Singapore

The Singapore equity capital market was hit by some unpleasant news this week when a pair of IPOs were shelved in quick succession. The move drew mixed responses from bankers, with one saying it highlights the city’s dwindling appeal as a listings hub, and others promising a busy year ahead for equity raising. John Loh reports.

Mapletree Greater China Commercial Trust Management has raised S$330.3m ($248.8m) after selling a block of new units to help fund the purchase of Japanese assets.

Central China Real Estate was back in the offshore debt market on Tuesday with a Singapore dollar deal, just a week after sealing a US dollar bond.

Summit Power International’s hopes to be the first Bangladeshi issuer to list in Singapore have fizzled out after its $260m IPO was withdrawn.

MUFG Bank has appointed Janice Chua as managing director and head of the Asian operations division, according to a Monday press release.

Singapore’s United Overseas Bank made its first foray into the US market on Monday, raising $1.2bn from a two-tranche transaction, receiving strong support from US accounts.

Commodities trader Gunvor Singapore is back for its annual refinancing, attracting commitments from 13 banks even before the $800m loan was launched into general syndication.

Industrial and Commercial Bank of China’s Singapore branch aims to underwrite IPOs of Chinese companies in the city-state after receiving accreditation as an issue manager from the Singapore Exchange.

Summit Power International has opened books for the first IPO of a Bangladeshi firm in Singapore, hoping to raise $260m.

HSBC has created a new head of Belt and Road Initiative (BRI) position for Asia Pacific, naming Mukhtar Hussain to the job.

Covered bonds issued by Swedish Covered Bond Corp and Overseas Chinese Banking Corp on Wednesday were thinly oversubscribed though investor preference was clearly slanted towards the most defensive five year Swedish offering.

Logan Property Holdings Company sold its first Singapore-dollar denominated bond on Tuesday to support its growing presence in the country, raising a larger-than-expected S$200m ($152.6m). The deal is the first in the currency from a Chinese real estate name in almost four years.