Siam Commercial Bank

aCommerce plans to raise up to $300m, while SCGC is seeking $3bn

Thailand’s Charoen Pokphand Group, which tapped the loan market for a $7.2bn bridge loan last year to acquire retail giant Tesco’s Asia business, is now seeking covenant waivers on the fundraising. The move — which bankers say is triggered in part by CP’s plan to offload some of its newly-gained stake in Tesco — has hurt lenders’ confidence in the Thai conglomerate and raised questions around its strategy. Pan Yue reports.

Kerry Express, a Thailand-based delivery company, has raised Bt8.4bn ($279.5m) after sealing its IPO at the top of the marketed range.

Thai express delivery company Kerry Express launched its IPO this week, aiming to raise up to Bt8.4bn ($278.2m) in proceeds.

Southeast Asian bankers are enjoying a revival in primary equity raising, after three large deals were launched or set to be priced this week. Bankers are guardedly optimistic they can keep up the momentum. Jonathan Breen reports.

Thailand’s IPO market got a boost this week with SCG Packaging launching what is set to be the country’s largest listing since Covid-19 hit earlier this year. International and local investors have already swamped the deal, which is expected to raise up to Bt39.5bn ($1.25bn), writes Jonathan Breen.

SCG Packaging is set to begin investor presentations for its up to Bt39.5bn ($1.26bn) IPO, which will be Thailand’s second largest listing in 2020.

The strong response from banks to Charoen Pokphand Group’s acquisition-related loan is not a true reflection of conditions in Asia’s syndications market — despite what some may say.

Charoen Pokphand Group has launched a $7.15bn-equivalent loan into general syndication after attracting five banks at the senior level.

Charoen Pokphand Group has invited banks to join a $7.5bn dual-currency loan in senior syndication. The deal will support the Thai conglomerate’s acquisition of Tesco’s Asia business.

Thai conglomerate Charoen Pokphand Group’s $10.6bn purchase of Tesco’s Asia business has been hailed as a “landmark” deal that will liven up the region’s loan market. Bankers are now openly debating how they can get in on a financing that will tap both international and domestic liquidity. Pan Yue reports.

Months of bidding for UK retail giant Tesco’s Asia business has finally ended, with Charoen Pokphand Group emerging victorious. Three banks have provided financing to the Thai conglomerate to support the purchase.

Asset World Corp, the property and hospitality firm, has raised Bt48bn ($1.57bn) from Thailand’s largest IPO by a private company.

Thai real estate owner and developer Asset World Corp has hit the market with a Bt41.7bn ($1.36bn) IPO, set to be the country’s largest listing by a private company, according to a term sheet seen by GlobalCapital Asia.

Are Asian investors ready to embrace duration again? Oil India and Siam Commercial Bank (SCB) proved there is clear demand, rolling out a pair of 10 year bonds on Tuesday. SCB also added a five year tranche.

Thailand’s Strategic Hospitality Extendable Freehold and Leasehold Reit is set to launch a Bt3.96bn ($120m) sale of new units next month.

Digital Telecommunication Infrastructure Fund has raised Bt53.2bn ($1.7bn) after pricing a sale of new units at the top of guidance, according to a banker on the deal.

CP All, a unit of Charoen Pokphand Group, has raised Bt10.1bn ($324.6m) from a block sale of Siam Makro shares, boosting the size on the back of long-only demand, according to a source close to the deal.

CP All is selling a chunk of shares in Thai firm Siam Makro through an accelerated bookbuild worth up to Bt7.1bn ($229m), according to a term sheet seen by GlobalCapital Asia.

Thailand’s Gulf Energy Development Co has priced its IPO at the top of guidance, raising Bt23.9bn ($730.4m) from the largest corporate listing in the country in over a decade.

Thailand’s Gulf Energy Development Public Co has kicked off bookbuilding for a potential Bt23.9bn ($726.3m) IPO, set to be the largest listing in the country in nearly three years.

Siam Commercial Bank closed its second dollar deal of the year on Thursday, leveraging on its rarity value as a Thai credit in the debt market, while also navigating a surprise hiccup near the end of bookbuilding.

Thailand’s Siam Commercial Bank is courting investors for a dollar bond, to be sold through its Cayman Islands branch, while China Minsheng Banking Corp is also marketing a transaction through its Hong Kong arm.

Gulf Energy Development Public Co is drumming up interest for its IPO to raise around $500m, with the launch expected later this month.