Southeast Asia

The sheer amount of dollar bond issuance seen this month in Asia, and the expected supply heading into the year end, has taken a bit of a toll on the market, with a handful of deals pulled and many others suffering in secondary. But there is a silver lining. Issuers in the region are being forced to think hard, communicate better and push the boundaries — things which can only make the market stronger.

Bond investors in the Philippines are struggling to ramp up their portfolios as borrowers shun the debt market in favour of cheaper bank funding, according to panellists speaking at Euromoney’s Philippines Investment Forum on Monday.

The first post-IPO share sale in Thailand-listed B. Grimm Power raised Bt2.5bn ($76.6m) for the company chairman last Friday.

The surge in dollar bond issuance from Asia ex-Japan continued unabated at the tail end of last week, with three issuers selling $1.1bn of deals on Friday.

Singapore sovereign investor GIC pocketed Bt3.6bn ($110m) over the weekend after selling the last of its stake in Thailand’s Quality Houses through a block deal.

Thailand’s Gulf Energy Development Co priced its IPO at the top of guidance this week, raising Bt23.9bn ($730.4m) from the largest corporate listing in the country in more than a decade. The deal was swamped with orders, reflecting investors’ eagerness to look beyond Asia’s developed markets for better returns, writes Jonathan Breen.

UBS has named a top executive in Zurich to take over as its India country head from next year, according to an internal memo seen by GlobalCapital Asia.

Centratama Telekomunikasi Indonesia has launched a triple-tranche $390m financing into general syndication through two mandated lead arrangers and bookrunners.

Philippine homebuilder Vista Land & Lifescapes sealed a successful dollar deal on Monday, despite venturing into a shaky market full of sceptical high yield investors.

Credit Suisse has officially appointed Mia Idora Ismail as head of Malaysia coverage in its Asia Pacific investment banking and capital markets (IBCM) unit.

Qantex Capital Markets, a Hong Kong-based interdealer broker, has joined Singapore Exchange (SGX) as a derivatives trading member.

Indonesian toll-road operator Jasa Marga has mandated banks for a much anticipated inaugural offshore rupiah bond sale.