Southeast Asia

There was a rare sighting in the Panda bond market this week, as international investors outnumbered their onshore counterparts. The Republic of the Philippines completed its first transaction in the asset class, taking home Rmb1.46bn ($230.8m).

Malaysian state-owned oil and gas company Petronas’s chemicals unit has signed a bridge loan for $1bn as part of the conditions of its divestment agreement with Saudi Aramco.

Malaysian rubber gloves manufacturer Top Glove Corp has sealed a $310m loan, with robust support from banks making the deal 2.5 times covered.

UBS is keeping the equity blocks market busy in Asia, launching two deals consecutively in the Philippines and Hong Kong — both as sole bookrunner.

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has mandated ANZ as the sole mandated lead arranger and bookrunner for a $100m bullet loan, according to sources close to the deal.

The Vietnamese government is looking to raise up to D6tr ($263.4m) from an IPO of pay-TV service provider VTVCab, a unit of state-owned broadcaster Vietnam Television.

Bank of the Philippine Islands has firmed up the launch date and number of shares for its Ps50bn ($961.5m) rights issue.

Lotte Shopping raised W303.6bn ($285.4m) from a five year put three exchangeable bond on Wednesday, which some bankers thought was priced at overly generous terms.

Rao to lead HSBC’s Southeast Asia corporates team – JP Morgan names Asia DCM head

Indonesian coal company Toba Bara Sejahtra failed to make its debut in the dollar bond market this week, after a weak market backdrop and concerns about high yield credits dented investor appetite. But other firms looking for funding are not giving up just yet, writes Morgan Davis.

DoubleDragon Properties Corp is nearing the launch of its first post-IPO liquidity event, which has been in the works for half a year.

DBS Group announced a mandate on Wednesday for a euro tier two deal. It is thought a transaction would be its first in euros outside of covered bonds, and it would be the first unsecured trade from a Singaporean financial institution in euros in more than 10 years.