Southeast Asia

Dollar bond investors got their first taste of a Cambodian credit this week when casino operator NagaCorp grabbed $300m from its debut outing. But a huge tightening in the secondary market reflected the struggle in finding a fair price for the issuer. Morgan Davis reports.

Perusahaan Listrik Negara (PLN) managed to navigate Indonesia’s challenging market backdrop successfully to seal a $2bn dual-tranche transaction on Tuesday.

Four bankers in Credit Suisse’s Asia Pacific loan syndications and financing group left the firm this month, according to sources close to the situation.

Cambodian casino operator NagaCorp clinched a $300m debut bond on Monday. But the gaming company’s notes looked cheap compared to other industry names in Macau, causing the yield to drop significantly in secondary trading on Tuesday.

Digital Telecommunication Infrastructure Fund has raised Bt53.2bn ($1.7bn) after pricing a sale of new units at the top of guidance, according to a banker on the deal.

Indian company TVS Logistics Services wants to increase a loan that it launched in November.

Maybank is on the lookout for a new investment banking CEO after John Chong Eng Chuan was picked to run its retail banking arm.

The Singapore and Israel bourses have signed a pact aimed at spurring dual listings of technology and healthcare companies.

Vingroup spun off its real estate arm, Vinhomes, in a D30.7tr ($1.35bn) equity offering this week, stunning the market with the largest listing in Vietnam’s history and in Asia this year. The spotlight has turned to the company’s use of a novel private placement-style structure that is fast becoming popular in the country. Jonathan Breen reports.

A pair of Singapore Reits came to the equity market this week to raise funds for acquisitions, pocketing S$779.1m ($581.0m) between them.

Vietnamese conglomerate Vingroup is on course for a second spin-off using a novel private placement-style structure, after pricing Vinhomes’ D30.7tr ($1.35bn) listing this week. The structure offers a tempting route for potential issuers in the country’s unpredictable equity market.

Keppel DC Reit’s overnight share sale to raise S$303.1m ($227.6m) was more than two times covered, according to the company.