Singapore

Chery HuiYin Motor Finance Service Co is seeking to list in Hong Kong via sole sponsor CICC. The automotive financing company filed a preliminary prospectus with the stock exchange on July 31.

Nikko Asset Management has made several changes to its Asia business with the promotion of two senior executives in Singapore and Hong Kong.

The Lion City has been trying to develop a covered bond market for years but progress has been slow. That's mostly been down to the fact that its banks do not have first access to most of the mortgage loans they lend out. That privilege lies with the country’s pension fund, the Central Provident Fund (CPF).

Singapore can finally lay claim to a covered bond market after its largest bank, DBS, this week printed the country’s first deal in the asset class. The build-up was hardly plain sailing, but that did not stop DBS executing a very successful trade that will serve as a benchmark for its peers, writes Rev Hui.

Ezion Holdings chose an unusual structure for its most recent bond outing in Singapore dollars. The borrower sold a bond with the support of a loan facility from sole lead DBS, which allowed it to save around 300bp in funding costs.

Ezion Holdings has opened books for a five year Singapore dollar bond offering, which is supported by a loan facility from DBS, the first time such a structure has been seen in the city state.

It has been mooted for years but investors are finally getting their first taste of covered bonds out of Singapore with the Lion City’s largest bank DBS opening books to a dollar offering on July 29.

Commodities trader Gunvor Singapore has exercised an accordion feature to increase the amount of its latest revolver to $1.0627bn, with seven lenders joining the 31-strong syndicate. This is the second increase by the company, which was initially seeking $550m and wound up the borrowing at $911.7m on the back of strong demand.

In this round-up, Singapore's RMB business continues to grow, China RMB cross border trade settlement jumped 25% in June, Taiwan's RMB deposits inch up in June, the Stock Connect's northbound quota is replenished by the A-share sell-off in July, and Malaysia settled 1.9% of its trade with China in RMB in the first month of launching a clearing bank.

The first Singaporean real estate investment trust (Reit) to tap the equity market since Manulife US Reit pulled its S$569m ($426m) IPO this month was welcomed by investors with open arms, as Frasers Commercial Trust priced its block trade at the top.

CICC has filed its long-awaited IPO with the Hong Kong Stock Exchange, with the Chinese investment bank eyeing $1bn in proceeds. The trade is slated to launch at the end of September via leads ABC International and CICC, but interest is already building.

Thai Union Frozen Products Public Company opened books for a Bt12.72bn ($371m) preferential public offering on July 20, following non-deal roadshows that brought positive feedback from the investor community.