search results for

Standard&Poor's (S&P) dropped the Republic of the Philippines' foreign currency rating yesterday (Thursday). The downgrade from BB+ to BB comes six months after the agency reduced the sovereign's rating outlook to negative. It also comes two days after the Philippine government announced that the budget deficit for the first three months of the year was Ps58.9bn, nearly 7% wider than the Ps55.2bn target.

Australia Credit Suisse First Boston and Deutsche Bank yesterday (Thursday) launched the latest global securitisation for Australian lender Members Equity. The non-bank lender has now raised $5.8bn from offshore investors in four offerings.

As the infection rate of the severe acute respiratory syndrome (Sars) rises across Asia, regional economies and capital markets, as well as individuals, are feeling the effects. The Asian bond market has been no exception. Despite a strong and growing pipeline, concerns abound that it will be hard to translate interest into reality. With masked pedestrians staring out from newspaper front pages and television screens, and infection rates and death tolls still rising, global sentiment towards Asian issuers is deteriorating.

AUSTRALASIA Australia

Westfield Trust became the latest Australian real estate investment trust to tap the equity capital markets, raising A$200m on Wednesday evening. Westfield has already spent almost A$700m this year, paying A$390m for Sydney Central Plaza from Coles Myer, and A$290m for 19.9% of AMP Shopping Center Trust.

Singapore Telecommunications has agreed to what bankers describe as a fair and reasonable price range for the IPO of its Singapore Post operations. The high yield and modest price earning multiple are designed to attract buyers concerned about SingPost's moderate growth prospects and the continuing march of the Sars virus across the region.

Australia Despite treasurer Peter Costello's plans to shut down Australia's bond market, the Australian May budget is expected to incorporate plans for new government bond issues to replace maturing debt.

Japan UFJ is the latest of Japan's big four banks to announce a capital increase. Lehman Brothers will arrange the transaction, which should inject ¥150bn ($1.25bn) into the bank.

Carnival Corporation, which completed its merger with UK cruise operator P&O Princess Cruises last week, priced a $500m convertible on Wednesday. Merrill Lynch lead managed the offering, which will be used to finance the construction of new cruise ships as well as to pay down more expensive straight debt.

Amount: Eu16m Class A notes: Eu16m

The $50m two year bullet facility for London-based Moscow Narodny Bank (MNB) is enjoying a positive reception from Euroloan market participants. The loan is heading for a significant oversubscription, according to Marcus Hopkins, head of corporate, institutional and investment banking at MNB in London.

Amount: ¥2bn Class A notes: ¥2bn