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The demand for Korean offerings is red hot, evident in the US$3 billion order book received for the US$300 million Reg S bond for Korea Electric Power Corp (Kepco).

After the trials and tribulations of the Peoples Phone and Tom Online IPOs in March, Hong Kong’s two latest notable offerings priced quietly and safely in the middle of their offer ranges last month. Sogo’s local operations listed to muted applause and Shenzhen-based Nam Tai Electrical was set to list on April 28. It is fair to assume that both stocks will soon be largely forgotten by mainstream investors.

Arrangers should be reaching for their spreadsheets to moderate the valuation ranges of companies queuing up to float in Australia this year, after the disappointing IPO of zinc producer, Zinifex. If common sense prevails, this could still prove to be a banner year for new listings. The Zinifex IPO, which priced below the bottom end of the offer range after the leads, raised only A$975 million (US$714 million), well below the A$1.35 billion target Citigroup, Deutsche Bank and UBS had set when they embarked on the global roadshow in March.

Taiwan’s Taishin Bank scored twice recently, closing the country’s second residential mortgage-backed securitization (RMBS) and the second convertible bond (CB) issue since the controversial presidential elections.

Tales of excess and aberrations in Asia

Institutional investors this week eagerly snapped up their portion of the Hong Kong government?s HK$6bn ($763m) securitisation of tolls from road tunnels and a bridge system.

AUSTRALASIA

AUSTRALIA

It was a significant week in the Indonesian rupiah market, where PT Bank Tabungan Negara, Indonesia?s eighth largest bank by assets, priced an enormous Rph1tr two tranche transaction on Friday (today).

Taishin Financial Holding last Friday issued a $200m convertible bond, designed to monetise the remaining treasury shares on its balance sheet before the regulatory deadline at the end of 2005.

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