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  • Hong Kong property company Great Eagle Holdings priced the IPO of its Champion Real Estate Investment Trust on Tuesday near the low end of the offer range, raising HK$6.27bn ($808m). The sale failed to excite institutional or retail investors, even though it brings to the market the first landmark office building to be housed in a Hong Kong Reit, at a time when top-flight office rents are soaring.
  • China issued guidelines this week requiring the five largest state owned banks to keep their non-performing loan ratios below 5%, after the central bank criticised an independent report into bad debts in the country. China's banking regulator has also set a minimum capital adequacy ratio of 8% for the five banks — Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank and Industrial and Commercial Bank of China.
  • Debt investors have been wary of Indonesian businessman Sukanto Tanoto since a long restructuring in the wake of the Asian financial crisis. That wariness contributed to one of his companies having to abandon a planned bond issue last year. But Tanoto is back, hoping to improve his image as he eyes further expansion. Adam Harper met him to find out how he explains the past and what he hopes to achieve in the future.
  • Despite the political turmoil that has gripped Thailand for months and long-running popular opposition to privatisation, Thai state oil and gas company PTT set out on Monday to spin off and list its refinery unit Rayong Refinery, which accounts for 14.3% of Thailand's refining capacity.
  • South Korean oil refiner and marketer SK Corp proved the value of domestic support for an international bond issue on Tuesday, when it priced a $300m five year deal at the tight end of guidance after raising an order book of more than $1.2bn. Korea Development Bank, Morgan Stanley and UBS led the deal.
  • SoftBank this week began to evaluate proposals from banks to refinance the ¥1.28tr ($11.5bn) bridge loan it used to fund its leveraged buy-out of Vodafone's Japanese mobile phone subsidiary. Bankers have proposed a range of innovative structures to cope with the company's need for a large amount of long term finance, including high yield bonds and senior debt. The eventual deal is expected to include a combination of the two.
  • Korea South East Power Co made a solid return to the international bond market yesterday (Thursday) with a $300m 10 year deal led by Barclays Capital, Citigroup and Credit Suisse. Kosep, rated A2/A-/A-, is a rare visitor to the international capital markets, and has not sold a bond offshore since June 2003. In weak markets, it successfully exploited demand for stable, high grade credits to bring a well supported and cleanly executed deal.
  • Hong Kong narrowly avoided a direct hit from the distinctly nasty Typhoon Chanchu this week, but the rain and squally weather it brought to the city must have suited the mood of more than a few bonds bankers around here.