Search results for

Asia's equity new issue market regained some of its vigour this week, despite continued stockmarket volatility, as Chinese property developer Shimao Properties completed its IPO in Hong Kong and two Singapore real estate investment trusts priced or confirmed their IPOs and follow-on offers.

Pack your bags. Book your holidays, and don't bother coming back until September. Because the consensus among the region's bonds bankers is that not much is going to happen until then.

Philippine conglomerate Ayala Corp is set to price its first hybrid capital issue on Monday, having received an enthusiastic response from investors.

One new deal that might test the equity market's willingness to support companies and management teams is the rumoured new share issue of $1bn (¥115bn) or more for troubled Japan Airlines, due to be launched as early as today. Investor sources in Tokyo said Mizuho and Goldman Sachs might be leading the deal, with UBS joint lead on the international portion.

A consortium led by Kumho Asiana Group, which was named last week as the preferred bidder for a controlling stake in Daewoo Engineering & Construction, is rumoured to be working with JP Morgan and Korean banks on a financing package for the estimated W6.6tr ($6.9bn) acquisition. Bankers said the size of the stake (72.1%) meant the acquisition was likely to be financed partially in the debt markets but ruled out a conventional leveraged buy-out.

Mandated arrangers Citigroup and Taipei Fubon Commercial Bank are pressing ahead with syndication of the NT$32bn ($977m) loan backing Carlyle Group's leveraged buy-out of Taiwan's Eastern Multimedia Corp, despite reports that the deal is facing increased scrutiny from the nation's regulators. Taiwan's National Communications Commission has reportedly requested further documents from Carlyle to support its buy-out plan, seeking assurances that the private equity group's investment will not impair competition in the communications industry.

Newbridge Capital and Macquarie may have to structure their offers for PCCW's telecom and media assets to satisfy China Network Communications Group, bankers said this week. China Netcom bought a 20% stake in PCCW in 2005 and has said it is unwilling to entertain a change of ownership in Hong Kong's telecom system. The Chinese state controlled company does not have the power to block an asset sale by PCCW, but Newbridge and Macquarie will not want to risk damaging their relationships with Beijing's officials.

Renaissance Capital, the Indonesian investment bank that is buying the Kaltim Prima Coal and Arutmin Indonesia coal mines, has received its first commitments for the $2.1bn debt package that will fund the bulk of the acquisition. The deadline for commitments has been extended into next week to allow lenders time to process credit approvals. Credit Suisse is arranging the loan.

Mandated lead arrangers Calyon, ING and Standard Chartered have received a total of $60m in commitments in general syndication of the $500m five year loan for Export-Import Bank of China.