Singapore

Asia’s equity capital markets had a ghastly first quarter before making a slow turnaround, but market watchers are calling for more from the second half of the year. Safe bets such as real estate investment trusts are expected to be hot, while insulated regions such as south and southeast Asia are likely to be a growing source of business. Jonathan Breen reports.

The Singapore Exchange’s electronic bond trading platform, SGX Bond Pro, is planning to expand into Asian local currency notes later this year. While the initial stage of expansion will be in markets closet to home, the exchange’s head of fixed income trading, Tsai Li Renn, told GlobalRMB that linking up with China could also be on the horizon.

Singapore real estate investment trust Mapletree Commercial Trust has hired DBS, Goldman Sachs and HSBC to help it raise equity funding to back a S$1.78bn ($1.33bn) acquisition.

Yihai International Holding has narrowed the price guidance on its up to HK$889.2m ($114.6m) Hong Kong IPO to the upper half of the marketing range, said a source close to the transaction.

UBS has promoted Choo-Guan Yeoh to the newly created position of head of ASEAN equities, putting her in charge of development of the business in the region.

China-based EC World Real Estate Investment Trust has fixed the price range for its Singapore IPO to raise as much as S$365.97m ($272.7m), according to a draft prospectus filed with the city-state’s regulator.

Fullerton Healthcare has made its debut in the Singapore dollar bond market, raising S$100m ($74m) from a deal backed by the Credit Guarantee and Investment Facility (CGIF). Bankers on the trade reckon the issuer’s sector, as well as the bond’s structure and currency, were the winning ingredients to navigate volatility.

Citic Envirotech has priced a $180m tap of its existing $175m 5.45% perpetual notes at the tighter margin of 4.25%, becoming the first Asian G3 bond issuer since the UK’s decision last Friday to leave the European Union.

The Singapore Exchange (SGX) has extended the period of exclusive discussions with the Baltic Exchange for a proposed cash offer to acquire 100% of the shipping-based bourse.

ICICI Bank’s international loan syndications team in Singapore is losing a banker who has been with the Indian lender for eight years.

Fullerton Healthcare opened books on Wednesday for a dual-tranche Singapore dollar bond backed by the Credit Guarantee and Investment Facility. This would be the fifth transaction to be sold in the Lion City with an enhancement from CGIF.

Singapore water treatment firm Citic Envirotech is seeking a tap of the $175m 5.45% perpetual notes that it originally sold last year, becoming the first issuer in Asia to test the G3 market since Brexit.