Southeast Asia

JP Morgan taps Tan for SEA DCM — RHB loses SG equities banker — SMBC loans banker leaves

Malaysia-listed Iskandar Waterfront Holdings (IWH) is merging with sister firm Iskandar Waterfront City (IWC) in a MR761.8m ($170.8m) transaction to be funded by debt and equity.

Singapore-listed Ascott Residence Trust launched a fully underwritten renounceable rights issue this week, as OUE Commercial Real Estate Investment Trust raised funds via an overnight share sale.

OUE Commercial Real Estate Investment Trust bagged S$150m ($106.3m) in an overnight share sale on Wednesday, fully exercising the increase option.

Lotte Chemical Titan, which is seeking to raise more than $1bn via an IPO in Malaysia, has added three banks to its syndicate at the bookrunner level.

Mainboard IPOs on the Singapore Exchange must allocate at least 5% to retail investors, starting in May, the bourse said this week.

RHB Bank’s Asia head of institutional equities Lena Yong has parted ways with the Malaysian bank following a restructuring of its wholesale equities division.

Singapore’s status as the go-to hub for Asia’s real estate investment trusts appears to be under some threat, with two Asian issuers taking their business to Hong Kong and Indonesia in recent weeks. But concerns that Singapore could lose its Reit crown are overblown — the asset class is set to remain well under its dominion.

Singapore-listed commodities trader Noble Group returned to the international bond market on Monday after a hiatus of nearly three years. Despite the continuous noise around the credit, investors appear to have put the company’s past behind them as they piled into the $750m deal.

Singapore-listed Ascott Residence Trust has kicked off a fully underwritten renounceable rights issue to raise S$442.7m ($313.7m), as it seeks to buy its first property in Frankfurt.

Natixis is rebuilding its DCM team in Asia Pacific following some high profile departures since last year.

Lenders that have chipped in for Bank Negara Indonesia’s $750m facility can expect to be scaled back by close to 50% of their original commitments, said bankers close to the trade. Allocations are due to be announced in the next few days.