Southeast Asia

Vinpearl blazed a trail for the Asian equity-linked market this week as Vietnam’s first issuer of exchangeable bonds, printing a hugely successful $325m trade. But the execution was not all plain sailing, coming amid a backdrop of emerging markets angst and the disappointing IPO of a high-profile Vietnamese bank. John Loh reports.

Simon Gagey, the Southeast Asia head of loan syndicate and sales at BNP Paribas, will be relocating to Paris later this month, according to sources.

Vinpearl has hit screens with the year’s first exchangeable bond in Vietnam to raise $275m, as southeast Asia’s equity-linked market heats up.

DBS Group Holdings gave US investors the opportunity to lay their hands on a rare Singaporean bank tier two bond in the 144A format this week, raising $750m despite a crowded primary market.

Singapore sovereign wealth fund Temasek Holdings is set to take the securitization market to the next level, seeking three tranches of rated notes worth $500m-equivalent through Astrea IV. A local currency-denominated tranche will also be opened for subscription to retail investors later this week.

Del Monte Philippines has kicked off bookbuilding for an up to Ps17.6bn ($334.5m) IPO after winning approval from the country's stock exchange on Wednesday.

Singapore Exchange suffered an unfavourable twist in its Indian futures saga this week, when the Bombay High Court granted an injunction on new derivatives contracts that it had planned to launch next week. But one exchange’s misfortune might be a large asset manager’s opportunity.

The parent of Thailand’s VGI Global Media bagged Bt3.5bn ($110m) from a larger-than-expected overnight share sale on Wednesday.

The Republic of the Philippines is looking at two benchmark sized transactions in the second half of the year, to be denominated in dollars and yen, a source at the Bureau of the Treasury told GlobalCapital Asia this week.

Philippine firm Rizal Commercial Banking Corp is seeking a $300m offshore loan via five mandated lead arrangers and bookrunners, according to a banker with knowledge of the deal.

David So, an executive director for debt capital markets, Asia Pacific, is leaving Natixis to join a competitor.

Leonard Ng has joined Standard Chartered’s debt capital markets team in Singapore.