Standard Chartered
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In the latest signs of ill health among banks, which have experienced a rough ride in capital markets this year, UBS analysts on Tuesday named BBVA, Svenska Handelsbanken and Standard Chartered as their least preferred names in a sector that is now cheaper than every other, apart from autos, after a damaging earnings season. -
Kenya Power and Lighting Company (KPLC) has completed refinancing on $500m of loans, reducing its costs with the help of a World Bank guarantee.
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Canada’s Manulife Financial Corp and Singapore’s Mapletree Logistics Trust have added their names to the growing list of issuers accessing the Singapore dollar market for subordinated debt. And thanks to the comeback of private banks in the country, more issuers — both foreign and local — are expected to follow suit, reckon syndicate bankers.
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Industrial and Commercial Bank of China sealed a new $500m three year bond via its Hong Kong unit on Monday, less than two weeks after its Singapore branch scooped up $800m. Although the issuer checked all the boxes, demand from Chinese onshore accounts was weak given the recent flurry of financial names in the market.
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The Singapore dollar bond market’s recent resurgence of private bank demand has prompted a slew of subordinated debt issuance with Manulife Financial Corp launching a rare insurance tier two and Mapletree Logistics Trust opting for a perp non call five and a half on Monday.
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Less than two weeks after its Singapore branch issued a three year bond, Industrial and Commercial Bank of China’s Hong Kong unit is now joining the fray with an identical transaction.
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Hong Kong based Sun Hung Kai has announced the minimum yield for an exchange offer that will switch bondholders out of the firm’s 2017 notes into newer ones due 2021.
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Lenders are waiting for an update on PetroVietnam Exploration Production Corp’s request to waive a covenant on a borrowing sealed in 2012.
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Turkiye IS Bankasi is offering investors in its disqualified tier two bond 50bp to agree to add Basel III compliant features to the documentation.
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The first publicly sold green bond from the CEEMEA region received such a strong reception this week that other borrowers may now take a closer look at the product, despite the EM pipeline for this kind of deal being bare. Francesca Young reports.
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Three banks have seen changes to their loan syndication teams in Asia following departures and internal moves.
