Southeast Asia

Thailand’s state-owned PTT Exploration and Production Public Co ended a two-year hiatus from the offshore bond market this week with a $650m deal, taking advantage of the low rate environment to extend its maturity profile to 40 years.

Macau casino operator Melco Resorts & Entertainment, Philippine power company AC Energy and a local government financing vehicle from Jiangxi were among the crop of issuers to hit the bond market on Tuesday.

The World Bank has issued the first catastrophe bond to be sponsored by an Asian government, and the first to be listed on the Singapore Exchange. The Philippines will receive protection against damage caused by earthquakes and cyclones, writes Jasper Cox.

TMB Bank Public Co has sealed a $400m Basel III-compliant additional tier one bond. The rarity of the Thai deal made price discovery tricky.

SPH Real Estate Investment Trust has bagged S$161.5m ($118.4m) after issuing a chunk of new stock.

MUFG Bank has hired Marilyn Gan as head of origination for its Asia Pacific aviation financing business.

United Overseas Bank (China), a wholly-owned subsidiary of Singapore’s UOB, raised Rmb1bn ($142m) of tier two capital this week, becoming the first issuer in China’s domestic market to obtain an international rating for a subordinated deal. That proved crucial to driving demand, writes Rebecca Feng.

Commodities company Mercuria has closed its annual borrowing at a size of $1.2bn after 24 banks joining the deal during general syndication.

Three bankers have recently joined Natixis’s telecom industry group. Two are in Paris and one is in Singapore.

United Overseas Bank (China), a wholly-owned subsidiary of Singapore’s UOB, sealed a Rmb1bn ($142m) 10 non-call five year subordinated bond on Monday. The trade was the first internationally rated tier-two capital bond in the Mainland debt market.

Insurance company FWD Group’s $1.8bn acquisition loan is set to close by the end of November, with two more banks still expected to join the syndicate group.

New York Stock Exchange-listed online gaming company Sea has bagged $1bn from its second tap of the equity-linked market.