@enmagazine 2021 08 07 IFR Asia

IFRASIA
INTERNATIONAL FINANCING REVIEW ASIA
AUGUST 7 2021 ISSUE 1199 www.ifre.com
India sees unprecedented IPO rush

as Zomato surge adds to optimism
China’s crackdown puts loans to

education sector under pressure
Cloud Village sounds investors for

Hong Kong IPO as Tencent is rapped
PLUS: MONTHLY LEAGUE TABLES
BONDS EQUITIES BONDS PEOPLE & MARKETS

Chindata waits China Telecom’s Thai oil giant ANZ’s Laos head
to make debut homecoming IPO PTT fires up draws lessons
as scrutiny of draws huge book acquisition from Olympic
VIEs tightens after US delisting fundraising judo experience
06 07 08 14
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OPINION INTERNATIONAL FINANCING REVIEW ASIA
National securities Greater China but less positive for software companies
hoping to reap the frothy valuations in the US.
S
ome state-linked Chinese companies may no longer be
WELCOMEûINûTHEû53ûBUTûTHEYûCANûEXPECTûTOûlNDûAûWARMû
welcome in China's domestic market. Too little, too late
China Telecom is midway through what is likely to be
F
the largest IPO in the world this year – a US$7.3bn offering or months, investors in Chinese securities have been
– and the strength of investor response shows how strong waiting for an overhang to lift.
liquidity is onshore. State-owned distressed debt manager China Huarong
The company's homecoming comes after the US ordered Asset Management Co – which ironically now is an issuer of
it to delist from the New York Stock Exchange on national distressed debt – and property developer China Evergrande
security grounds, claiming that it was linked to the Chinese Group have seen their shares and bonds plunge this year on
military. For the same reason telecom peers China Mobile fears they will need to restructure their debts.
and China Unicom (Hong Kong), which also had their ADRs "OTHûMADEûSTEPSûTOûBOLSTERûTHEIRûlNANCESûLASTûWEEKûBYû
delisted, will be next to hit the A-share market with their announcing some non-core asset sales.
own jumbo deals. (UARONGgSûDIVESTMENTSûWEREûTHEûMOSTûSIGNIlCANTûYETû
The US$61bn institutional order book for China Telecom had the least effect on its bond prices, mainly because
suggests that there will be no shortage of demand for the no one knows yet how much it will fetch from the sales.
Still, investors welcomed the decision to exit its consumer
lNANCEûBUSINESSûANDûFOCUSûONûITSûCOREûBUSINESSûOFûCLEANINGû
China’s own policies on data up bad debt.
security are giving some other Evergrande's announcement of the sale for US$400m of a
partial stake in internet unit HengTen Networks Group, on
companies little choice but to the other hand, seemed too little, too late.
The proceeds are a drop in the ocean compared to its
stay close to home. US$20bn of offshore bonds, and news that Evergrande has
been dragging its feet paying suppliers and contractors will
NEWûmOATSûBUTûTHEûVALUATIONûWASûFARûBELOWûSIMILARûSTOCKSû NOTûlLLûINVESTORSûWITHûCONlDENCE
in foreign markets, pointing to one of the drawbacks of a ,IKEû(UARONGû%VERGRANDEûDIVERSIlEDûAWAYûFROMûITSûMAINû
home listing. business, but the developer is showing less commitment
Even so, China's own policies on data security are giving to refocus. As long as it has a car company, mineral water
some other companies little choice but to stay close to business and theme park, stakeholders can feel aggrieved
home. that it has not sold more assets to manage its debt
Didi Chuxing's US IPO turned from triumph to farce after mountain, even though it has promised to list some of them
China rapped it for illegally collecting user data, and now in the future.
#HINESEûTECHûCOMPANIESûPLANNINGûOVERSEASûLISTINGSûlRSTû Companies preparing to restructure their debt don't
need to undergo a cybersecurity check. usually exercise the call option on their perpetual securities,
That is China's way of saying that it wants companies as Huarong has announced it will next month.
with sensitive data to keep it out of reach of foreign 4HATûSHOULDûGIVEûINVESTORSûSOMEûCONlDENCEûTHATûWHILEû
governments and means that a company which makes Huarong may undergo an organisational shake-up, it
autonomous driving software, for example, can probably probably will not involve extreme haircuts on its debt.
forget about listing in the US. Huarong's bad news will hopefully come to an end
That leaves listing on the Hong Kong stock exchange, later this month when it publishes its annual results and
which of course is not subject to the ban, as the best explains the exact details of the “relevant transaction”
prospect for such companies to reach foreign investors. The investors have been dreading since March.
TECH FOCUSEDû3TARû-ARKETûISûALSOûSETûTOûBENElT Evergrande's travails may last rather longer, and so too
That is good news for stock markets and investors in will the cloud hanging over Chinese stocks and bonds.
International Financing Review Asia August 7 2021 1

COMPANY INDEX Cholamandalam Investment Jean Pacific Development 46 Plenti Auto ABS 2021-1 Trust 21
and Finance 34 Jharkhand 35 Plenti Finance 21
4Paradigm 29
ABM Investama 36 CIMC Enric Holdings 28 JL Mag Rare-Earth 30 Popular Vehicles & Services 4, 36
Acleda Bank 24 Citigroup 37 Juneyao Airlines 30 Power Finance Corp 34
Adani Wilmar 4, 35 Clay SG Holdings II 42 Kasikornbank 46 PTT 8
Advanced Semiconductor Cloud Village 6 Korea Midland Power 11 PTT Global Chemical 8
Engineering 43 CMS Info Systems 4 Krsnaa Diagnostics 4 Q Card Trust 39
AEON REIT Investment 38 CPN Retail Growth Leasehold REIT 46 Lalamove 30 Qinzhou City Development &
Agroto Business 38 DBS Trustee 42 Li Auto 31 Investment Group 27
AInnovation 29 Del Monte Philippines 40 Life Insurance Corporation of India 36 RBL Bank 34
Air New Zealand 38 Devyani International 4 LOLC Asia 43 Real Estate Investment Trust 40
Anhui Iflytek Medical Dexus Property Group 23 LOLC Financial Sector Holdings 43 RedZed 21
Information Technology 30 Emeco Holdings 24 Lotte Rental 43 RedZed Trust Series 2021-2 21
Aptus Value Housing Finance India 4, 35 ESR Cayman 42 Luso International Banking 26 RL Commercial 40
ARA Asset Management 42 Exxaro Tiles 4 Macquarie Bank 20 Rockwell Land Corp 39
Asia Sermkij Leasing 44 Fiji Airports 31 Magnolia Quality Development 46 SB (Waterfront) Investment 42
AU Optronics 44 Fino Payments Bank 4 Mapletree Investments 41 SB (Waterview) Investment 42
Australian Registry Finance, 23 Firstmac 22 McCormick & Co 37 SBI Life Insurance 36
Automotive Financial Services 24 Firstmac Limited Eagle No. 1 22 Metro Brands 4 Series 2021-1 Harvey Trust 21
Avanti Finance 39 Food Corporation of India 34 Minda Industries 35
Shanghai Fosun
Avanti RMBS 2021-1 39 FSN E-Commerce Ventures 4 Mitsubishi Corp 9
Pharmaceutical (Group) 30
Avolon Holdings 40 GalaxyCore 30 Money Forward 38
Shanghai Pudong Development Bank
Azure Power Global 34 Gemdale Corp 24 Money3 24
Hong Kong branch 28
Bank of China 8 Global Power Synergy 8 MREIT 40
Shennan Circuits 31
Bank of India 36 Go Colors 4 Nanjing Jiangbei New Area
Shui On Land 31
Bank of Zhengzhou 28 Goldsun Development Industrial Investment Group 26
Singapore Exchange 40
Banpu 47 & Construction 10, 44 National Bank for Agriculture
Sino Biological 32
Biel Crystal 29 Great Eagle Holdings 32 and Rural Development 34
SK REIT 43
Binhai Investment 29 Great Southern Bank 21 National Highways Authority of India 34
Guangzhou Quwan New Frontier Health 28 Summit Digitel Infrastructure 10
Brickworks 22
Network Technology 31 New Oriental Education 5 Sunba Power 45
Cal-Comp Electronics (Thailand) 47
Guobang Pharma 30 Ngern Tid Lor 46 Sundaram Home Finance 34
Capital Services 43
Hangzhou Shangcheng District Ningbo Yincheng Group 27 TAL Education Group 5
CarTrade Tech 4, 35
Urban Construction & Nomura Real Estate Holdings 38 Tata Capital Financial Services 34
Cathay Life Insurance 10
CDB Aviation 32 Comprehensive Development 25 Nordic Investment Bank 20 Thai Oil 8
Chailease Berjaya Credit 44 HealthCo Healthcare and Northern Territory Treasury Corp 20 Think Tank Group 22
Chailease Finance 44 Wellness REIT 22 Nuvoco Vistas 4 Toyota Leasing Thailand 47
Chemplast Sanmar 4, 35 Henderson Land Development 33 Oversea-Chinese Banking Corp, Tus-Holdings 27
China Development Bank Hero FinCorp 34 Sydney branch 20 Wanda Light Asset Commercial
Financial Leasing 29 Hitachi 37 Pacific Equity Partners 23 Management 29
China Everbright Water 28 Hongta Securities 30 Pan Brothers 37 Wellness Forever 4
China Evergrande Group 25 Humm Group 39 PB Fintech 4 Windlas Biotech 4
China Huarong Asset Management Co 26 Hyperion Storage Holdinges 42 Pepper 21 XiAn Aerospace High-Tech Industry
China Ping An Insurance Hyundai 43 Pepper PRS30 21 Development Group 28
Overseas (Holdings) 27 Hyundai Heavy Industries 43 Pepper Residential Securities Xinte Energy 32
China Railway Special Cargo Logistics 29 Iflytek 30 Trust No 30 21 Yunnan Communications Investment
China Telecom 7 InfraCo Towers 23 Perusahaan Pengelola Aset 36 and Construction Group 28
Chindata Group Holdings 6 International Finance Corp 37 Pisa Acquisition Finance 23 Zomato 4
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2 International Financing Review Asia August 7 2021

Contents
AUGUST 7 2021 ISSUE 1199
TOP NEWS STORIES COUNTRY REPORT

EQUITIES
04 Incredible India sees IPO rush 20 AUSTRALIA
The impressive trading performance of new
listing Zomato and strong domestic liquidity 24 CAMBODIA
conditions have triggered a rush of IPO filings
and launches in India.
24 CHINA
LOANS
05 China ban tests education loans
32 FIJI
China’s private education companies are facing
potential hurdles on upcoming refinancings
amid the country’s intensified crackdown on 33 HONG KONG
after-school tutoring.
EQUITIES 34 INDIA
06 Cloud Village IPO braves storm
Cloud Village is gauging investors’ interest over 36 INDONESIA
a Hong Kong IPO of up to US$1bn, the first
sizable float to do so after China’s crackdown
on technology companies. 37 JAPAN
BONDS
06 Chindata vies for attention 38 MALAYSIA
Chindata Group Holdings is taking a cautious
approach as it tries to be the first US-listed 38 NEW ZEALAND
Chinese technology company to test the
offshore bond market.
39 PHILIPPINES
07 EQUITIES China Telecom dials up demand
08 BONDS BOC introduces SONIA to China
40 SINGAPORE
08 BONDS PTT fires up acquisition funding
09 BONDS Japanese bonds set to follow TONA
10 LOANS Urban renewal spurs Taiwan loans
43 SOUTH KOREA
10 BONDS Brookfield’s tower unit debuts
11 BONDS Komipo overcomes coal concerns 43 SRI LANKA
12 MONTHLY LEAGUE TABLES
43 TAIWAN
PEOPLE & MARKETS
PROFILE
46 THAILAND
14 Nothing throws this banker
Waking up to the sight of rice paddies and buffalo
17 Reg S
outside her home, Carli Renzi begins her morning
commute, heading along the Mekong River before
finally arriving at the office.
17 IN BRIEF The Securities and Futures Commission of Hong Kong has fined UBS HK$11.5m
over a number of regulatory breaches.
18 WHO’S MOVING WHERE? Credit Suisse has hired Karla Wynne as a director in its
consumer, retail and healthcare team.

NewsCloud Village tests market 06 China Telecom connects 07 BOC introduces SONIA 08
Incredible India sees IPO rush

Equities Companies race to float, as flush liquidity drives stock market performance
BY S ANURADHA CHEMPLAST SANMAR (Rs38.5bn) and before it freezes,” the banker companies which are expected
APTUS VALUE HOUSING FINANCE INDIA said. to go public in six months to a
The impressive trading (US$375m) IPOs due to open. The IPO momentum is year. Once listing takes place
performance of new listing Of these, CarTrade Tech and expected to continue, and GO these pre-IPO investors will
ZOMATO and strong domestic specialty chemical company COLORS (Rs8bn), METRO BRANDS be subject to a lock-up of one
liquidity conditions have Chemplast Sanmar have upsized (Rs8bn) WELLNESS FOREVER year from the date of the IPO
triggered a rush of IPO filings their respective IPOs from (Rs12bn) and CMS INFO SYSTEMS allotment.
and launches in India. Rs20bn and Rs35bn after seeing (Rs15bn) are expected to file “All the investors are asking
Filings have totalled Rs167bn strong demand from investors. listing documents over the next me to identify the next
(US$2.25bn) so far this month, The Nuvoco IPO, if it goes few weeks. Zomato,” the stockbroker said.
led by technology companies, through, will be the largest The benchmark S&P BSE
after the online food delivery ever Indian cement IPO, and VALUATIONS IGNORED Sensex touched a record high
company’s spectacular gains Chemplast Sanmar, which Market participants said of 54,657 on Thursday and
gave investors new optimism. delisted in 2012, is planning a investors are not bothered is up 14% this year. Bankers
Zomato’s shares have risen rare relisting from a delisted about valuations or the said although IPO and stock
82% from the IPO price of Rs76, Indian company. The last time fundamentals of an IPO at the valuations are very high, few
and most recent IPOs have also this happened was when real moment. are expecting a correction any
traded well. estate firm DLF relisted in 2007 “All they want to know is the time soon. “Unless a black
“Stock markets are at record after delisting in the 1980s. grey market premium for an swan event happens locally
highs, mutual funds are flush One reason issuers are lining IPO. The GMP not valuations or globally it is unclear if we
with cash and people are stuck up IPOs this month is because help make the investment will really have a correction,”
at home. The best form of the financial statements decisions. The retail interest is another ECM banker said.
entertainment today is buying mentioned in their prospectuses unbelievable,” a stockbroker After a resurgence of the
IPOs and seeing the first-day are valid until mid-August and said. Covid-19 pandemic in April–
pop,” a Mumbai-based ECM any delay would mean they The craze for IPOs is such May, cases have started to
banker said. would have to submit fresh that retail and high-net-worth decline and the vaccination
PB FINTECH, owner of financial accounts. investors are now willing drive is gaining momentum,
online insurance aggregator “The accounts are only a to buy shares of an unlisted giving confidence that the
PolicyBazaar.com has filed for secondary factor. Promoters company in anticipation of worst may be behind the
a Rs60bn IPO, higher than the [controlling shareholders] want post-listing gains. Typically country and the economy can
previously expected Rs40bn, to exploit the market liquidity such investments are made in rebound.
along with filings from online
beauty retailer Nykaa, officially
known as FSN E-COMMERCE
VENTURES (Rs40bn), FINO PAYMENTS
BANK (Rs15bn), edible oil maker
ADANI WILMAR (Rs45bn) and car
dealer POPULAR VEHICLES & SERVICES
(Rs6.8bn). All of these IPOs are
expected before the end of the
year.
A record four IPOs totalling
Rs36bn opened last week
with the floats of Pizza Hut
franchisee DEVYANI INTERNATIONAL
(Rs18bn) KRSNAA DIAGNOSTICS
(Rs12bn) WINDLAS BIOTECH
(Rs4.01bn) and EXXARO TILES
(Rs1.60bn) fully covered within
hours of launch. In the past,
no more than two Indian IPOs
would be launched at the same
time.
The action continues this
week with the NUVOCO VISTAS
(Rs50bn) CARTRADE TECH (Rs30bn),

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PTT funds M&A 08 Japan eyes TONA 09 Taiwan’s urban renewal 10
China ban tests education loans to focus on the non-academic

education segments untouched
by the new regulations such

Loans Crackdowns on tech and private tutoring sectors sours sentiment as arts, sports and other extra-
curricular programmes to
BY EVELYNN LIN, APPLE LI has a US$600m loan coming private education sector was survive.
due in February 2022. Some one of the most enticing “It is a tough way out as over
China’s private education lenders raised questions on industries for domestic and 70% of New Oriental and TAL’s
companies, with US$2.67bn TAL’s ability to access liquidity global investors, who threw revenues come from after-
combined in outstanding loans, ahead of the maturity and billions of dollars into it. school tutoring in academia,
are facing potential hurdles whether the regulatory risks Chinese education companies the main segment targeted,”
on upcoming refinancings would invoke the material have raised US$3.53bn in said a third loan banker.
amid the country’s intensified adverse change clause stated in loans since 2015, according to “The good news is that these
crackdown on after-school its loan agreement. Refinitiv data. companies still have a strong
tutoring. TAL said on July 25 that the While the pandemic balance sheet and a lot of cash
Lenders are concerned over new rules will have a “material battered many sectors, on hand for now to pivot to
the political and regulatory adverse impact on its after- China’s edtech industry was new educational ventures as
risks in education-related school tutoring services”, a beneficiary as students those tuition fees are often
loans to the country’s which in turn may adversely moved to online learning after paid upfront.”
US$120bn private education affect its operations and schools were forced to remain
industry after China’s State prospects. It has also scrapped closed. Online education FUTURE COURSE
Council unveiled a new set of the upcoming earnings release companies raised financings China’s move to rein in the
sweeping regulations on July originally slated for August of Rmb103.4bn (US$16bn) education sector follows
24. The new rules ban private 5, citing “recent regulatory combined in 2020 from a series of government’s
education companies offering developments” as the reason. investors such as SoftBank, crackdowns on technology
off-campus tutoring in core “The MAC clause generally Temasek and DST Global, companies such as internet
school subjects from making protects lenders from a while the industry had a giant Alibaba and ride-sharing
profits and raising capital from material adverse effects on market size of Rmb257.3bn in app Didi Chuxing, which is
overseas markets or going the borrower’s operations 2020, increasing by 35.5% from souring appetite among lenders
public. and financial conditions, but the previous year, according for Chinese borrowers.
Share prices of US-listed it is the last resort as lenders to Beijing-based consultancy “It is difficult for us to get
Chinese education companies will first consider negotiated iResearch. internal approvals on deals
plunged initially before outcomes, including waivers “It would be challenging for for Chinese credits, especially
recovering some ground. or amendments,” said another these borrowers to refinance privately owned entities, as
NEW ORIENTAL EDUCATION and TAL senior loan banker. “In their debt using syndicated even the bellwether companies
EDUCATION GROUP – China’s two addition, the intangible assets loans in the near term as it is have been impacted,” said a
largest after-school tutoring of these education companies hard for lenders to evaluate fourth loan banker. “China’s
firms – have lost over 65% of such as the trademark and the actual impact of the new economic and geopolitical
their market capitalisation the student base make it rules,” said another loan landscape is changing so fast
since late last month. more difficult to value the banker. now, and we don’t know what
The impact of the rules has companies now.” Following the crackdown will be the next target.”
not led to any distressed or TAL was already in hot water the longer-term prospects Lenders are also becoming
default situations yet for any last year when some lenders for the education companies more cautious about loans for
of the borrowers and while sold their exposure, after remains unclear and overseas-listed Chinese firms
lenders have not taken any the company announced in heavily depends on how the using the variable interest
action so far, they remain April 2020 that an employee credits re-jig their business entity structure, which the
watchful. had inflated sales by forging models. According to a Fitch authorities frown upon, but
“The loans are not documents. That marked report on July 30, stronger foreign investors use widely to
secured over shares of a significant change in regulation of the industry bypass restrictions in certain
these companies, and there sentiment from the reception will undermine the business business sectors in China such
is no covenant regarding the loan received in February models of kindergarten to 12th as technology, education and
fluctuations on the share price. 2019, when it was increased grade after-school tutoring media.
As long as the borrowers are from US$400m. Deutsche companies as banning classes “VIE structure is always
retaining their listing status Bank was the mandated lead on weekends and during a grey area under Chinese
and paying the interest on arranger and bookrunner of holidays will lead to a drop of law and obviously Chinese
time, lenders basically would the loan, which attracted 14 over 50% in their revenues. regulators are weighing
not take any immediate action banks in general syndication. Lenders believe the edtech greater oversight of the same.
just yet,” said a Hong Kong- companies will seek to spin- We will be more conservative
based loan banker. TRACK RECORD off the regulated services in lending to those companies
That sentiment will come Until the crackdown last into a non-profit entity and with VIE structures,” said the
under test from TAL, which month, China’s lucrative transform its business model fourth loan banker.

News
Cloud Village IPO braves storm

Equities Float tests investor appetite for Chinese tech listings
BY FIONA LAU review before listing in foreign China’s market regulator on Analyst Shifara Samsudeen
countries, as it is concerned July 23 said it would bar Tencent of LightStream Research said
Chinese music streaming service that foreign governments could Holdings from exclusive music Cloud Village is less likely to face
CLOUD VILLAGE is gauging investors’ control and exploit the data. copyright agreements and fined a regulatory crackdown given
interest over a Hong Kong IPO Companies seeking a Hong the company for unfair market Tencent Music’s probe is related
of up to US$1bn, the first sizable Kong listing are expected to be practices. to past acquisitions.
float to do so after China’s exempted from the rules as it is As of Wednesday, NYSE-listed All these positive aspects have
crackdown on technology not a foreign country. Tencent Music Entertainment’s attracted investors to look at the
companies. In the online music market, shares were down 45% this year. Cloud Village float, but they are
The unit under Chinese
internet giant NetEase decided
to brave the market even after
many other Chinese tech issuers
put their US IPOs on hold
because of the clampdown.
“It’s a Hong Kong IPO so it’s
less affected by the new rules.
The ban of Tencent Music’s
exclusive rights also benefits
Cloud Village’s business as it
helps create a level playing
field,” said a person close to the
deal.
China tightened its grip on
tech companies with a plan to
revise rules governing overseas
listings. It proposed new rules
last month which require
companies holding data on
more than one million users
to undergo a cybersecurity
Chindata vies for attention whether Chinese authorities had

given approval for the offshore
listing.

Bonds Data centre operator bides time as investors weigh up risks of listing structure “As a public company, we will
pay close attention to any change
BY DANIEL STANTON understood to be on hold until The VIEs are owned and interpretation of the existing
Chindata publishes first-half by Chinese shareholders, regulatory policies, and actively
CHINDATA GROUP HOLDINGS is taking earnings later this month. but a series of contractual comply with the current and
a cautious approach as it tries “The market is pretty bad right arrangements gives their voting future laws and regulations,” said
to be the first US-listed Chinese now, and there’s a lot of stuff rights to Stack Midco, a wholly Chindata’s spokesperson.
technology company to test hanging over Chinese bonds,” owned subsidiary of Chindata, The bond plan was
the offshore bond market since said a banker on the deal. and gives Chindata effective announced after Chinese
regulators put more scrutiny A spokesperson for Chindata control of the businesses in tuition providers saw their
on the structures used to list said that the company had taken China and their profits. stocks and bonds plunge due
overseas. note of “recent concerns about Regulators in China and the to new rules announced by
The data centre operator the uncertainties regarding the US appear to be looking more Chinese authorities on July 24
held investor calls on July 27 VIE structure”. closely at the use of the VIE which ban them from using
and 28 ahead of a proposed Cayman Island-incorporated structure in overseas listings. the VIE structure, among other
debut US dollar 144A/Reg S Chindata is listed on the Nasdaq On July 30, Gary Gensler, restrictions on fundraising.
green bond, but has yet to begin exchange and conducts its chair of the US Securities and Other restrictions on
bookbuilding. business operations through Exchange Commission, said in a technology companies followed,
While a banker on the deal variable interest entities to public statement that he would including a new requirement
said there was good early interest comply with Chinese laws that require Chinese companies using for delivery app companies to
from global investors, the deal, prevent foreign ownership of VIEs to list in the US to disclose ensure that their delivery staff
which has expected ratings companies in the telecoms more information about the earn at least minimum wage.
of Ba2/BBB- (Moody’s/Fitch), is sector. risks for investors, and to state Ride-hailing service Didi

visit www.ifre.com
asking for a very low valuation

to factor in potential further
regulatory tightening on Chinese
publishes on research platform
Smartkarma.
Cloud Village, which mainly
China Telecom
tech companies, said another
person close to the deal.
operates NetEase Cloud Music, is
the second-largest online music
dials up demand
“I’m not that interested platform as measured by users
Equities Country’s largest float in 10 years follows telecom
as uncertainty is too high in and revenue in China. company’s ejection from NYSE
Chinese tech companies right While expecting Cloud Village
now. If I want to buy tech, there to remain unprofitable over the BY KAREN TIAN “Such a big deal puts a lot of
are many cheap ones in the next three years, George believes pressure on bookrunners. It is
market after the recent sell-offs,” the Tencent ban allows Cloud CHINA TELECOM has set the not easy to find enough suitable
said a fund manager who looked Village to establish a more direct issue price for its Rmb47.1bn strategic investors,” the banker
at Cloud Village’s IPO. digital distribution relationship (US$7.3bn) Shanghai IPO, the said, though he added that the
NetEase, which owns a with music labels, lowering country’s largest in 10 years, A-shares would be included
62.5% stake in Cloud Village, future content licensing fees. which comes after it was in many indexes, adding to
also became a target last week In combination with the ejected from the NYSE earlier their appeal for institutional
with its US shares sliding 12% rising revenue mix of social this year due its inclusion on a investors.
on Tuesday after state media entertainment services, Cloud US blacklist. “After all, each institutional
criticised video games’ negative Village should shift from gross The deal was multiple investor will not be allotted too
impact on minors and compared losses to profit. times subscribed, helped by a many shares after the clawback
them to opium. The next day, Cloud Village, which
state media suggested the was valued at US$4.68bn
gaming industry should be taxed in December 2019, posted “Such a big deal puts a lot of pressure on
at the same rate as traditional 2021 first-quarter revenue of bookrunners. It is not easy to find enough suitable
industries. Rmb1.49bn (US$231m), up 74% strategic investors.”
However, analysts are more from a year ago. Its adjusted
positive towards the Cloud net loss was Rmb284m in the
Village float. first quarter, compared to a valuation that looked attractive to retail investors and the
“With investors Rmb508m loss a year ago. compared to its peers. prorated placement.”
understandably wary of Chinese Launched in 2013, the The price of Rmb4.53 per
IPOs due to China’s regulatory company counts Alibaba Group, share translates to a 2020 PE TELCO PIPELINE
onslaught, Cloud Village has Baidu, General Atlantic, Boyu ratio of 19.84, lower than the China Telecom and state-run
the potential to entice investors Capital and Yunfeng Capital industry average of 31 in the peers China Mobile and China
to give Chinese IPOs a renewed among its shareholders. past month. It is also lower Unicom (Hong Kong) had their
look,” said analyst Arun George Bank of America, CICC and Credit than the average PE of 49.44 of American depositary shares
of Global Equity Research who Suisse are the IPO sponsors. six of its listed peers. delisted from the NYSE after
Its H-shares closed down they were put on the US list of
1.7% at HK$2.93 (Rmb2.4) on companies designated as owned
Chuxing had already seen its cash price of 105 or Treasuries Thursday but are still up 36.3% or controlled by the Chinese
shares plunge earlier in July after plus 111bp. this year. military.
China said that the company Chindata operates hyperscale “The deal was priced far China Mobile kicked off an
had breached rules on the use data centres in China, while its above the H-shares, and was A-share IPO tutorial with CICC
of customer data and ordered its sub-brand Bridge Data Centres almost based on its net assets and Citic Securities in May
app to be removed from stores. owns data centre clusters in per share, so it is hard to say for a listing on the SSE main
“When the Chinese regulatory Malaysia and India. ByteDance, whether it will trade below the board.
risks are fully priced in, people the parent of social media app issue price after the first month China Telecom’s mobile
will get comfortable again,” TikTok, is the biggest tenant, and without the greenshoe’s help,” subscribers reached 351
said a banker away from the contributed 82% of Chindata’s a Fujian-based banker said. million as of the end of 2020,
Chindata deal. “There have been revenue in 2020. The state-run telecom group representing a net addition of
some pockets of repricing.” Data centre demand has been plans to sell 10.4bn shares, 15.5 million and expanding its
Delivery app Meituan’s 2030s boosted by remote working instead of 12.1bn shares as market share to 22%.
fell five points and were last during the Covid-19 pandemic, originally planned. There is It posted a net profit of
seen at a cash price of 94, as the increased e-commerce activity, a 15% greenshoe. The earlier Rmb20.9bn for 2020, up 1.6%,
spread blew out 60bp, while and rising consumption of online filing showed it had planned to on revenue of Rmb393.6bn,
tuition provider Bright Scholar entertainment, wrote Moody’s. raise Rmb54.4bn. up 4.7%. Its Q1 net profit
Education’s 2022s, rated Ba3 by Chindata should also benefit It allotted 49.86% of rose 10.5% to Rmb6.5bn on a
Moody’s, plunged as much as six from the requirements for the offering to strategic 12.7% increase in revenue to
points and were last seen at a Chinese companies to keep investors, and 70.1% and Rmb106bn.
cash price of 98.7. sensitive data stored in China. 29.9% of the remaining shares CICC and China Securities are
In contrast, internet company Morgan Stanley, Goldman Sachs to institutional and retail the sponsors of the IPO, and
Tencent Holdings’ US dollar and Barclays are joint global investors, respectively. The joint bookrunners with Citic
2031s, sold in April at a cash coordinators for the proposed institutional tranche was Securities, BOC International
price of 99.991 to yield Treasuries bond offering, and bookrunners oversubscribed 24 times. Books (China), Huatai United Securities
plus 130bp, were last seen at a with DBS. will open for a day on August 9. and China Merchants Securities.

News
BOC introduces SONIA to China

Bonds Asia’s capital markets still poorly prepared for transition away from Libor as deadline looms
BY CAROL CHAN branch, but the deal did not not have internal systems that Kookmin Bank and Korea
prompt many other Asian are accommodated to the SOFR Development Bank.
BANK OF CHINA on Tuesday raised issuers to follow. rate,” said a banker on the deal. However, overall demand for
US$918m-equivalent from a So far, BOC is still the only “Lead managers on the deal of BOC’s SOFR-linked bond this
dual-currency Reg S floating-rate Chinese issuer to brave the course are accommodated to it, time was much better than its
bond offering linked to new SOFR market as Asia’s capital but many Chinese provincial 2019 transaction, said another
benchmarks set to replace Libor, banker on the deal.
including the first SONIA-linked “We’ve a bigger size this
“Banks are the major buyers of floating-rate
bond from a Chinese issuer. time and didn’t need to offer
A US$500m three-year SOFR-
bonds, but many Chinese banks still do not have a new issue premium,” said
linked floater sold through its internal systems that are accommodated to the the banker. He said the SOFR-
Hong Kong branch was priced SOFR rate. Lead managers on the deal of course linked bond priced flat to a
at SOFR plus 48bp, well inside are accommodated to it, but many Chinese comparable fixed-rate bond
initial guidance of plus 80bp provincial banks are not yet ready, which limited this time, compared to the 5bp
area. premium offered in 2019.
A £300m (US$418m) two-year
the potential investor universe for the bond.” Final orders for the SOFR
SONIA-linked floater from its tranche were over US$1.1bn
London branch was priced at markets are still not well banks are not yet ready, which from 42 accounts, including
SONIA plus 56bp, inside initial prepared for the transition away limited the potential investor US$875m from the leads. Asian
guidance of plus 75bp area. The from Libor, even though the use universe for the bond.” investors took 85% of the bonds
SONIA-linked transaction was of Libor as a reference rate for In other parts of Asia, and EMEA 15%. Banks and
also BOC’s first sterling bond. new transactions will officially SOFR-linked bonds are not yet financial institutions received
BOC in October 2019 printed end after December 31 2021. common and only a few issuers 64%, fund managers and asset
China’s first SOFR-linked bond “Banks are the major buyers have tapped the market – managers 18%, SSA, pension
with a US$350m three-year of floating-rate bonds, but mainly Korean institutions such funds and insurers 17%, and
green bond through its Macau many Chinese banks still do as Export-Import Bank of Korea, private banks 1%.
PTT fires up acquisition funding acquisition spree of US$9.7bn

in total.
S&P said the acquisition

Bonds Size of onshore bond offering increased on over Bt95bn of demand spree, ongoing capital
expenditure and dividends
BY KIT YIN BOEY in the offering based on the 1.7%–1.9% and 2.37%–2.57%. will push PTT’s consolidated
Thai overnight repurchase Settlement was on August spending to above Bt500bn
Thai investors shrugged off rate, was priced at 18bp over 6. Bangkok Bank, Bank of this year but with improving
concerns over PTT Group’s Thor, close to the low end of Ayudhya, Kasikornbank and Siam earnings conditions, the oil
US$9.7bn of debt-funded initial guidance of 15bp–30bp. Commercial Bank are joint lead giant’s credit quality can
acquisitions this year to accommodate the acquisitions,
crowd into the state-owned albeit with a lower debt
oil and gas company’s baht-
“S&P said the acquisition spree, ongoing capital headroom. The agency rates
denominated five-tranche bond expenditure and dividends will push PTT’s PTT at BBB+.
on August 3. consolidated spending to above Bt500bn this In early February, PTT
Investors indicated more year but with improving earnings conditions, the Exploration and Production
than Bt95bn (US$2.9bn) of oil giant’s credit quality can accommodate the announced a US$2.45bn
orders during bookbuilding, purchase of a 20% stake in an
acquisitions, albeit with a lower debt headroom.”
prompting PTT, locally rated Omani gas block. This was
AAA by Fitch, to upsize its followed by PTT GLOBAL CHEMICAL
targeted total issue size to This is also the first Thor-based managers for the deal. which said on July 12 it was
Bt47bn from Bt35bn. note to be issued by a non-FIG The deal came after the acquiring German coating
“This reflects the rarity corporate issuer. dominant Thai oil and gas resins producer Allnex Holding
value of PTT group papers in The 15bn three-year tranche company’s subsidiary THAI OIL for €4bn (US$4.73bn).
the domestic markets where was set at 0.96%, the Bt15bn announced on July 29 the In the same month, GLOBAL
investors are now focusing on five-year at 1.31%, the Bt5bn US$1.183bn acquisition of a POWER SYNERGY said it had bought
quality issuers amid the Covid- seven-year tranche at 1.79% 15.38% stake in Indonesia’s a 25% in Taiwan’s Changfang
19 pandemic,” said one Thai and the Bt8bn 10-year tranche Chandra Asri Petrochemical. and Xidao offshore wind power
banker. at 2.37%. Initial guidance on This was the fourth purchase projects for Bt16bn and a 41.6%
The Bt4bn 1.5-year tranche, the respective tranches were the PTT Group has announced stake in India’s Avaada Energy
the only floating-rate tranche at 0.87%–1.05%, 1.25%–1.45%, this year, amounting to an for Bt14.8bn.

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PLEASANT SURPRISE
For the SONIA-linked
transaction, the second banker
off the Chinese lender’s
US$40bn MTN programme.
The senior unsecured notes
Japanese bonds
said the response was better
than expected, with over one-
have expected ratings of
A1/A/A.
set to follow TONA
third of the orders from EMEA. For the dollar tranche, BOC, Bonds Mitsubishi Corp plans to sell hybrids based on
“Demand from Asian BNP Paribas, Bank of America, alternative benchmark
investors was very limited and HSBC, Mizuho Securities, Standard
we expected to rely on support Chartered Bank and UBS were BY TAKAHIRO OKAMOTO familiar with interdealer swap
from JLMs. But market demand joint global coordinators. They activity said USD/JPY basis
was better than expected, were also joint lead managers Japan’s yen bond market looks swaps based on both Libor and
with sovereign wealth funds, and joint bookrunners with set to follow the example of SOFR/TONA are being traded,
pension funds, and some UK ABC International, Bank of yen swap brokers in switching with Libor trades still bigger.
and European-based global Communications, Bank of East to quotes tied to the Tokyo Bankers in Tokyo said a
funds expressing interest,” he Asia, China Construction Bank Overnight Average Rate (TONA). complete shift to TONA is not
said. (Asia), CCB International, China While syndicate bankers necessarily a prerequisite for
A relatively decent yield Everbright Bank Hong Kong branch, are still explaining the costs foreign issuers to come back
pick-up, around 10bp, China Minsheng Banking Corp of issuing yen-denominated to the yen market. One said
compared with BOC’s same Hong Kong branch, CLSA, ICBC, bonds based on Libor, the foreign issuers can still sell
tenor US dollar fixed bond, Industrial Bank Hong Kong branch transition will likely accelerate yen bonds based on Libor if
seemed appealing to investors, and Shanghai Pudong Development once domestic bonds are priced needed, while foreign issuers
he said. Bank Hong Kong branch. based on TONA. that keep the proceeds in yen
The sterling tranche drew For the sterling tranche, rather than swapping back into
final orders of over £560m, BOC, CLSA, Commerzbank, their mother currency will be
including £210m from the Commonwealth Bank of Australia, “Sources said TONA- unaffected.
leads. Asian investors bought DBS Bank, HSBC, Industrial Bank based swap activity An international yen supply
58% of the notes, the UK 35% Hong Kong branch, RBC Capital is growing after a drought since Renault’s
and Europe 7%. Fund managers Markets and Standard Chartered Samurai in late June is partly
were allocated 53%, banks 41% Bank were JGCs. They were also
subdued start when explained by the absence of
and pension funds 6%. JLMs and JBRs with BNP Paribas market participants foreign issuers during their
Both tranches will be issued and Citigroup. adopted a wait-and- summer holiday period.
see stance.” A second banker said
some foreign issuers want
While PTTEP is funding its of the two power plants. to see domestic issuers set a
purchase with cash from its This is in addition to tapping Yen swap brokers ceased precedent, with at least one
US$3.8bn coffers, the other internal cash resources and the their yen Libor-based quotes domestic issuer planning to
three PTT subsidiaries will Bt20bn shareholder loan from at the close of business on July shift away from Libor and issue
rely heavily on bridging loans PTT. It has some Bt22.4bn in 30, switching to TONA-based bonds based on an alternative
from the parent as well as from cash and cash equivalents as at quotes on August 2. benchmark.
financial institutions. end-2020. The switch was encouraged MITSUBISHI CORP, Japan’s
PTT will be extending loans The renewable power by “TONA First”, an initiative largest trading company, is
of Bt74bn to PTTGC, Bt20bn to producer had total debt of published on the Bank of Japan’s planning to sell a 60-year non-
GPSC and Bt22.2bn to Thai Oil. Bt101.4bn as of end-2020, website on July 26, which call five subordinated bond in
It is also providing a Bt32bn including Bt3.5bn of 2.21% recommends liquidity providers September, with the coupon to
payment extension for crude notes that will mature in such as interdealer brokers to switch from fixed-rate to TONA-
oil to PTTGC which will help September this year. change quoting conventions linked if not called, according
support its acquisition funding. In the meantime, Thai Oil will from yen Libor to TONA. to a filing dated July 26.
In addition, the petrochemical take on the 18-month bridging Sources said TONA-based The second banker said
unit had raised US$1.25bn in loan from its parent, as well swap activity is growing after he expects some European
March in 10 and 30-year bonds as secure bridging loans from a subdued start when market issuers to continue using JGBs
which has bolstered its Bt100bn financial institutions. The oil participants adopted a wait-and- as a reference even if the shift
cash reserves. refining and distribution unit see stance. According to data to TONA proceeds. To work
Bankers said a portion of plans to refinance part of the from Japan Securities Clearing around Libor’s imminent
proceeds from the baht bond loans from a Bt10bn equity Corp, there were 518 overnight termination, BNP Paribas,
offering will support PTT’s offering, and will raise more indexed swap-linked trades Credit Agrciole and Barclays
shareholder loan to PTTGC, funds from asset sales, including from August 2 to August 5, used JGBs as a reference for
but, with the substantial an ongoing sale of a 10.8% stake versus 162 Libor-linked trades. the coupon resets in yen deals
increase in the issue size, it in GPSC to PTT for Bt20bn. The number of Libor trades earlier this year.
is possible it could use some Moody’s said Thai Oil has dropped sharply from 706 “Probably those who issue
proceeds to support the issuer’s excellent liquidity to cover debt trades in the first four business off their MTN programmes and
loans to GPSC and Thai Oil. maturities, capital spending days of July. haven’t updated the programme
GPSC is also exploring sales as well as the Chandra Asri However, the transition has to add TONA as a reference rate
of bonds to partly finance its investment over the next 12 been slow in cross-currency will continue to sell bonds based
Bt30.8bn-equivalent purchase months. basis swaps. One source on JGBs,” he said.

News
Urban renewal spurs Taiwan loans

Loans Property projects build appeal amid regulatory scrutiny
BY AILEEN CHUANG as the government wants value ratios in land financing over 30 years old, according to
to encourage funding for and lending for unsold data from the Ministry of the
A flurry of loans backing these projects. A provision houses and industrial plots Interior. That number is a lot
urban renewal projects in introduced in 2000 under are capped between 50% and higher at 71% for Taipei.
Taiwan is providing a boost Taiwan’s Banking Act caps 65%. Previously borrowers did
to the island’s loan market, the total amount of real not have any caps on the LTV FIERCE COMPETITION
as lenders take advantage of estate loans in a commercial ratios for such financings. Urban renewal project finance
exemptions to regulations bank’s loan book at 30% of the As a result property lending has gained greater appeal this
that tightened last December aggregate of its deposits and in Taiwan took a hit in the year against a backdrop of
to curtail risky lending in the issued bonds. first half of 2021 with only lacklustre lending activity in
wider property sector. “We are energised by a slew three syndicated loans raising Taiwan, where overall loan
CATHAY LIFE INSURANCE of urban renewal projects that US$1.1bn in total, according to volumes plunged 37.5% year-
and GOLDSUN DEVELOPMENT & promise large loan sizes and Refinitiv LPC data. on-year to US$12.83bn in the
CONSTRUCTION are seeking loans are excluded from our sectoral Loans for urban renewal first half of 2021, the lowest
totalling up to NT$40bn lending limits because the projects are generally capped first half volume since 2017.
(US$1.4bn) for their respective government is pushing for at a higher LTV of 80%. Intense competition among
urban renewal projects in more of these projects,” said The urban renewal asset-hungry Taiwanese lenders
Taipei City, following in the a senior loan syndications financings in the market has seen land and construction
footsteps of Taiwan-listed banker at a state-owned bank. currently promise to push financings offering less
Jean, which wrapped up a Loans for urban renewal volumes to levels comparable attractive returns in recent
NT$7.48bn, five-year loan projects are not only exempt with the US$2.5bn from 11 years and pricing is set to
to back its development of from the 30% sectoral cap but property loans in 2020 and compress further.
a residential project in New also from a series of credit US$2.8bn from 18 deals in Pricing on land and
Taipei City at the end of July. controls the Central Bank 2019, Refinitiv LPC data construction financings is
Banks are keen to of the Republic of China shows. getting close to around 1.7%,
participate in the financings, introduced last December to Urban renewal development a level that is commonly used
which are exempt from prevent the property sector has significant scope for as an interest rate floor in
the lending caps imposed from overheating. growth in Taiwan with nearly domestic currency syndicated
for the real estate sector Under the rules, loan-to- 50% of residential housing Taiwanese deals. These
Brookfield’s tower unit debuts “Some investors thought

the pricing didn’t compensate
for the leverage as the bonds

Bonds New bonds price close to state-owned India Exim’s secondary prices priced pretty flat to the
secondaries of India Exim and
BY JIHYE HWANG, US investors taking more than strategic and potential financial well inside Bharti Airtel,” said
KRISHNA MERCHANT two-fifths of the final US$1.1bn support from parent Brookfield another banker on the deal.
orders, followed by Europe Infrastructure Partners. Export-Import Bank of India’s
SUMMIT DIGITEL INFRASTRUCTURE and Asia at 32% and 24%, Summit Digitel is owned by January 2031s, rated Baa3/
overcame concerns about its respectively. Orders peaked at an infrastructure investment BBB–/BBB–, were seen at a
high leverage to raise US$500m US$2.3bn. trust in which Brookfield benchmark spread of around
from a debut international “The trade saw good global entities have almost 90% 177bp, and Bharti Airtel’s
bond offering that gained demand as it’s an interesting ownership, with BIP holding 2031s, rated BBB–/BBB– (S&P/
decent US demand, boosted and odd credit from India with an effective stake of 17%. S&P Fitch), were seen at 197bp–
by its backing from Brookfield support from Brookfield and believes the company will 199bp, according to the first
group entities. there’s also anchor tenant receive extraordinary support banker.
The Indian telecom tower Reliance,” said a lead. from Brookfield affiliates, if Fitch expects Summit’s funds
operator priced 10-year 2.875% Both S&P and Fitch have required, as it is BIP’s largest from operations net leverage
senior secured notes at 98.459 assigned a BBB– rating, in investment in India. to decline to 5.5 times in fiscal
to yield 3.055% or Treasuries line with the India sovereign, Summit’s weaker-than-peer year 2023 from its forecast of
plus 187.5bp, inside initial to the maiden issuer and its financial profile, however, 6.9 times in fiscal year 2022,
price guidance of plus 215bp dollar bonds, citing a non- prompted some Asian investors but the figure is still higher
area and the tight end of final cancellable 30-year contract to stay away from the new than that of Indonesian tower
guidance of 190bp, plus or with Indian wireless market deal as they considered the operator Tower Bersama
minus 2.5bp. leader Reliance Jio Infocomm, investment grade rating too Infrastructure, rated BBB- by
The 144A/Reg S deal was which is 66.5%-owned by high, while pricing looked Fitch, which is expected to be
covered over two times with Reliance Industries, as well as tight. 5.0–5.5 times in 2021-2022. The

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financings used to pay interest

rates of 2% or above.
“Loans for land acquisition
year post office savings rate,
which is currently 0.81%.
CP-linked loans are not new,
Komipo overcomes
and construction do not pay as
well as they used to due to the
but their widespread usage
in the overheating property
coal concerns
low-interest rate environment sector has attracted attention Bonds State-owned Korean power producer sets specific
and the fierce competition from the financial regulators. use of proceeds to satisfy investors
among Taiwanese banks,” In May, the central bank
said a second Taiwan-based met with 36 domestic banks BY JIHYE HWANG in the mid 40s to mid 50s.
syndications banker. “Banks to discuss their real estate “There weren’t any investors
are willing to slash pricing lending practices. KOREA MIDLAND POWER drew solid during calls that said we won’t
to earn business from top- “Banks should implement demand on its return to the buy the bonds if the proceeds
tier borrowers and for large risk pricing principles and do international bond market after will be used for coal-fired
projects, while sophisticated not cut prices to compete,” paying some premium, partly generation, but we did receive
companies know they could the central bank said in an because of investor concerns a lot of questions on that front,
bring down borrowing costs by announcement after the around coal-fired units. which was also what we were
engaging with more lenders.” meeting. The state-owned utility on concerned the most about,”
Competition has also led to Taiwan’s Financial Monday priced US$300m 1.25% said a funding official.
the emergence of commercial Supervisory Commission has
paper-linked loans for property also called for stricter self-
developers over the past year, discipline among banks and
pushing borrowing costs even bills finance companies on
“Korea Midland Power’s exposure to tightening
lower. credit controls in the real environmental regulations will grow because
In February, computer estate sector. coal power will likely account for 56% of the
maker Clevo obtained a Nevertheless, lenders are company’s total capacity in 2021-22, according
NT$23bn, seven-year loan optimistic about the loans to Moody’s.”
to backs its construction for urban renewal projects
of the Taipei Twin Towers, “as long as they are from
which included a NT$6.2bn strong borrowers and decent
CP guarantee tranche. That locations”, said a third loan five-year senior unsecured Proceeds will be used for
tranche pays an annual banker. “Moreover, lending to notes at 99.73 to yield 1.306% or general corporate purposes, but
guarantee fee of 0.55%, while a government-backed project is Treasuries plus 62.5bp, inside not for activities related to the
the term loan tranche offers a still appealing despite the low initial price guidance of plus construction of new coal-fired
margin of 89bp over the one- pricing.” 100bp area. This was at the generation units.
tight end of final guidance of Korea Midland Power’s
plus 65bp area, plus or minus exposure to tightening
2.5bp. environmental regulations
rating agency sees limited free Rs133.4bn from two tranches of The almost 40bp tightening will grow because coal power
cashflows as surplus cash is rupee bonds this year. came as the Reg S deal was will likely account for 56% of
required to be upstreamed to “The rate environment is also covered nine times, receiving the company’s total capacity
the parent company. helpful, offering an attractive final orders of over US$2.7bn in 2021-22, according to
Summit has a Rs250bn spread for long tenors,” said the from 154 accounts. Moody’s.
(US$3.4bn) shareholder loan second banker. Comparables for the new The issuer previously visited
that charges 15%, which is Fund managers and asset notes included Korea Hydro and the international bond market
Rs37.5bn per year against managers bought 77% of the Nuclear Power’s 1.25% 2026s in 2019 to print a green bond,
guided Ebitda of Rs29bn in new notes, insurers 20% and that priced in April and traded but the funding official said the
fiscal year 2022 and Rs49bn in private banks and others 3%. at a G spread of 56bp, and new issue did not come with
2023, as well as external debt The new bonds were Korea Southern Power’s 0.75% a green label as the company
of Rs183bn at a cost of around wrapped around reoffer in five-year green bonds that has already raised W150bn
6% to 9% per year, according to secondaries on their first priced in January and were seen (US$131m) from onshore green
Nomura’s trading desk. trading day on Thursday at at a G spread of 55bp. bonds this year.
Nomura sees the one-notch 187bp. Korea Midland Power and Korea Midland Power had a
parental uplift in rating by S&P Proceeds will be used for Korea Hydro’s notes have US$300m 2.5% 5.5-year bond
as overly generous because it capital expenditure, debt ratings of Aa2/AA (Moody’s/ that matured in July.
considers the shareholder loan repayment and/or any other S&P), in line with the issuers, Asia took 89% of the new
as 50% debt, while S&P regards purpose in compliance with while Korea Southern Power’s deal and the rest went to EMEA.
it as equity because the loan India’s end-use guidelines bonds are rated Aa2/AA– Asset managers and fund
is subordinated and if Summit on external commercial (Moody’s/Fitch), also in line managers bought 60%, banks
misses a payment it will not borrowings. with the power generation 28%, central banks, sovereigns,
count as a default. Barclays and Citigroup were company. supranationals and agencies
Summit’s debut dollar bond joint global coordinators, as The leads also referenced and pension funds 11% and
offering comes as the company well as joint bookrunners with other bonds from Korea’s state- private banks 1%.
aims to diversify its funding Bank of America, BNP Paribas, linked utility issuers, which Citigroup, HSBC and UBS were
channels after raising a total of Deutsche Bank and HSBC. were seen at a G spread range joint bookrunners.

League tables
Top bookrunners of Asian fixed and floating-rate Top bookrunners of Asia Pacific Top bookrunners of Asia Pacific
bonds for G3 currencies ex-Japan, inc-Australia syndicated loans G3 currencies syndicated loans Int’l currencies, Rmb and NT$
(inc-Samurais and Yankees) (ex-Japan, inc-Australia) (ex-Japan, inc-Australia)
1/1/21 – 31/7/21 1/1/21 – 31/7/21 1/1/21 – 31/7/21
Amount Amount Amount
Name Issues US$(m) % Name Deals US$(m) % Name Deals US$(m) %
1 HSBC 196 23,473.0 8.3 1 HSBC 31 4,475.2 8.9 1 Bank of China 217 44,397.9 22.4
2 Citigroup 132 22,832.9 8.0 2 Standard Chartered 26 3,113.8 6.2 2 ABC 30 14,191.1 7.2
3 JP Morgan 108 17,749.1 6.2 3 Citic 15 2,763.5 5.5 3 CCB 36 8,298.6 4.2
4 Standard Chartered 141 14,039.8 4.9 4 China Merchants Bank 12 2,636.0 5.2 4 ICBC 27 7,283.8 3.7
5 Bofa Sec 82 13,582.3 4.8 5 DBS 10 2,169.4 4.3 5 Standard Chartered 43 6,955.7 3.5
6 Morgan Stanley 48 11,307.2 4.0 6 SMFG 20 2,099.8 4.2 6 HSBC 42 6,446.8 3.3
7 BNP Paribas 100 10,799.2 3.8 7 CCB 13 2,069.4 4.1 7 China Merchants Bank 18 6,247.1 3.2
8 Deutsche 83 9,127.5 3.2 8 Mizuho 14 1,998.9 4.0 8 China Citic Bank 41 6,051.6 3.1
9 Credit Agricole 69 8,828.5 3.1 9 MUFG 11 1,626.9 3.2 9 CDB 5 6,005.8 3.0
10 Goldman Sachs 36 8,442.8 3.0 10 China Minsheng 2 1,548.0 3.1 10 Bank of Communications 19 5,439.0 2.7
11 Bank of China 127 7,545.4 2.7 11 Mega Financial 14 1,543.8 3.1 11 Mizuho Bank 27 5,100.7 2.6
12 UBS 95 7,530.0 2.7 12 Bank of China 17 1,450.8 2.9 12 CBA 23 4,180.5 2.1
13 Credit Suisse 84 7,360.2 2.6 13 Citigroup 8 1,332.8 2.6 13 Bank of Taiwan 21 4,167.8 2.1
14 DBS 79 6,347.3 2.2 14 BNP Paribas 8 1,257.4 2.5 14 Mega International 33 4,146.7 2.1
15 Citic 150 5,810.6 2.0 15 BoCom 9 974.9 1.9 15 UOB 20 4,116.4 2.1
16 Barclays 53 5,780.9 2.0 16 IMI - Intesa Sanpaolo 5 943.2 1.9 16 SAIC Finance 2 4,083.3 2.1
17 Mizuho 62 5,145.7 1.8 17 Taishin Financial 7 830.8 1.7 17 SMBC 26 3,729.4 1.9
18 CICC 100 5,092.9 1.8 18 Taiwan Financial 9 810.3 1.6 18 DBS 24 3,680.7 1.9
19 ICBC 77 4,255.0 1.5 19 First Financial 5 767.3 1.5 19 MUFG Bank 20 3,276.5 1.7
20 MUFG 35 4,087.3 1.4 20 UOB 8 758.1 1.5 20 ANZ 15 3,067.6 1.6
Total 514 284,336.8 Total 140 50,481.9 Total 610 198,173.1
*Market volume *Market volume *Market volume
Proportional credit Proportional credit Proportional credit
Source: Refinitiv data SDC Code: AR1 Source: Refinitiv data SDC Code: S3k Source: Refinitiv data LPC
Top bookrunners of Asian fixed and floating-rate Top bookrunners of Asia Pacific Top bookrunners of Asia Pacific
bonds for G3 currencies ex-Japan and Australia syndicated loans All currencies (ex-Japan, inc-Aus- syndicated loans All currencies (ex-Japan and Aus-
(inc-Samurais and Yankees) tralia) tralia)
1/1/21 – 31/7/21 1/1/21 – 31/7/21 1/1/21 – 31/7/21
Name Issues US$(m) % Name Deals US$(m) % Name Deals US$(m) %
1 HSBC 181 20,556.1 8.1 1 Bank of China 216 44,409.0 22.5 1 Bank of China 214 44,100.0 24.5
2 Citigroup 114 18,027.1 7.1 2 ABC 30 14,205.8 7.2 2 ABC 30 14,205.8 7.9
3 JP Morgan 98 15,169.9 6.0 3 CCB 35 8,252.7 4.2 3 CCB 35 8,252.7 4.6
4 Standard Chartered 140 13,918.4 5.5 4 HSBC 51 7,661.6 3.9 4 ICBC 27 7,283.8 4.0
5 Bofa Sec 73 10,607.2 4.2 5 ICBC 27 7,283.8 3.7 5 China Merchants Bank 18 6,263.3 3.5
6 BNP Paribas 91 8,991.6 3.6 6 Standard Chartered 41 6,711.3 3.4 6 Standard Chartered 38 6,065.2 3.4
7 Credit Agricole 68 8,728.4 3.5 7 China Merchants Bank 18 6,263.3 3.2 7 CDB 5 6,005.8 3.3
8 Morgan Stanley 41 8,680.4 3.4 8 CDB 5 6,005.8 3.0 8 Citic 40 5,993.1 3.3
9 Deutsche 79 8,546.8 3.4 9 Citic 40 5,993.1 3.0 9 HSBC 45 5,543.7 3.1
10 Bank of China 126 7,424.0 2.9 10 BoCom 19 5,470.5 2.8 10 BoCom 19 5,470.5 3.0
11 Goldman Sachs 30 6,817.0 2.7 11 Mizuho 26 4,350.1 2.2 11 SAIC Finance 2 4,083.3 2.3
12 Credit Suisse 81 6,783.2 2.7 12 UOB 19 4,135.6 2.1 12 Mega Financial 32 3,986.8 2.2
13 UBS 91 6,698.0 2.7 13 SAIC Finance 2 4,083.3 2.1 13 DBS 23 3,594.0 2.0
14 DBS 79 6,347.3 2.5 14 Mega Financial 32 3,986.8 2.0 14 UOB 16 3,562.3 2.0
15 Citic 150 5,810.6 2.3 15 CBA 22 3,859.5 2.0 15 Mizuho 22 3,415.7 1.9
16 CICC 100 5,092.9 2.0 16 DBS 23 3,594.0 1.8 16 Taiwan Financial 20 3,272.8 1.8
17 Mizuho 61 5,059.0 2.0 17 SMFG 25 3,491.8 1.8 17 SMFG 23 3,056.5 1.7
18 Barclays 49 4,942.6 2.0 18 MUFG 20 3,353.2 1.7 18 State Bank of India 6 2,941.7 1.6
19 ICBC 77 4,255.0 1.7 19 Taiwan Financial 20 3,272.8 1.7 19 China Minsheng 5 2,307.2 1.3
20 Guotai Junan Sec 123 4,010.3 1.6 20 ANZ 15 3,068.4 1.6 20 MUFG 14 2,020.3 1.1
Source: Refinitiv data SDC Code: AR2 Source: Refinitiv data SDC Code: S3 Source: Refinitiv data SDC Code: S5c

visit www.ifre.com
Global equity and equity-related Top bookrunners of global Top bookrunners of all Asian currencies
Asia Pacific incl Australasia, ex Japan convertible offering Asia Pacific (excluding Japan, Australia and China)
1/1/21 – 31/7/21 (ex-Japan and Australia) (inc-certificates of deposit)
Amount 1/1/21 – 31/7/21 1/1/21 – 31/7/21
Name Issues US$(m) % Amount Amount
1 Citic 106 23,146.1 8.0 Name Issues US$(m) % Name Issues US$(m) %
2 Goldman Sachs 62 22,777.6 7.9 1 CICC 13 6,519.1 16.8 1 KB Financial 486 20,264.9 9.0
3 Morgan Stanley 67 22,740.7 7.9 2 Guotai Junan Sec 9 4,783.7 12.3 2 NH Inv & Sec 379 18,214.8 8.1
4 CICC 72 17,693.5 6.1 3 Huatai Sec 6 3,641.5 9.4 3 Korea Investment 300 13,094.6 5.8
5 Citigroup 54 16,002.8 5.6 4 Citic 14 3,238.8 8.3 4 Kyobo Life 142 12,056.2 5.4
6 UBS 57 11,759.9 4.1 5 China Sec 7 3,041.6 7.8 5 DB Financial Invest 151 10,164.6 4.5
7 Huatai Sec 51 11,032.4 3.8 6 Goldman Sachs 5 2,408.1 6.2 6 SK Sec 94 9,002.2 4.0
8 JP Morgan 49 10,629.9 3.7 7 UBS 8 1,551.8 4.0 7 Hanyang Corp 128 7,605.3 3.4
9 Bofa Sec 36 10,349.1 3.6 8 Bofa Sec 1 1,500.0 3.9 8 Samsung Sec 48 6,559.5 2.9
10 Guotai Junan Sec 46 9,892.7 3.4 9 Credit Suisse 6 1,387.8 3.6 9 HSBC 85 6,250.9 2.8
11 Haitong Sec 78 9,609.9 3.3 10 Haitong Sec 6 994.0 2.6 10 Hana Financial 33 5,932.3 2.6
12 China Sec 50 8,095.0 2.8 11 Morgan Stanley 5 955.2 2.5 Total 3,203 225,507.4
13 Credit Suisse 46 6,793.8 2.4 12 Citigroup 3 927.6 2.4 *Market volume
14 HSBC 24 3,713.4 1.3 13 JP Morgan 3 686.5 1.8 Proportional credit
15 Korea Investment 23 3,191.1 1.1 14 HSBC 4 650.7 1.7 Source: Refinitiv data SDC Code: AS1a
16 NH Inv & Sec 18 3,157.0 1.1 15 Zheshang Sec 1 471.2 1.2
17 Shenwan Hongyuan Sec 20 3,014.6 1.1 16 China Merchants Sec 4 470.9 1.2
18 China Merchants Bank 25 2,694.7 0.9 17 Shenwan Hongyuan Sec 2 444.9 1.1
19 China Merchants Sec 27 2,610.5 0.9 18 DBS 2 395.8 1.0
20 Orient Sec 14 2,449.3 0.9 19 Nomura 1 333.3 0.9 Top bookrunners of all Asian currencies
Total 1,653 287,986.5 20 AVIC Sec 2 295.3 0.8 (excluding Japan and Australia)
Total 97 38,858.2 (inc-certificates of deposit)
Source: Refinitiv data *Market volume 1/1/21 – 31/7/21
Proportional credit Amount
Source: Refinitiv data SDC Code: C9b Name Issues US$(m) %
1 Citic 1,306 108,802.5 6.5
2 Bank of China 1,099 103,157.1 6.2
3 ICBC 1,073 100,038.8 6.0
4 CCB 1,113 92,189.3 5.5
Top bookrunners of global common stock Top bookrunners of global convertible offering Asia 5 ABC 927 84,316.1 5.0
Asia Pacific (ex-Japan) Pacific (ex-Japan) 6 BoCom 913 76,329.0 4.6
1/1/21 – 31/7/21 1/1/21 – 31/7/21 7 China Sec 924 75,336.2 4.5
Amount Amount 8 Industrial Bank 697 53,190.4 3.2
Name Issues US$(m) % Name Issues US$(m) % 9 Huatai Sec 607 50,461.3 3.0
1 Morgan Stanley 63 21,933.5 8.8 1 CICC 13 6,519.1 15.9 10 Guotai Junan Sec 551 41,811.8 2.5
2 Citic 92 19,907.4 8.0 2 Guotai Junan Sec 9 4,783.7 11.7 20 KB Financial 486 20,264.9 1.2
3 Goldman Sachs 55 19,785.5 7.9 3 Huatai Sec 6 3,641.5 8.9 Total 7,677 1,678,166.4
4 Citigroup 53 15,034.0 6.0 4 Citic 14 3,238.8 7.9 *Market volume
5 CICC 59 11,174.4 4.5 5 China Sec 7 3,041.6 7.4 Proportional credit
6 UBS 49 10,062.5 4.0 6 Goldman Sachs 7 2,992.1 7.3 Source: Refinitiv data SDC Code: AS1
7 JP Morgan 47 9,682.3 3.9 7 UBS 9 1,726.5 4.2
8 Bofa Sec 34 8,694.7 3.5 8 Bofa Sec 2 1,654.4 4.0
9 Haitong Sec 72 8,615.9 3.5 9 Credit Suisse 6 1,387.8 3.4
10 Huatai Sec 45 7,390.9 3.0 10 Citigroup 4 1,321.2 3.2 Top bookrunners of Asia Pacific
11 Credit Suisse 40 5,405.9 2.2 11 JP Morgan 4 1,080.1 2.6 Securitisations (ex-Japan and Australia)
12 Guotai Junan Sec 37 5,108.9 2.0 12 Haitong Sec 6 994.0 2.4 (ex-A$ and CDOs)
13 China Sec 43 5,053.4 2.0 13 Morgan Stanley 5 955.2 2.3 1/1/21 – 31/7/21
14 Korea Investment 23 3,191.1 1.3 14 HSBC 4 650.7 1.6 Amount
15 NH Inv & Sec 18 3,157.0 1.3 15 Zheshang Sec 1 471.2 1.2 Name Issues US$(m) %
16 HSBC 20 3,062.7 1.2 16 China Merchants Sec 4 470.9 1.2 1 MUFG 1 133.0 36.7
17 China Merchants Bank 24 2,632.2 1.1 17 Shenwan Hongyuan Sec 2 444.9 1.1 2 Standard Chartered 1 102.7 28.3
18 Shenwan Hongyuan Sec 18 2,569.7 1.0 18 DBS 2 395.8 1.0 3 Hong Leong Financial 2 58.5 16.1
19 Orient Sec 14 2,449.3 1.0 19 Nomura 1 333.3 0.8 4 Malaysian Industrial Dev Fin 1 48.5 13.4
20 KB Financial 17 2,304.3 0.9 20 AVIC Sec 2 295.3 0.7 5* AMMB 1 10.0 2.8
Total 1,877 250,073.4 Total 106 41,067.3 5* CIMB Group 1 10.0 2.8
*Market volume *Market volume Total 4 362.6
Proportional credit Proportional credit *Market volume
Proportional credit
Source: Refinitiv data SDC Code: C4a2 Source: Refinitiv data SDC Code: C9b1 Source: Refinitiv data SDC Code: AZ2

PROFILE: Carli Renzi
Nothing throws this banker /LYMPICSûREPRESENTEDûTHEûPINNACLEûOFûHERû
sporting career. She reached the second
round in London, losing to the eventual
Waking up to the sight of rice paddies OFûSTRESSûANDû)ûCANûALWAYSûTURNûAROUNDû bronze medallist, although she looks back
and buffalo outside her home, Carli Renzi ANDûTHINKûTOûMYSELFû)VEûBEENûINûWORSEû ATûHERûEXPERIENCEûFONDLY
begins her morning commute, heading situations. I’ve fought through with two “I remember the atmosphere in London
ALONGûTHEû-EKONGû2IVERûBEFOREûlNALLYû BLACKûEYESûANDûAûBROKENûNOSEûANDûONLYû WASûELECTRICû)ûWASûSTAYINGûINûTHEû/LYMPICû
ARRIVINGûATûTHEûOFlCEûINûTHEûMOREûUPMARKETû come out stronger,” she told IFR. village with all these famous and inspiring
thoroughfare of Lane Xang Avenue in Laos’ athletes. I remember once I was wearing
capital, Vientiane. ELECTRIC ATMOSPHERE THESEûNEWûHEADPHONESûANDû+OBEû"RYANTû
Such a morning routine would not Renzi started learning judo at the age of approached me to ask where I got them
ORDINARILYûBEûASSOCIATEDûWITHûWELL HEELEDû seven and caused an upset after winning from,” she said, referring to the late great
bankers, whose idea of adventure might the national championships at just 17, BASKETBALLûPLAYER
EXTENDûTOûTAKINGûTHEûLATEûFERRYûBACKûTOû ALTHOUGHûAFTERûSHEûFAILEDûTOûQUALIFYûFORûTHEû
$ISCOVERYû"AYûFROMû(ONGû+ONGSû#ENTRALû û/LYMPICSûINû"EIJINGûSHEûCONSIDEREDû TRANSFERRABLE SKILLS
BUSINESSûDISTRICTûAFTERûAûFEWûTOOûMANYû retiring from the sport. 7HENûSHEûlRSTûSTARTEDûTRAININGûFORûTHEû
DRINKSûBUTûFORû2ENZIûITSûALLûPARTûOFûAûDAYSû )TûWASûONLYûAFTERûSOMEûPERSUASIONû "EIJINGû/LYMPICSûINûû!.:ûDIDûNOTû
work. from her husband that she decided not HAVEûAûSPORTINGûLEAVEûPOLICYûFORûATHLETESû
3HEûSERVESûASûCOUNTRYûHEADûFORû,AOSûATû to abandon her judo dreams and she although it has since changed that along
AUSTRALIA & NEW ZEALAND BANKING GROUP and SUBSEQUENTLYûQUALIlEDûFORûTHEû/LYMPICSû with most banks.
while that might spark feelings of culture INû,ONDONûAFTERûANûARDUOUSûQUALIlCATIONû )Nû!USTRALIAûTHEûPATHûFROMûTHEû/LYMPICSû
shock among other foreign bankers, she process. TOûBANKINGûISûWELL TRODDENûGIVENûTHEû
can draw on her experience in other areas The process involved frequent trips COUNTRYSûSPORTINGûPROWESSûANDûITûINCLUDESû
of life to get through most situations. overseas including to Tunisia, where she ROWERû2OBû*AHRLINGûCO HEADûOFû!USTRALIAû
2ENZIûISûANûEX /LYMPICûATHLETEûHAVINGû trained with renowned mixed martial artist EQUITYûCAPITALûMARKETSûATû#ITIGROUPûANDû
REPRESENTEDû!USTRALIAûATûTHEûû/LYMPICSû ANDûSELF DESCRIBEDû@BADDESTûWOMANûONûTHEû CANOEISTû-ARKû"ELLOlOREûWHOûRECENTLYû
in London in judo. She also represented PLANETû2ONDAû2OUSEY JOINEDûSTART UPûBOUTIQUEû"ARRENJOEYû#APITALû
Australia at the 2010 Commonwealth Renzi credits ANZ for giving her the Partners as founding principal.
'AMESûATûFREE STYLEûWRESTLINGûASûJUDOûWASû TIMEûOFFûTOûPURSUEûHERû/LYMPICûDREAMSû Renzi said that a lot of the skills that
not included in those particular games in SOMETHINGûSHEûISûACUTELYûAWAREûTHATûAûLOTûOFû she garnered during her career as a judoka
Delhi. OTHERûEMPLOYERSûDOûNOTûPROVIDEûLEADINGûTOû APPLYûDIRECTLYûTOûHERûDAYûJOBûANDûJOKESûASû
She credits her experience in judo in MANYûTALENTEDûJUDOKAûDROPPINGûOUTûOFûTHEû well it is sometimes useful for other people
HELPINGûHERûNAVIGATEûAû YEARûCAREERû sport. TOûBEûAWAREûTHATûYOUûCANûBREAKûTHEIRûARMûIFû
at ANZ, which has seen her work her She remembers that one colleague THEYûDONTûDOûWHATûYOUûWANT
WAYûUPûFROMûAûGRADUATEûINûTHEûTREASURYû ASKEDûHERûJOKINGLYûIFûSHEûWASûCOMPETINGû “There are a lot of people that have
department to serving in various roles in INûMUDûWRESTLINGûORûJELLYûWRESTLINGûWHENû banking experience and strong grades.
the institutional banking division and now he heard she would be competing in the 4HEREûAREûFEWERû/LYMPIANSûOUTûTHEREûANDû
,AOSûCOUNTRYûHEAD Commonwealth Games, although she said OBVIOUSLYûTHERESûAûQUALITYûINûTERMSûOFû
“There have been times at work over EVERYONEûATûTHEûBANKûWASûSUPPORTIVEûOFûHER motivation and resilience,” she said.
THEûYEARSûWHENûTHEREûHAVEûBEENûPERIODSû For Renzi, as well as other judoka, the 3INCEûHERûlRSTûSTINTûASûAûGRADUATEûINûTHEû
TREASURYûDEPARTMENTû2ENZIûHASûFORGEDûAû
career in institutional banking, including
stints in the international business working
under the tutelage of ANZ’s international
#%/ûANDûFORMERû#ITIGROUPûEXECUTIVEû&ARHANû
Faruqui.
3HEûSAIDûTHATûSHEûHADûALWAYSûBEENû
GUNNINGûFORûAûJOBûASûAûCOUNTRYû#%/ûASû
the experience she gets looking at how
the bank operates on the ground beats
other roles she held, and notes that her
experience running things in Laos is not
too dissimilar to her other career in judo.
“When I was presenting to the prime
minister of Laos at the Laos business forum
RECENTLYûITûDAWNEDûONûMEûTHATûITûWASû
ALMOSTûNINEûYEARSûTOûTHEûDAYûTHATû)ûWASû
REPRESENTINGû!USTRALIAûINûTHEû/LYMPICSû
4HEREû)ûWASûREPRESENTINGûMYûCOUNTRYû
whereas now I am representing the private
sector,” she said.
THOMAS BLOTT

People
& Markets
TOP STORY RESULTS
HSBC, StanChart Q2 profits soar

Anglo-Asian lenders’ results lifted by lower provisions
HSBC and STANDARD CHARTERED last week both SAIDûTHATûHEûWASûCONlDENTûOFûMEETINGûTHEû RESPECTIVELYû%QUITIESûREVENUESûSURGEDûTOû
POSTEDûAûSURGEûINûSECOND QUARTERûPROlTûONû updated targets during a call with reporters 53MûFROMû53MûTHEûYEARûPRIOR
the back of a drop in provisions, and got ONû4UESDAY Meanwhile, StanChart’s performance in
closer to their performance targets. “Despite the interest rate drag, we’ve its corporate, commercial and institutional
(3"#ûSAIDûONû-ONDAYûTHATûPRE TAXû GOTûAûRETURNûONûTANGIBLEûEQUITYûINûTHEûlRSTû BANKINGûDIVISIONûWASûLARGELYûmATûASû
PROlTûFORûTHEû!PRILn*UNEûQUARTERûCAMEûINû HALFûOFûTHEûYEARûTHATûISûALMOSTûBACKûTOû revenues for the second quarter came in at
ATû53BNûANûALMOSTûlVEFOLDûINCREASEû THEûRETURNSûINûTHEûlRSTûHALFûOFûûPRE US$2.13bn versus US$2.15bn for the same
from the US$1.09bn it booked during the pandemic, which itself was a record,” he QUARTERûLASTûYEAR
SAMEûQUARTERûLASTûYEARû/NûANûADJUSTEDû said. 4HISûBELIEDûAûBETTER THAN AVERAGEû
BASISûPRE TAXûPROlTûWASû53BNûVERSUSû 3IMILARLYû(3"#ûCHIEFûEXECUTIVEû.OELû PERFORMANCEûINûlNANCIALûMARKETSûWHEREû
53BNûLASTûYEAR 1UINNûSAIDûONû-ONDAYûDURINGûAûCALLûTHATûHEû revenues rose 3% to US$1.27bn during the
$URINGûTHEûSECONDûQUARTERû(3"#û WASûCONlDENTûOFûHITTINGûITSûTARGETûASûCOSTû second quarter, which included a 4% rise in
released US$284m in provisions, compared and asset reduction plans are on track and credit markets to US$495m.
with the US$3.83bn it set aside in the bank had “good momentum behind our 4HISûCOMPAREDûFAVOURABLYûWITHûAûû
PROVISIONSûFORûTHEûSAMEûQUARTERûLASTûYEAR growth and transformation plans”. DECLINEûINûlXEDûINCOMEûCURRENCIESûANDû
3IMILARLYû3TAN#HARTûSAIDûONû4UESDAYûTHATû "OTHûBANKû#%/SûALSOûTALKEDûABOUTû COMMODITIESûREVENUESûPOSTEDûBYûTHEûBIGû
PRE TAXûPROlTûFORûTHEû!PRILn*UNEûQUARTERû the prospect of M&A to help meet some lVEû53ûBANKSûLASTûMONTH
came in at US$1.15bn, an increase of 55% OFûTHEIRûMEDIUM TERMûGOALSûALTHOUGHû StanChart does not have an equities
YEARûONûYEARûORûûONûAûCONSTANTûCURRENCYû Quinn sounded more hopeful, talking division.
basis. about acquisitions in the rest of Asia to It also did not provide a breakdown of
4HISûWASûPRIMARILYûDUEûTOûTHEûFACTûTHATû complement its strength in China and its results in investment banking, although
the bank was able to release US$67m it set (ONGû+ONGûWHEREASû7INTERSûSAIDûTHEûBANKû STRUCTUREDûlNANCEûREVENUESûCAMEûINûû
aside to cover bad loans during the second felt “comfortable” that it could meet its HIGHERûATû53MûWHILEûlNANCINGûANDû
quarter compared with a US$611m charge MEDIUM TERMûTARGETSûWITHOUTûANYûBOLT ONû SECURITIESûSERVICESûREVENUESûFELLûBYûAûQUARTERû
that it booked during the same quarter last acquisitions. to US$85m.
YEAR StanChart also said that operating
4HEûUNDERLYINGûRESULTSûFORûBOTHûBANKSû MIXED MARKETS expenses rose 10% to US$2.6bn, which chief
WEREûMIXEDûASûTHEYûWEREûHAMPEREDûBYûAû (3"#SûINVESTMENTûBANKûDIDûNOTûBENElTû lNANCIALûOFlCERû!NDYû(ALFORDûATTRIBUTEDûTOû
squeeze in net interest income due to low FROMûTHEûSAMEûSURGEûINûDEAL MAKINGû higher bonuses, something that has been
interest rates, although StanChart at least ACTIVITYûTHATûLIFTEDûTHEûRESULTSûOFûTHEûBIGûlVEû REPORTEDûBYûTHEûRESTûOFûTHEû3TREETûASûWELLû
fared better than its rival in its markets US banks, and global banking and markets’ during the second quarter.
division. ADJUSTEDûREVENUESûDROPPEDûûFROMûAûYEARû (3"#ûSAIDûTHATûOPERATINGûEXPENSESû
(3"#SûREVENUESûFORûTHEûSECONDûQUARTERû ago to US$3.59bn. DIPPEDûûFROMûAûYEARûAGOûTOû53BNû
DIPPEDûûTOû53BNûWHILEûUNDERLYINGû Revenues from capital markets and BUTûWITHINûTHATûPAYûFORûSTAFFûISûONûTHEûRISEû
INCOMEûATû3TAN#HARTûWASûDOWNûSLIGHTLYûATû ADVISORYûFELLûûTOû53MûCOMPAREDûTOû #OMPENSATIONûCOSTSûINûTHEûlRSTûHALFûOFûTHEû
US$3.69bn compared with US$3.72bn for a 16% rise in investment banking revenues YEARûJUMPEDûTOû53BNûUPûûFROMûTHEû
THEûSAMEûPERIODûLASTûYEAR AMONGûTHEûBIGûlVEû53ûBANKSûINCLUDINGûAû YEARûBEFOREû)TûDIDûNOTûPROVIDEûAûBREAKDOWNû
(OWEVERûBOTHûBANKSûCOULDûPOINTûTOû ûJUMPûINûADVISORYûFEES of compensation for the second quarter.
HEADWAYûMADEûTOWARDSûTHEIRûMEDIUM TERMû Finance director Ewen Stevenson said (3"#ûANNOUNCEDûAûDIVIDENDûOFû53û
GOALSûPARTICULARLYûTHEIRûRETURNSûTARGETSû DURINGûTHEûCALLûTHATû(3"#ûPARTLYûSUFFEREDû PERûORDINARYûSHAREûANDûREAFlRMEDûITSû
WHICHûBOTHûBANKSûHAVEûCONSISTENTLYû from its smaller business in the US and COMMITMENTûTOûACHIEVINGûAûPAYOUTûRANGEûOFû
struggled to get close to. LIMITEDûACTIVITYûINûAREASûINCLUDINGû30!#Sû nûFROMûûONWARDSûAFTERûTHEû"ANKû
(3"#ûISûAIMINGûTOûHITûAûRETURNûONû which were active sectors for rivals. OFû%NGLANDûRECENTLYûREMOVEDûRESTRICTIONSûONû
TANGIBLEûEQUITYûABOVEûûINûTHEûMEDIUM (EûSAIDûTHATûOVERALLûTHEûBANKûWASû 5+ûBANKSûDISTRIBUTIONSûTOûSHAREHOLDERS
TERMû)TSû2O4%ûCAMEûINûATûûFORûTHEûlRSTû hREASONABLYûPLEASEDvûWITHûTHEûPERFORMANCEû )TSûCOMMONûEQUITYû4IERûûRATIOûWASûû
half. OFû'"-ûh7EREûSTILLûONûAûTRACKûTOûDELIVERûAû WELLûABOVEûITSûMEDIUM TERMûTARGETûOFûn
%ARLIERûTHISûYEARû3TAN#HARTûWASûFORCEDûTOû better revenue performance in 2021 than 14.5%, and the bank said it would consider
lower its RoTE target from more than 10% ûACCEPTINGûTHATûLASTûYEARûWASûJUSTûAû SHAREûBUYBACKSûTOûUSEûEXCESSûCAPITAL
BYûûTOûûBYûûnûTHOUGHûITûAIMSûTOû PHENOMENALLYûSTRONGûYEARûFORûTHEû3TREETvû 3TAN#HARTûANNOUNCEDûAûSHAREûBUYBACKû
EXCEEDûûEVENTUALLYû3TAN#HARTSû2O4%û he said. of up to US$250m as well as an interim
FORûTHEûlRSTûHALFûCAMEûINûATûûALTHOUGHû (3"#SûMARKETSûANDûSECURITIESûSERVICESû DIVIDENDûPAYMENTûOFû53ûPERûSHAREû
THISûEXCLUDESûTHEû5+ûBANKûLEVYûWHICHûISû SECOND QUARTERûADJUSTEDûREVENUESûWEREû ASûITSûCOMMONûEQUITYû4IERûûRATIOûCAMEûINû
PAIDûLATERûINûTHEûYEARûASûISûTHEûCASEûWITHû down 28% at US$1.94bn. Adjusted revenues at 14.1% at the end of the second quarter,
(3"# in debt trading and foreign exchange fell ABOVEûITSûMEDIUM TERMûTARGETûOFûn
3TAN#HARTûCHIEFûEXECUTIVEû"ILLû7INTERSû 59% to US$317m and 34% to US$728m, THOMAS BLOTT, STEVE SLATER

People
& Markets
Houlihan Lokey buys Japan’s GCA ûFROMûAûYEARûEARLIER
)TûWASûTHEûBESTûlRSTûQUARTERûEVERûINûWHATû
ISûTYPICALLYûTHEûBANKSûWEAKESTûQUARTERû
HOULIHAN LOKEYûUNVEILEDûPLANSûTOûSIGNIlCANTLYû INVESTORSûTOûMANYûOVERûMANYûMANYûYEARSû Rivals Lazard, Evercore and Moelis also
expand its global reach with the acquisition THATûWEVEûWANTEDûTOûINCREASEûOURûNON 53û reported record revenues in the quarter
of boutique Japanese investment bank GCA PRESENCEvû(OULIHANû#%/û3COTTû"EISERû ORûFORûTHEûlRSTûHALFûOFûTHEûYEARûONûSURGINGû
for US$591m. SAIDûONûAûCALLûWITHûANALYSTSûh)TSûJUSTûMOREû M&A but weakening restructuring.
'#!ûHASûSIGNIlCANTûOPERATIONSûINûTHEû important to have some access in different (OULIHANûSAIDûALLûTHREEûOFûITSûSEGMENTSû
!SIAû0ACIlCûREGIONûTHEû5+ûANDû%UROPEûANDû parts of the globe.” did well in the quarter with revenues from
FOCUSESûPRIMARILYûONûTECHNOLOGYûANDûRELATEDû (OULIHANûSAIDûTHATûAFTERûTHEû CORPORATEûlNANCEûPRIMARILYû-!ûRISINGû
sectors. The deal is expected to close in COMBINATIONûITSûTECHNOLOGYûMEDIAûANDû ûCOMPAREDûTOûTHEûYEARûAGOûQUARTERû
/CTOBERûGIVINGû(OULIHANûMOREûTHANûû TELECOMMUNICATIONSûINDUSTRYûGROUPûWILLûGOû to US$210m. Restructuring revenues rose
EMPLOYEESûGENERATINGûMOREûTHANû53BNû from being underweighted at the bank to ûTOû53MûANDûlNANCIALûANDûVALUATIONû
INûANNUALûREVENUESû4HEûNEWûlRMûWILLûHAVEû ITSûLARGESTûANDûMOSTûGLOBALûINDUSTRYûGROUP ADVISORYûREVENUESûROSEûûTOû53MûTHEû
OFlCESûINûûCOUNTRIESûWITHûMOREûTHANûû (OULIHANûISûPAYINGûCASHûFORû'#!ûANDû lRMûSAID
of its combined revenues coming from AFTERûAûSTRONGûlSCALûlRSTûQUARTERûTHATû /VERALLû(OULIHANûSAIDûITûHADûûFEEû
OUTSIDEûTHEû53ûHITTINGûAûLONG TERMûGOALûFORû should not stress the bank’s balance sheet events in the quarter, up from 512 in the
the bank. TOOûMUCHû(OULIHANûREPORTEDûREVENUESûOFû SAMEûPERIODûLASTûYEARû
“We have said to ourselves, to our US$373m in the quarter ended June 30, up PHILIP SCIPIO
RBNZ set to hike rates expectation of a 25bp rise,” according to

Capital Economics.
!.:ûANDû".:ûNOWûBOTHûEXPECTûTHREEû
The odds have shortened further for an WHILEûlVE YEARûANDû YEARûGOVERNMENTû BPûINCREASESûINûTHEû/#2ûTOûûBEFOREû
imminent rise in New Zealand’s interest BONDûYIELDSûJUMPEDûBPûANDûBPûTOûû THEûENDûOFûTHEûYEARûWITHû!.:ûPREDICTINGûAû
RATESûFOLLOWINGû7EDNESDAYSûSTUNNINGû and 1.64%. further two quarter point increases in the
labour market report, which revealed a 4HEû2".:ûWASûALREADYûONûCOURSEûTOûLIFTû lRSTûHALFûOFûû
sharp drop in the national jobless rate from THEûOFlCIALûCASHûRATEûBYûBPûTOûûATû .EWû:EALANDûWHICHûINû*ULYûENDEDûITSû
ûINûlRSTûQUARTERûOFûûTOûûATûTHEû its next MPC meeting on August 18 after a GOVERNMENTûBOND PURCHASINGûPROGRAMMEû
end of June. MUCHûSTRONGER THAN EXPECTEDû#0)ûREPORTûONû 11 months ahead of schedule, will become
This is well below the 4.7% rate that the *ULYûûSHOWEDûHEADLINEûANDûCOREûINmATIONû THEûlRSTû/%#$ûNATIONûTOûRAISEûRATESûSINCEû
2ESERVEû"ANKûOFû.EWû:EALANDûIDENTIlEDû surging to 3.3% in both cases in the second THEûCORONAVIRUSûOUTBREAKû4HEûONLYûOTHERû
INû-AYûTOûBEûTHEûLEVELûOFûMAXIMUMû quarter of 2021. CONTENDERû.ORGESû"ANKûHASûSIGNALLEDûITû
SUSTAINABLEûEMPLOYMENTûTHEREBYûPUTTINGû The latest jobs and wages data suggest WILLûLIFTûITSûKEYûPOLICYûRATEûFROMûZEROûINû
obvious upward pressure on wages. AûLARGERûRATEûRISEûMAYûBEûONûTHEûCARDSû September.
)NDEEDûOVERALLûLABOURûCOSTSûROSEûAûHIGHER as New Zealand continues to rebound .EWû:EALANDûWASûALSOûONEûOFûTHEûlRSTû
THAN FORECASTûûINûTHEûSECONDûQUARTERûOFû IMPRESSIVELYûFROMûTHEû#OVID ûPANDEMICû developed economies to raise rates after
ûFORûAûûYEAR ON YEARûINCREASEûWHILEû WHICHûHASûCLAIMEDûJUSTûûLIVESûLOCALLYû THEûGLOBALûlNANCIALûCRISISûWITHûTWOûBPû
private sector wage growth climbed 0.9% WITHûONLYûûCASESûSTILLûACTIVEûACROSSûTHEû INCREASESûINû*UNEûANDû*ULYûûTHOUGHûITû
as its annual rate accelerated to 2.2% from COUNTRY soon reversed these with a 50bp reduction,
1.6%. h)FûANYTHINGûTHEûSTRENGTHûINûTHEûLABOURû back to 2.50%, in March 2011 following the
The New Zealand dollar climbed over MARKETûCREATESûAûRISKûTHATûTHEû2".:ûHIKESû Christchurch earthquake.
0.5% to around 70.5 US cents on the report, RATESûBYûBPûRATHERûTHANûOURûCURRENTû JOHN WEAVERS

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but with a specific purpose for the proceeds.

IN BRIEF The Monetary Authority of Singapore
UBS Expectations had centred on maintaining the has designated the Singa bonds as SGS
Fine from Hong Kong’s SFC A$5bn of weekly purchases for longer, at least infrastructure to distinguish them from the
until November, in response to recent Covid- usual SGS market development notes.
The Securities and Futures Commission of Hong 19 outbreaks and extended Sydney lockdown, Other than the use of proceeds, both bonds
Kong has fined UBS HK$11.5m (US$1.49m) over a which is set to cause a contraction in Australian will have similar features, including that
number of regulatory breaches. GDP in the current quarter. any recourse would be to the Singaporean
The SFC said that several issues concerning As widely anticipated, the RBA left the cash government.
UBS’s systems and controls were brought to its rate unchanged at a record low 0.1% and The central bank did not disclose further details
attention by UBS self-reporting the issues and maintained the 0.1% yield target for the April except to say that the SGS infrastructure notes
by the Hong Kong Monetary Authority. 2024 Australian government bond rather than will price along the existing SGS yield curve.
These included UBS’s failure to properly disclose extend it out to the November 2024s as some Analysts expect the issuance size of the Singa
its financial interests in some Hong Kong-listed had suggested. bond to be around S$2bn.
companies covered in its research reports “The board will maintain its flexible approach The timing of the issuance at the start the fourth
between May 2004 and May 2018 due to data to the rate of bond purchases. The programme quarter “could be opportunistic as longer-term
feed logic errors in a legacy data source used by will continue to be reviewed in light of economic SGS yields have corrected down in line with
UBS for tracking its shareholding positions. conditions and the health situation, and their US Treasury yields as growth concerns weigh,”
UBS also failed to record client order implications for the expected progress towards said Eugene Leow, DBS Group research’s rates
instructions received through 35 telephone lines full employment and the inflation target,” analyst.
between August 2017 and June 2019, involving according to the August meeting statement. He said that as market participants are already
over 2,000 transactions executed for more than “The board will not increase the cash rate until familiar with the 30-year tenor, the risk of a
400 clients. actual inflation is sustainably within the 2%–3% major reaction will be lower than if a 40-year or
Other breaches included its failure to follow target range. The central scenario for the 50-year tenor were used.
applicable regulatory guidelines relating to the economy is that this condition will not be met The 30-year SGS yield was quoted at 1.693% on
assessment of clients’ derivatives knowledge before 2024.” August 4, down from 2.069% on March 30.
between January 2018 and June 2020 and not The RBA remains upbeat about the economic MAS said the first green SGS infrastructure
disclosing to 15 clients the “stop loss event” outlook, noting that once virus outbreaks are bond issuance will be issued in 2022.
feature of a structured note issued by an issuer contained, the economy bounces back quickly.
between October 2017 and February 2020. Its central scenario is for GDP growth of a little ANZ
The SFC said it took into consideration a over 4% this year and 2.5% in 2022. New derivatives product
number of mitigating factors including that “Prior to the current virus outbreaks, the
UBS took remedial action to strengthen its Australian economy had considerable AUSTRALIA AND NEW ZEALAND BANKING GROUP has
internal controls and systems upon identifying momentum and it is still expected to grow launched a sustainability-linked derivative
the breaches, its agreement to bring in an strongly again next year. The economy is product in Australia, Hong Kong, Japan and
independent reviewer to review the effectiveness benefiting from significant additional policy Singapore, according to a press release on
of its remedial measures in relation to its support and the vaccination program will also August 3.
telephone recording failures, and its cooperation assist with the recovery,” the RBA said. The new product includes swaps, forwards,
with the SFC. cross-currency swaps and interest rate and
“UBS self-identified and reported these Monetary Authority of Singapore foreign exchange options executed alongside
matters to the Hong Kong regulators as soon Date for first infrastructure bond sustainability-linked loans or bonds.
as we found the issues. We immediately took A sustainability-linked derivative has a pricing
steps to strengthen our internal controls and The REPUBLIC OF SINGAPORE plans to issue its first component tied to the sustainability targets of
systems in order to prevent the issues from Singapore dollar infrastructure bond on October the underlying loan or bond.
happening again. We have worked closely with 1 to kick off a planned spending spree on the The Australian bank plans to launch this
the regulators to resolve these matters,” a long-term development of public projects. product in other major financial markets later
spokesperson for the bank said. The 30-year bond will fall under the Significant this year.
Infrastructure Government Loan Act, which “ANZ is among very few banks globally to
Reserve Bank of Australia came into effect on May 10 and allows offer sustainability-linked derivatives, which
Tapering strategy affirmed the government to borrow up to S$90bn is a natural evolution of the sustainable
(US$66.7bn) over the next 15 years to fund finance market,” said Katharine Tapley, head
The Reserve Bank of Australia surprised major long-term infrastructure projects. The of sustainable finance at ANZ. “This latest
markets on Tuesday by sticking to the planned projects include new rail lines and coastal sustainable finance-related offering broadens
reduction in weekly government bond purchases protection structures. our suite of products and services for our
announced at its July 6 meeting to A$4bn Singa bonds will ride on the republic’s customers, in line with increased demand we
(US$2.95bn) from September, below the current Triple A rating and will be part of the usual are seeing across all industries and market
A$5bn weekly rate. issuance of Singapore government securities segments.”
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People
& Markets
planning team at Mitsubishi UFJ Financial Group,
WHO’S MOVING WHERE... will be seconded to state-owned VIETNAM JOINT
CREDIT SUISSE has hired Karla Wynne as a Durack joined the company in 2011 and was STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE.
director in its consumer, retail and healthcare previously Australia CEO. He will be responsible for risk management and
team within its investment banking and capital compliance matters as co-director of the credit
markets division. AUSTRALIA AND NEW ZEALAND BANKING GROUP has risk management division.
Wynne joins from energy company Viva Energy, hired Bronwyn Corbert and Caroline Poujol as He is relocating to Hanoi from Tokyo this month.
where she was head of strategy and investor directors for sustainable finance in Australia and Tomoyoshi Egawa, who currently handles cross-
relations. She previously served as head of New Zealand, respectively. border corporate and products syndicated loans
equity capital markets for Australia at Bank Corbert was previously in ANZ’s resources and at MUFG, will take over Nishikawa’s old role.
of America and has also worked at boutique infrastructure team, while Poujol joins from
Flagstaff Partners as well as Citigroup and UBS. ADM Capital. BNP PARIBAS has appointed Jason Yates as
She is due to start at Credit Suisse in November. Prash Odhavji has also joined the team as senior head of cash equities in Asia Pacific, effective
Meanwhile, Credit Suisse has also hired Brett manager in Hong Kong from the bank’s research immediately.
Ryman as a director in its financial institutions and analysis team, while Poppy Brinsley has Based in Hong Kong, he reports into Benjamin
group in Australia. joined as an analyst based in Auckland from the Dufour, head of prime solutions and financing in
Ryman, who will report into Anthony Rose, graduate programme. APAC, and to Vincent Desmarest, head of equity
head of FIG in Australia, joins from Bank of Last month, ANZ said its sustainable finance derivatives in APAC.
Queensland, where he was head of corporate team made three hires – Mara Chiorean, Katie Yates previously worked at Morgan Stanley
development. He previously spent 12 years at Wood and Andrew Brown. for over 25 years in various cash equities roles.
Citigroup, where he was a senior FIG banker in He ran their APAC execution platform from
Sydney and Hong Kong. He started his career Joey Mak has joined BANK OF COMMUNICATIONS’ 2016 and was previously based in Singapore
at PwC. Hong Kong branch as section head and chief managing South-East Asian equities.
He is also due to start in November. product manager in the structured and capital
finance department. CREDIT AGRICOLE has appointed Xiaojia Zhi as
SCHRODERS has appointed Susan Soh sole Mak started her role at the Chinese bank at head of research for Asia excluding Japan and
head of the British asset management company the end of July, and will mainly handle loans chief China economist.
in Asia Pacific with fellow co-head Chris Durack origination, M&A and structured financing. Based in Hong Kong, Xiaojia reports to
due to step down. She reports to Carmen Chen, general manager Dominique Blanchard, regional head of global
Soh, whose appointment as sole head takes for structured and capital finance. markets for Asia Pacific, and to Sebastien Barbe,
effect in November, and Durack were named as Mak was previously with Mizuho Bank for almost global head of emerging markets research and
co-heads in the region only last April. Schroders 14 years. Her last role at the bank was director strategy.
said that Durack had decided to leave Schroders for Asia syndicated finance. Prior to joining Credit Agricole, she was a
due to a family health issue. director and senior Greater China economist at
Soh has been with Schroders since 2005 and Kenki Nishikawa, director in the solution BofA Securities for 12 years. She also previously
previously served as Singapore CEO, while products division within the global syndication worked at Credit Suisse.
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COUNTRY REPORT
Australia 20 Cambodia 24 China 24 Fiji 32 Hong Kong 33 India 34 Indonesia 36 Japan 37 Malaysia 38
New Zealand 38 Philippines 39 Singapore 40 South Korea 43 Sri Lanka 43 Taiwan 43 Thailand 46
access the senior bond or RMBS markets. Though no deal stats were released,
Though the TFF expired on June 30 only Daiwa’s lead manager role suggest the
AUSTRALIA a gradual pick-up in issuance is anticipated bond likely targeted one or more Japanese
in H2 2021 given that most banks will insurance companies in search of long-
have only recently accessed their last TFF dated, high-quality Australian dollar assets.
DEBT CAPITAL MARKETS drawdowns.
However, the desire to maintain › NIB TARGETS SHORT-END SWEET SPOT
› OCBC SETS MARGIN RECORD established credit lines and prevent
maturity profiles becoming too short NORDIC INVESTMENT BANK became the latest
OVERSEA-CHINESE BANKING CORP, SYDNEY BRANCH should ensure more primary market triple A rated supranational or agency to
(Aa1/AA–/AA–) raised A$500m (US$370m) activity than in recent months. access the short-end Kangaroo sweet spot
from Thursday’s three-year floating- OCBC Sydney’s debut green bond in with a A$100m two-year sale on Wednesday
rate green note sale which attracted an November 2019 was another A$500m three- via sole lead manager TD Securities.
impressive final order book in excess of year FRN which priced at three-month The 0.12% August 10 2023s priced at
A$2.25bn, including A$90m of JLM interest. BBSW plus 63bp. 99.996% for a re-offer yield of 0.122%, 10bp
Such demand enabled joint lead over the April 2023 ACGB.
managers ANZ, CBA, NAB, OCBC Bank and › MACQUARIE BANK BOOSTS CAPITAL SSAs have recently focused on this
UBS to price the August 12 2024s well
inside 32bp area guidance at three-month MACQUARIE BANK allocated A$500m following Top lead managers of Australian dollar-
BBSW plus 26bp – the tightest spread the bookbuild for its offer of Macquarie denominated domestic securitisation,
for any three-year bank issue since the Bank Capital Notes 3 (BCN3) with the inc-self-funded transactions ex-CDOs
financial crisis. margin set at three-month BBSW plus 1/1/21 – 31/7/21
Australian investors bought 81% of 290bp. Amount
the note and Asia 19%. Asset managers The offer for the perpetual non-call seven Name Issues A$(m) %
were allotted 57%, banks 29%, insurance (September 7 2028) Additional Tier 1 note 1 NAB 24 6,157.3 25.1
companies 11% and others 3%. is expected to open on August 11 and close 2 Westpac 13 3,056.1 12.5
The clearing margin is 6bp below the on August 24. 3 CBA 13 2,809.7 11.5
previous post-financial crisis low of 32bp Macquarie Capital is sole arranger and 4 ANZ 7 2,452.7 10.0
set by Rabobank, Australia branch, (Aa3/A+/ joint lead manager with ANZ, Citigroup, CBA, 5 Macquarie 8 1,890.0 7.7
A+) on April 13. E&P, Morgans, NAB, Ord Minnett and Westpac. 6 Standard Chartered 6 1,563.5 6.4
Spreads have been driven down during 7 Natixis 7 1,417.8 5.8
the Covid-19 pandemic as redemptions › NORTHERN TERRITORY EXTENDS CURVE 8 SMFG 3 1,161.6 4.7
run well ahead of new supply, which 9 Deutsche 5 1,147.4 4.7
has shrunk in response to soaring retail NORTHERN TERRITORY TREASURY CORP, rated Aa3 10 Citigroup 4 843.8 3.4
deposits and the Reserve Bank of Australia’s (Moody’s), extended its curve by more than Total 31 24,518.2
Term Funding Facility. eight years with Thursday’s opening of a *Market volume and including Kangaroo bonds
The TFF, introduced in March 2020, new 3% March 21 2051 line via sole lead Proportional credit
provided banks with up to A$200bn of manager Daiwa. Source: Refinitiv data SDC Code: AJ5
funding for three years at a fixed rate of The A$80m bond priced at 101.976 yielding
just 0.1%, leaving them little incentive to 2.90%, 87.75bp over the June 2051 ACGB.
Top lead managers of Australian dollar-
Top lead managers of all Australian debt, inc- Top lead managers of all Australian securitisation, denominated domestic bonds, inc-Kangaroo bonds,
ABS, MBS (ex-self-funded transactions) inc-self-funded transactions ex-CDOs ex-self-funded transactions, ABS, MBS
1/1/21 – 31/7/21 1/1/21 – 31/7/21 1/1/21 – 31/7/21
Name Issues A$(m) % Name Issues A$(m) % Name Issues A$(m) %
1 CBA 59 14,521.6 14.6 1 NAB 24 6,273.0 25.1 1 CBA 46 11,711.8 15.6
2 NAB 70 12,629.8 12.7 2 Westpac 13 3,056.1 12.2 2 ANZ 56 9,371.5 12.5
3 Westpac 53 12,395.6 12.5 3 CBA 13 2,809.7 11.3 3 Westpac 40 9,339.4 12.4
4 ANZ 63 11,824.2 11.9 4 ANZ 7 2,452.7 9.8 4 UBS 21 7,793.8 10.4
5 UBS 21 7,793.8 7.8 5 Macquarie 8 1,890.0 7.6 5 Deutsche 17 6,569.6 8.8
6 Deutsche 22 7,716.9 7.8 6 Standard Chartered 6 1,563.5 6.3 6 NAB 46 6,472.5 8.6
7 TD Sec 41 4,104.5 4.1 7 Natixis 7 1,417.8 5.7 7 TD Sec 41 4,104.5 5.5
8 RBC Capital 22 3,819.5 3.8 8 Deutsche 5 1,263.1 5.1 8 RBC Capital 22 3,819.5 5.1
9 Citigroup 12 3,468.1 3.5 9 SMFG 3 1,161.6 4.7 9 Nomura 27 3,318.8 4.4
10 Nomura 27 3,318.8 3.3 10 Citigroup 4 959.6 3.8 10 Citigroup 8 2,624.3 3.5
*Market volume and including Kangaroo bonds *Market volume and including Kangaroo bonds *Market volume and including Kangaroo bonds
Source: Refinitiv data SDC Code: AJ3a Source: Refinitiv data SDC Code: AJ4 Source: Refinitiv data SDC Code: AJ6

COUNTRY REPORT AUSTRALIA
part of the curve in response to elevated month BBSW or 10bp, 15bp, 15bp, 15bp, › PLENTI PARKS FIRST AUTO ABS
investor demand for high-quality Australian 15bp, 30bp and 35bp more than the latest
dollar assets that provide a pick-up over comparable tranches. Consumer lender PLENTI FINANCE sold its debut
government bond yields which are securitisation on Thursday, the A$306.3m
contained by the RBA’s 0.1% three-year › HARVEY RMBS NETS A$750M PLENTI AUTO ABS 2021-1 TRUST, which is backed by
yield curve control target. prime consumer auto loan receivables.
GREAT SOUTHERN BANK (previously Credit Union NAB was arranger and joint lead manager
Australia) raised A$750m from the SERIES with Deutsche Bank.
STRUCTURED FINANCE 2021-1 HARVEY TRUST prime capital relief RMBS The A$262.5m of Class A notes with a
offering, its first securitisation in almost 1.9-year WAL and 12.5% credit supported
› REDZED MATCHES NON-CON RECORD three years. priced at the tight end of the one-month
NAB was arranger and joint lead manager BBSW plus 80bp–85bp area guidance range.
Non-bank mortgage lender REDZED matched with ANZ, Macquarie Bank and Westpac This clearing rate is 5bp wider than
the lowest post financial crisis margin for a for Thursday’s transaction which had an the 75bp margin for the senior notes
non-conforming RMBS senior note via the indicative size of A$500m. (also with a 1.9-year WAL) of regular
no-grow A$750m (US$551m) REDZED TRUST The A$690m of Class A notes with a 3.1- issuer Metro Finance for its fifth and
SERIES 2021-2. year WAL priced below 65bp area guidance largest public auto ABS deal on July 9, the
NAB was arranger and joint lead manager at one-month BBSW plus 60bp. A$750m Metro 2021-1.
with CBA and Westpac for RedZed’s second This matches the 60bp margin paid for The A$6.3m of Class A-x notes with a 1.0-
RMBS sale of the year on Wednesday. the Bendigo and Adelaide Bank Torrens year WAL also priced at one-month BBSW
The A$562.5m of Class A1 notes with 2021-1 and AMB Bank Progress 2021-1 plus 80bp. These notes are repaid in the
a 2.1-year weighted-average-life priced at senior notes issued on April 14 and June 10. Income Waterfall in accordance with the
one-month BBSW plus 80bp, matching the Pricing was also 5bp wider than the 55bp Class A-x controlled amortisation schedule.
spread for the La Trobe LCFMT 2021-2 Class spread for the Macquarie Bank funding-only The A$15m of Class B, A$6m of Class C,
A1 note on July 30 which has a longer WAL Puma 2021-2 Trust Class A notes on July A$7.5m of Class D, A$5.25m of Class E and
of 2.6-years. 14 – the lowest margin for any senior RMBS A$2.25m of Class F notes, all with 3.3-year
The new A$96.75m of Class A2, A$51m tranche since the financial crisis. WALs, priced 110bp, 165bp, 250bp, 420bp
of Class B, A$6.75m of Class C, A$12.75m The new A$28.875m of Series 2021-1 and 620bp over one-month BBSW.
of Class D, A$9m of Class E and A$3m of Harvey Trust Class AB, A$13.875m of Class Respective credit support for the Class B
Class F notes, with 2.1, 3.6, 3.6, 3.6, 3.5 and B, A$9m of Class C, A$3.075m of Class D. to F notes is 7.5%, 5.5%, 3%, 1.25% and 0.5%.
2.1-year WALs, priced 105bp 145bp, 190bp, A$2.7m of Class E and A$2.4755m of Class F The transaction was completed by
285bp, 530bp and 660bp wide of one- notes, all with 5.4-year WALs, priced either A$1.5m of retained Class G notes.
month BBSW. inside or at the tight end of initial guidance
Pricing was not disclosed for the A$6m of ranges at 100bp, 120bp, 135bp, 215bp, › PEPPER SETS PRS30 GUIDANCE
Class G1 or A$2.25m of Class G2 notes. 435bp and 560bp over one-month BBSW.
Respective credit support for the Class A1 Respective credit support for the Class Non-bank mortgage lender PEPPER has
to G1 notes is 25%, 12.1%, 5.3%, 4.4%, 2.7, A to E notes is 8%, 4.15%, 2.3%, 1.1%, 0.69% released guidance for the no-grow A$850m
1.5%, 1.1% and 0.3%. and 0.33%. non-conforming RMBS offering PEPPER
RedZed, which specialises in lending to Credit Union Australia previously issued RESIDENTIAL SECURITIES TRUST NO 30 or PEPPER
the self-employed and those who self-certify the A$700m prime RMBS Series 2018-1 PRS30.
incomes, previously issued the A$550m Harvey Trust in October 2018. CBA is arranger and joint lead manager
RedZed Trust Series 2021-1 non-conforming Brisbane-based Great Southern Bank, with Macquarie, NAB and Westpac for the
RMBS on March 25. the largest customer-owned financial securitisation, which is expected to launch
The 2021-1 Class A1, A2, B, C, D, E and F institution in Australia, rebranded as a and price this week.
notes pay coupons of 90bp, 120bp, 160bp, bank earlier this year. Price talk for the A$637.5m of Class A1
205bp, 300bp, 560bp and 685bp over one- and A$106.3m of Class A2 notes, with 2.3-
Top bookrunners of Australian equity and
Top bookrunners of Australia syndicated loans convertible offerings Top bookrunners of Australian equity
1/1/21 – 31/7/21 1/1/21 – 31/7/21 1/1/21 – 31/7/21
Name Deals US$(m) % Name Issues US$(m) % Name Issues US$(m) %
1 CBA 21 3,812.9 23.2 1 Goldman Sachs 14 3,435.1 15.5 1 Goldman Sachs 12 2,685.1 13.9
2 HSBC 6 2,117.9 12.9 2 UBS 14 2,392.7 10.8 2 UBS 13 2,167.7 11.2
3 Westpac 11 1,758.3 10.7 3 Morgan Stanley 7 1,564.4 7.1 3 Morgan Stanley 7 1,564.4 8.1
4 NAB 7 1,627.2 9.9 4 Canaccord Genuity 78 1,510.3 6.8 4 Canaccord Genuity 78 1,510.3 7.8
5 ANZ 8 1,597.5 9.7 5 Macquarie 11 1,169.0 5.3 5 Macquarie 11 1,169.0 6.1
6 MUFG 4 1,030.1 6.3 6 Bofa Sec 5 1,155.4 5.2 6 Bofa Sec 4 955.4 5.0
7 Mizuho 4 934.4 5.7 7 Citigroup 8 1,098.3 5.0 7 Bell Financial 45 752.1 3.9
8 Standard Chartered 3 646.2 3.9 8 JP Morgan 5 890.9 4.0 8 Morgans Financial 35 739.6 3.8
9 UOB 3 573.3 3.5 9 Bell Financial 45 752.1 3.4 9 Citigroup 7 598.3 3.1
10 SMFG 2 435.3 2.7 10 Morgans Financial 35 739.6 3.3 10 Credit Suisse 5 563.8 2.9
* Based on market of syndication and market total *Market volume *Market volume
Source: Refinitiv data SDC Code: S7 Source: Refinitiv data SDC Code: AK1 Source: Refinitiv data SDC Code: AK2

› THINK TANK MARKETS RMBS-ONLY SALE
HealthCo REIT taps A$400m THINK TANK GROUP has mandated CBA,
Deutsche Bank, NAB and Westpac to market a
Loans Borrowing comes ahead of A$650m IPO forthcoming Australian dollar RMBS-only
offering with investor calls to begin on
HEALTHCO HEALTHCARE AND WELLNESS REIT has Collison and Escala Partners are co-managers. August 9.
obtained credit approval for a A$400m Trading of the new units is expected to The specialist commercial property
(US$294m) senior loan from two unnamed start on September 6. finance company previously issued a no-
Australian banks, as it prepares for a listing HealthCo REIT would be the second spin- grow A$600m offering of SME commercial
on the Australian Securities Exchange. off from Home Consortium to be listed on the and residential mortgage-backed securities,
Proceeds of the loan are for general ASX following the listing of HomeCo Daily Think Tank Series 2020-1, last October.
corporate purposes, including permitted Needs REIT last November.
acquisitions of property. HomeCo is also looking to establish an
The average all-in interest rate of the loan unlisted fund focused on the health and SYNDICATED LOANS
is expected to be 1.9% per annum inclusive wellness sector by the second half of 2021.
of margins, commitment fees and forecast In July, HomeCo Daily Needs REIT said it › BRICKWORKS TO FUND US BUY WITH DEBT
hedging arrangements, according to its filing was in the process of increasing its existing
to the exchange on August 2. senior loans to partially fund its acquisition of BRICKWORKS is planning to fund its US$51.1m
Under the facility, HealthCo REIT’s loan-to- a property in Queensland state. acquisition of certain assets of Southfield
value ratio must not exceed 50%. Last December, it closed a A$500m three- Corp with existing debt, according to its
It will target a gearing range of 30%–40%, year loan. ANZ was the sole mandated lead filing to the Australian Securities Exchange
with the ability to exceed the top end of the arranger, underwriter and bookrunner of on August 2.
range, provided gearing is reduced to below the deal, which attracted Goldman Sachs, The assets include Illinois Brick Co,
40% within a reasonable period. Macquarie Bank, NAB and Westpac Banking which has 17 showrooms and distribution
HCW Funds Management, in its capacity as Corp in syndication. yards in Illinois and Indiana in the United
responsible entity for HealthCo REIT, signed In November 2019, HomeCo obtained a States.
an underwriting agreement to raise A$650m A$500m three-year loan split into term and According to Refinitiv LPC data,
from IPO. revolving tranches. Brickworks raised a dual-currency loan in
Macquarie Capital and Morgan Stanley ANZ, Credit Suisse, Goldman Sachs and Australian and US dollars in May 2019.
are the joint lead managers and underwriters JP Morgan were the MLAs and underwriters, The borrowing is split into revolving
of the IPO, while Morgans is a joint lead while Bank of China and First Commercial credit facilities of A$80m due August 2022,
manager. National Australia Bank is retail Bank joined in syndication. A$100m and US$100m maturing in August
joint lead manager, while Bell Potter The loan offered a top-level all-in of 195bp 2023, and A$175m and US$100m due
Securities, Wilsons Advisory and Craigs based on an opening interest margin of 175bp August 2024.
Investment Partners are co-lead managers. over BBSY that is tied to an LTV ratio. National Australia Bank was the
Crestone Wealth Management, Taylor MARIKO ISHIKAWA mandated lead arranger, bookrunner and
facility agent.
Bank of China Sydney branch and
Industrial & Commercial Bank of China
year WALs, is one-month BBSW plus 80bp FIRSTMAC LIMITED EAGLE NO. 1 prime
RMBS were MLAs. Bank of China Singapore and
area and 105bp area. offering, expected to launch and price this Mizuho Bank joined as lead arrangers,
For the A$47.5m of Class B, A$21m week. while China Construction Bank, Metrics
of Class C, A$15.3m of Class D, A$9.2m Westpac is arranger and joint lead Credit Partners and KEB Hana Bank came
of Class E and A$6.8m of Class F notes, manager with NAB and United Overseas Bank in as managers. Shinhan Bank was a
with 4.0, 4.0, 4.0, 3.9 and 2.8-year WALs, for the inaugural Eagle Australian dollar participant.
guidance is 145bp area, 190bp area, 285bp prime RMBS transaction.
area, 520bp area and 650bp area over one- Price talk for the A$240m of Class A1 › TELSTRA TOWERS M&A LOAN LAUNCHES
month BBSW. notes with a 2.9-year WAL is one-month
The transaction is completed by A$3.2m BBSW plus 77bp–80bp area. A A$1.025bn (US$753m) loan backing
of G1 and A$3.2m of retained Class G2 notes. For the A$30m of Class A2, A$12.6m of a consortium’s proposed acquisition
Respective credit support for the Class Class B, A$6.6m of Class C, A$4.2m of Class of a stake in Telstra Corp’s mobile
A1 to F notes is 25%, 12.49%, 6.91%, 4.44%, D, A$2.4m of Class E and A$1.2m of Class F infrastructure business has launched into
2.64%, 1.55% and 0.75%. notes, all with 4.9-year WALs, guidance is syndication.
Pepper, which is backed by global 105bp area, 140bp area, 175bp area, 260bp Barclays, Commonwealth Bank of Australia
investment firm KKR, was listed on the ASX area, 500bp area and 650bp area over one- and National Australia Bank are the mandated
on May 25 this year. month BBSW. lead arrangers and bookrunners and
It previously issued the no-grow A$750m The transaction is completed by A$3m of underwriters of the deal.
non-conforming RMBS, Pepper PRS29, in Class G notes. The borrowing is split into a A$334m
April. Respective credit support for the Class A1 three-year term loan, a A$333m five-year
to F notes is 20%, 10%, 5.8%, 3.6%, 2.2%, 1.4% term loan, a A$333m seven-year term loan
› FIRSTMAC READIES EAGLE FLIGHT and 1.0%. and a A$25m three-year working capital
Firstmac previously issued the A$2bn facility.
Non-bank mortgage lender FIRSTMAC has Firstmac Mortgage Trust No 4 Series 2021-2 Only the term loans are being syndicated.
released guidance for the A$300m–$500m prime RMBS in April. The loan offers interest margins of 110bp,

COUNTRY REPORT AUSTRALIA
PEP taps loan for Healthe Care buy

Loans Financing backs purchase of Healthe Care Australia’s acute hospitals portfolio
Private equity firm PACIFIC EQUITY PARTNERS Bank of America and UBS were working 5.5-year second-lien term loan for Healthe
is seeking a A$256m (US$189m) five-year on the A$415.4m initial public offering on the Care Specialty at 800bp over BBSY.
loan to back its acquisition of Healthe Care Australian Securities Exchange, the proceeds The financing for the latter also included a
Australia’s acute hospitals portfolio. of which were to be used for debt repayment, A$10m capex tranche and a A$10m revolving
ANZ and Deutsche Bank are the mandated according to IFR Asia. credit facility.
lead arrangers and bookrunners of the loan, In February last year, Healthe Care China’s Luye Medical Group owns Healthe
which is split into a A$216m term loan and a Australia flexed the pricing on portions of a Care Australia.
A$40m revolving credit facility. A$735m loan for its subsidiaries.Goldman Healthe Care Surgical operates
The opening interest margins are 400bp Sachs was the underwriter of the borrowing. hospitals and day surgeries, while Healthe
and 375bp over BBSY for the term tranche A A$245m five-year senior tranche for Care Specialty runs mental health and
and revolver respectively. Healthe Care Surgical and a A$285m five- rehabilitation hospitals as well as oncology
In June, the Australian Financial Review year first-lien term loan for Healthe Care and cardiology centres.
reported that PEP was buying Healthe Care’s Specialty were flexed to 475bp over BBSY Healthe Care operates 34 private hospitals
surgical acute care arm for about A$400m. from 425bp earlier when the deal was and facilities across Australia and New
In May, Healthe Care Australia pulled launched in November 2019. Zealand with more than 2,500 hospital beds,
plans to spin off part of its speciality A A$80m mezzanine piece of Healthe Care according to its website.
business, Aurora Healthcare Australia. Surgical was guided at 10.5%, and a A$105m MARIKO ISHIKAWA
130bp and 150bp over BBSY for the three, Commonwealth Bank of Australia, National Bank, Royal Bank of Canada, Societe Generale,
five and seven-year tenors, respectively. Australia Bank, MUFG, Societe Generale and Sumitomo Mitsui Banking Corp, United Overseas
Lenders are invited at two ticket levels Sumitomo Mitsui Banking Corp were the Bank and Westpac Banking Corp were the
across the three term loan tranches on a mandated lead arrangers, bookrunners and lenders.
pro-rata basis. underwriters. The borrowing, which is split into three,
Mandated lead arrangers committing ANZ, Bank of China, Credit Agricole CIB, DBS, five and seven-year tenors, refinances a
A$150m ticket receive an upfront fee of DNB, ING Bank, Mizuho and Westpac Banking A$1.8bn loan signed in January 2019.
12bp per annum, while lead arrangers Corp joined as MLAs, while Industrial & Barrenjoey Capital Partners advised on
coming in for A$100m earn 10bp. Commercial Bank of China joined as a lead the refinancing.
Commitments are due by August 27. arranger. MUFG acted as an agent. The 2019 loan comprises three-year
Alternative asset manager Morrison PISA ACQUISITION FINANCE is the borrower. revolvers of A$100m and A$50m, three and
& Co is the manager of the consortium PowAR acquired 100% of shares in Tilt five-year term loans of A$750m apiece and
comprising Australian sovereign wealth after the takeover of the latter’s New a A$150m seven-year term loan.
fund The Future Fund, Commonwealth Zealand subsidiaries by Mercury NZ. ANZ, BoC, BoCom, BNS, China
Superannuation Corp and Sunsuper. PowAR is a partnership between QIC, Construction Bank, CBA, ICBC, ING, NAB
In June, the consortium agreed to buy Australia’s Future Fund and AGL Energy. and RBC were lenders to that facility.
a 49% interest in Telstra’s INFRACO TOWERS Mercury funded its acquisition of Tilt’s NSW Land Registry Services operates
business for A$2.8bn. Telstra will retain a New Zealand operations through the sale Land and Property Information, the New
51% stake in the business. of its 19.9% stake in Tilt valued at NZ$608m South Wales land titles registry, under a 35-
The transaction is expected to be and net debt of NZ$189m, the New Zealand year concession from the state government
completed in the first quarter of FY2022. electricity generator and energy retailer that took effect on July 1 2017 after
InfraCo Towers is the largest mobile said on Tuesday. Hastings Funds Management and Aware
tower infrastructure provider in Australia New Zealand infrastructure investment Super (formerly First State Super) acquired
with approximately 8,200 towers. company Infratil said a portion of the it for A$2.6bn.
A$1.984bn sales proceeds of its 65.15% A club loan of A$1.8bn, including A$1.625bn
› POWAR SIGNS LOAN FOR TILT PURCHASE stake in Tilt were used to repay its existing of acquisition debt, backed the purchase.
drawn loans. The 2017 loan offered interest margins of
Powering Australian Renewables has signed 130bp and 160 over BBSY for the three and
a A$1.23bn loan for its acquisition of the › NSW LAND TITLES REGISTRY BAGS LOAN five-year tenors, respectively, according to
Australian business of Tilt Renewables after Refinitiv LPC data.
attracting nine banks in syndication. AUSTRALIAN REGISTRY FINANCE, a special purpose
The borrowing comprises amortising vehicle for the New South Wales land › DEXUS SELLS PROPERTY TO REPAY DEBT
term loans of A$183.5m each with three registry, has obtained a loan of around
and seven-year tenors, five-year amortising A$1.9bn for refinancing from 15 banks. DEXUS PROPERTY GROUP is planning to use the
term loans of A$69.1m and A$114.4m, ANZ, Bank of China, Bank of Communications, proceeds of a A$273m sale of an office
a A$400m five-year term loan for Bank of Nova Scotia, Canadian Imperial Bank of tower in Sydney to repay its debt, according
development, a A$100m three-year capex Commerce, Commonwealth Bank of Australia, to its filing to the Australian Securities
facility and a A$180m three-year working Industrial & Commercial Bank of China, ING Exchange on August 4.
capital revolving credit facility. Bank, Intesa Sanpaolo, National Australia The sale of 60 Miller Street, North

Sydney, first announced in November last undertaking from Gemdale Corp.
year, has been settled. The bonds are expected to be rated
The sale was the result of an off-market CAMBODIA Ba3 by Moody’s. Proceeds will be used for
process, which started following the receipt offshore debt refinancing.
of unsolicited offers.
Last month, Dexus said it was planning SYNDICATED LOANS Top bookrunners of Dim Sum bonds
to fund the construction of a A$1.4bn (Rmb issued and settled offshore bonds)
development project in Sydney through debt. › ACLEDA BANK TAKES SMALLER LOAN 1/1/21 – 31/7/21
In May last year, the company signed Amount
A$550m in loans to obtain funding ACLEDA BANK, Cambodia’s biggest lender, has Name Issues Rmb(m) %
flexibility, following a slightly smaller closed its five-year loan at a smaller size of 1 Standard Chartered 18 8,340.1 32.4
medium-term note priced a few months U$100m. 2 HSBC 20 6,717.2 26.1
earlier in January. Bank SinoPac was the mandated lead 3 Credit Agricole 4 2,333.3 9.1
Dexus Finance, the funding vehicle for arranger and bookrunner of the facility, 4 TD Sec 3 1,300.0 5.1
Dexus, priced a A$500m 3% 12-year senior which offered a top-level all-in pricing of 5 ANZ 2 716.7 2.8
unsecured bond at 170bp over asset swaps, 301.25bp via an interest margin of 280bp 6 Barclays 1 500.0 1.9
IFR Asia reported. over Libor and was launched at US$120m. 7* Mizuho 1 416.7 1.6
Dexus manages a high-quality Australian Funds are for working capital purposes. 7* Bank of China 1 416.7 1.6
property portfolio valued at A$36.5bn. In March 2018, the borrower raised a 7* Bofa Sec 1 416.7 1.6
US$100m five-year loan. 10 BoCom 1 400.0 1.6
› MONEY3 LIFTS WAREHOUSE FACILITY Shin Kong Commercial Bank was the sole Total 49 25,728.0
MLAB on that facility, which offered a top- *Market volume
MONEY3 has doubled its existing warehouse level all-in of 360bp via a margin of 350bp Proportional credit
facility to A$100m for its AUTOMOTIVE FINANCIAL over Libor. Source: Refinitiv data SDC Code: AS24a
SERVICES business unit, according to its filing Japan’s Sumitomo Mitsui Banking Corp
to the Australian Securities Exchange on has an 18.07% stake in the borrower, while
August 4. COFIBRED, a unit of Paris-based BRED Top bookrunners of all renminbi bonds,
The warehouse facility is from an Banque Populaire, and Japan’s Orix Corp ex-self-funded transactions
unnamed major Australian bank and is part each hold 12.13%. 1/1/21 – 31/7/21
of A$430m in facilities from four banks. For full allocations, see www.ifre.com. Amount
Automotive Financial Services’ monthly Name Issues Rmb(m) %
lending volume has expanded about 400% 1 Citic 1,303 704,153.1 7.5
since Money3 acquired it in January. 2 Bank of China 1,090 657,669.8 7.0
The latest borrowing follows a A$250m 3 ICBC 1,066 644,843.0 6.9
warehouse securitisation loan recently CHINA 4 CCB 1,106 595,082.3 6.3
obtained from Credit Suisse and a NZ$40m 5 ABC 922 544,817.0 5.8
funding facility from Heartland Bank. 6 BoCom 906 490,238.6 5.2
Money3 is a specialist provider of DEBT CAPITAL MARKETS 7 China Sec 921 486,997.1 5.2
consumer and commercial automotive and 8 Industrial Bank 695 344,002.1 3.7
personal finance. The group comprises › GEMDALE SELLS GREEN BONDS 9 Huatai Sec 606 326,628.4 3.5
three business units, Money3 and 10 Guotai Junan Sec 549 270,471.9 2.9
Automotive Financial Service in Australia Chinese property developer GEMDALE CORP, Total 4,476 9,400,588.4
and Go Car Finance in New Zealand. rated Ba2/BB (Moody’s/S&P), has priced *Market volume
US$480m 4.95% three-year senior green Proportional credit
› EMECO EXTENDS REVOLVER, PAYS NOTES bonds at 99.862 to yield 5%, inside initial Source: Refinitiv data SDC Code: AS24
guidance of 5.6% area.
EMECO HOLDINGS has extended the maturity The Reg S deal, which was the Shanghai-
of its A$97m revolving credit facility and listed company’s first US dollar green Top bookrunners of China syndicated loans
fully repaid its US$180m notes while also bond, drew solid demand. Orders peaked 1/1/21 – 31/7/21
settling the related hedges, according to its at over US$2.6bn when final guidance was Amount
filing to the Australian Securities Exchange announced and the final books stood at Name Deals US$(m) %
on August 3. over US$1.5bn from 66 accounts, including 1 Bank of China 186 39,608.0 44.6
The maturity of the revolver has been US$505m from the leads. 2 ABC 19 11,935.8 13.4
extended by two years to September 7 2023. Asian investors took 96% of the bonds 3 ICBC 18 5,878.7 6.6
All other terms of the revolver remain and EMEA 4%. Fund managers and asset 4 CDB 4 5,795.2 6.5
unchanged. managers received 65%, banks and financial 5 CCB 20 5,458.2 6.1
In June, the mining plant and equipment institutions 34% and private banks and 6 SAIC Finance 2 4,083.3 4.6
provider raised A$250m from five-year corporates 1%. 7 BoCom 8 3,558.1 4.0
non-call two senior secured notes, pricing The green bonds will be issued off a 8 China Merchants Bank 5 2,595.1 2.9
the deal at the tight end of 6.25%–6.50% US$2bn MTN programme. The bonds will 9 Citic 19 1,830.9 2.1
guidance. be issued by Gemdale Ever Prosperity 10 Mizuho 6 1,005.4 1.1
Jarden and Nomura were joint lead Investment, guaranteed by Famous Total 324 88,846.0
managers for the offering, which partially Commercial (rated Ba3/BB– by Moody’s and * Based on market of syndication and market total
refinanced its US$53.5m 9.25% March 31 S&P) and have the benefit of a keepwell Proportional credit
2024 bonds. deed and a deed of equity interest purchase Source: Refinitiv data SDC Code: S8b

COUNTRY REPORT CHINA
Evergrande speeds up asset sales

Bonds/Equities More deals expected as debt-laden developer scrambles to boost liquidity
Debt-laden CHINA EVERGRANDE GROUP has raised background, such as Sinochem and China property arm Hengda Real Estate Group and
HK$3.25bn (US$418m) from the sale of part Jinmao, credit analyst Zhou Chuanyi wrote offshore financing platform Tianji Holding to
of its stake in Hong Kong-listed HengTen in a note. CCC from B–. The rating outlook is negative.
Networks Group to alleviate liquidity Evergrande continues to face legal The rating agency said the nonpayment
pressure. challenges and rating downgrade pressure risk has escalated “not only for the
Research firm CreditSights said the sale because of the concerns over its financial substantial public bond maturities in 2022
may “just be the first of many asset disposals” health. but also for its bank and trust loans and other
as the developer struggles to raise cash. More suppliers and contractors have debt liabilities over the next 12 months”.
Apart from HengTen, Evergrande also requested asset freezes in recent weeks to S&P on July 26 cut the issuer ratings of
has stakes in Hong Kong-listed companies resolve contract disputes with Evergrande Evergrande, Hengda and Tianji to B– from
China Evergrande New Energy Vehicle Group, and its units. B+ and their offshore bonds to CCC+ from
Evergrande Property Services and Shengjing Shenzhen-listed Leo Group said in a B, after a slump in Evergrande’s shares and
Bank. filing dated August 3 that it had filed a bonds further weakened its funding access
In a filing on August 1, HengTen said request in a Shenzhen court to freeze a and raised doubts over its debt reduction
Evergrande had agreed to sell a 11% stake to total of Rmb356m (US$55m) of assets at plan.
two investors, reducing its shareholding to one of Evergrande’s units in a dispute over S&P said it may further lower the rating if
26.55% from 37.55%. advertising payments. Evergrande fails to raise funds to improve its
One of the buyers is a wholly owned Evergrande might be trying to persuade strained liquidity or if it misses repayments,
subsidiary of Tencent Holdings, which will suppliers and contractors to accept physical including bank, trust loans or other debt
buy a 7% stake for HK$2.068bn, or HK$3.2 properties under presales as payments for liabilities. Any debt exchange offer or
per share, to increase its stake to 23.9% from services and goods, S&P said, citing market substantial below-par buyback would likely
16.9%. The second buyer, whose identity was information. The rating agency estimated be viewed as distressed.
not disclosed in the filing, will buy a 4% stake that it is facing the settlement of more than Moody’s on August 2 downgraded the
for HK$1.182bn. Rmb240bn of bills and trade payables from issuer ratings of Evergrande and Hengda to
Evergrande will also provide a HK$2.07bn contractors over the next 12 months, of which Caa1 from B2 and the rating of Tianji to Caa2
five-year unsecured and interest-free roughly Rmb100bn is due this year. from B3. The US dollar senior bonds issued
shareholder loan to HengTen to support Evergrande could experience a directly by Evergrande and its subsidiaries
its business development, according to the considerable “downward spiral”, with lenders were downgraded to Caa2 from B3. Moody’s
filing. potentially further tightening their risk has changed the rating outlook to negative
Research firm Lucror Analytics said that exposure as news on the company continues from ratings under review.
while the sale will not bring in a large net to be negative, S&P said. Moody’s said it could downgrade the
cash inflow after the loan is deducted, it is ratings if Evergrande’s access to funding and
“still positive that Evergrande is divesting RATING DOWNGRADES liquidity deteriorate further.
assets”. Increased nonpayment risk as court Fitch on July 28 lowered the issuer ratings
Lucror also said further asset disposals applications for asset freezes start to mount of Evergrande, Hengda and Tianji to CCC+
could be the key to survival for Evergrande, prompted S&P to downgrade Evergrande for from B. It also lowered the issue ratings of
but it could be challenging to find buyers the second time in less than two weeks. Evergrande’s outstanding US dollar bonds to
for its sizable projects as “other developers On August 5, it downgraded Evergrande’s CCC from B– ,with a recovery rating of RR5,
are also constrained by tight credit and issuer rating to CCC from B– and its US which historically means bondholders can
the regulatory environment”. The potential dollar bond rating to CCC– from CCC+. It expect a recovery rate of 11%–30%.
buyers could have a state-owned enterprise also lowered the issuer ratings of Evergrande CAROL CHAN
China International Capital Corp and BOSC BBB– (stable) by Fitch, has priced US$200m over US$2.1bn at final guidance, including
International were lead global coordinators, three-year bonds at par to yield 2.25%, inside US$740m from the leads.
together with Orient Securities (Hong Kong), initial price guidance of 2.75% area. Guotai Junan International was sole
Industrial Bank Hong Kong branch, CMBC The senior unsecured bonds will be global coordinator as well as a joint
Capital, China Minsheng Banking Corp Hong issued by wholly owned offshore subsidiary bookrunner and joint lead manager with
Kong branch, Standard Chartered Bank, BOCOM Zhejiang Baron (BVI) and guaranteed by the Shanghai Pudong Development Bank Hong
International and CLSA as joint global parent company. The bonds are expected to Kong branch, China Minsheng Banking Corp
coordinators, joint bookrunners and joint be rated BBB– by Fitch. Hong Kong branch, ICBC International, BOCOM
lead managers. UBS was JBR and JLM. The guarantor, formerly known as International and Bank of China.
CICC was sole green structuring adviser. Hangzhou Jianggan District Urban The Zhejiang provincial government
Construction & Comprehensive announced earlier this year that it was
› HANGZHOU SHANGCHENG LGFV PRINTS Development, plans to use the proceeds integrating the Jianggan and Shangcheng
from the Reg S issue for debt refinancing. districts under the newly formed New
HANGZHOU SHANGCHENG DISTRICT URBAN Final statistics were not available at the Hangzhou Shangcheng district.
CONSTRUCTION & COMPREHENSIVE DEVELOPMENT, rated time of writing, but orders were said to be The guarantor is the primary land

Huarong AMC plans asset sales
Restructuring Non-core disposals would bolster finances, ensure sustainable operation
The offshore bonds of CHINA HUARONG ASSET board proposed changing the use of about still pending the finalisation of a previously
MANAGEMENT CO made modest gains Tuesday, HK$3bn (US$386m) of proceeds raised from mentioned “relevant transaction”. But it
after it announced late on Monday more its 2015 IPO to provide capital contribution stressed that its operations are normal and
plans to sell non-core assets. and funding support to major subsidiaries. not affected by any material change, and that
In a stock exchange filing, the state-owned An extraordinary general meeting of it has redeemed both offshore and onshore
bad-debt manager said it intends to sell shareholders will be held on August 17 to bonds and paid related interest on time so
its entire 70% stake in Huarong Consumer vote on the proposals. far.
Finance to external parties. It also intends Research firm CreditSights said the In a filing on July 16, the company
to negotiate with its main institutional impending disposals, including the announced that it will exercise the call option
creditors an equity restructuring of Huarong potential sale of a 79.6% stake in Huarong to redeem US$500m 2.875% guaranteed
International Trust by way of a “debt-to- Zhongguancun Distressed Asset Exchange senior perpetual securities on September 14,
equity swap and equity transfer”. Centre announced earlier, are likely to have the first call date.
Huarong AMC said the planned the support of the Chinese authorities and, Moody’s on July 30 extended its review
transactions would help it focus on its once completed, would bolster the parent’s for downgrade on all the ratings of Huarong
core businesses and ensure its sustainable finances and give it greater means to repay AMC and its offshore financing vehicles,
operation and development. It did not outstanding debt obligations. including Huarong Finance 2017, Huarong
provide details of the proposed transactions CreditSights expects the sale of non-core Finance II and Huarong Finance 2019, as the
such as how much the assets are worth. assets to continue as Huarong AMC “slims uncertainty around Huarong AMC’s 2020
It has yet to set out a full restructuring down its bloated balance sheet and refocuses annual results and the potential restructuring
plan, after a four-month delay in publishing its energies on its core business of distressed remains. Moody’s currently rates Huarong
its audited annual results. debt management”. AMC at Baa1, after downgrading it from A3
Huarong AMC’s US dollar bonds traded Huarong AMC has roiled Asian credit on April 29.
up about 0.5–1 points on Tuesday on the markets since it failed to meet an end-March Fitch on August 4 also maintained
disposal plans. Most of its bonds were publication deadline for its 2020 earnings, Huarong AMC’s BBB issuer rating on rating
quoted in a range of mid-60s to mid-80s, as investors reassess the likelihood of a watch negative due to “limited transparency
except for the 2.875% perps, which it plans government bailout. Its H-shares have been on the delayed publication of the company’s
to call, which were quoted at 98/99, while suspended since April 1. annual report and the potential impact of its
at the very short end the 3.625% November The company said in late June it was auditing issues, as well as uncertainties over
2021s were quoted at 95/96. still not in a position to publish its 2020 the execution of its restructuring strategy”.
In a separate filing, Huarong AMC said its annual results as the audit on its results is CAROL CHAN
development and infrastructure and registered in Macau in 1974. › NANJING JIANGBEI SELLS SHORT-DATED
development and management entity of Xiamen International Bank is the largest
certain sub-districts of New Hangzhou shareholder with a 49% stake. NANJING JIANGBEI NEW AREA INDUSTRIAL INVESTMENT
Shangcheng and is wholly owned by the As at end-2020, the lender’s core capital GROUP, rated BBB (stable) by Fitch, has priced
district’s finance bureau. ratio was 7.78% and its total capital a US$250m 364-day Reg S bond offering
adequacy ratio was 13.61%. at par to yield 2.3%, inside initial price
› LUSO PRINTS CAPITAL BOND The capital bonds will qualify as guidance of 2.8% area.
supplementary capital of the issuer and Final statistics were not available at the
Macau’s LUSO INTERNATIONAL BANKING has Additional Tier 1 capital of parent Xiamen time of writing, but orders were said to be
priced US$248m perpetual non-call five International Bank in accordance with the over US$1.5bn when final guidance was
supplementary capital bonds at par to yield requirements of the China Banking and announced, including US$655m from the
5.5%, inside initial price guidance of 5.8% area. Insurance Regulatory Commission. leads.
The unrated Reg S capital bonds have a Proceeds from the proposed deal will The senior unsecured notes will be
non-viability loss-absorption feature and the be used to strengthen Luso International’s issued by offshore financing arm Industrial
bonds are subject to Macau’s insolvency and capital base and fund development and the Investment Overseas with the benefit of
other applicable laws. There is no coupon growth of its operations. a keepwell and liquidity support deed
step-up, but there is a dividend stopper. Luso Bank, Bank of China Macau branch, ICBC and a deed of equity interest purchase
The bonds are subordinated to the (Macau) and Shenwan Hongyuan (HK) were undertaking provided by Nanjing Jiangbei
claims of depositors, general creditors, joint global coordinators as well as joint New Area Industrial Investment Group.
holders of Tier 2 capital instruments and bookrunners and joint lead managers with Proceeds will be used for offshore
any subordinated debt that ranks senior to Macau Chinese Bank. debt refinancing and general corporate
the proposed bonds. But they will rank in Luso International in July issued a debut purposes.
priority to equity and will be equal to any Rmb1.5bn (US$231m) three-year Panda China International Capital Corp, Huatai
Additional Tier 1 capital instruments. Macau bond offering in China’s interbank market International and Bank of China were joint
has not adopted the Basel III regime yet. at 3.28%, near the middle of the indicative global coordinators as well as joint
Luso International was established range of 3.0%–3.6%. bookrunners and joint lead managers with

Tus-Holdings draws early support

Restructuring Swift resolution would provide the needed stability for the group to normalise its business operations
TUS-HOLDINGS said more than 80% of the bonds and the early approval of the bonds 12 months after the issue date, and up
bondholders had validly given their consent proposed waivers and amendments would to 35% after 24 months.
to an extension of the maturity of its two provide the needed stability for the group Tus-Holdings said its two principal
guaranteed outstanding US dollar bonds by to normalise its business operations and shareholders, Hefei Construction Investment
the early deadline of August 4. create a conducive environment for the Holdings (Group) and Tsinghua Holdings,
The US$400m 7.95% bonds due August group to implement an orderly deleveraging have affirmed their support for the company
15 2021 and US$550m 6.95% bonds due programme and continue to create value for and its proposed repayment plan.
June 18 2022 were issued by wholly owned creditors and shareholders alike,” it said in a The company said on July 28 it planned
offshore subsidiary Tuspark Forward. It filing on August 5. to dispose of assets with an estimated total
missed the interest payment on the 2022s The base consent fee is US$5 per value of over Rmb21.5bn (US$3.3bn) from
on June 18, citing a liquidity crunch, which US$1,000 in principal amount on the August the second half of 2021 to 2024 to fulfil
caused a cross-default on the 2021s. 11 deadline, while the early consent fee is the repayment schedule of its restructuring
The Chinese science park operator and US$20 per US$1,000 in principal amount if proposal.
technology services provider announced a bondholders deliver their consent instruction Alvarez & Marsal is the financial adviser
consent solicitation on July 22 and is seeking on or before August 4. that will undertake due diligence on the
permission from the bondholders to amend Two separate meetings will be held to vote valuation of certain principal assets of the
certain terms including waiving the event on the consent solicitation on August 15 at proposed asset disposal plan, which will
of default and extending the maturity of 9.30am Hong Kong time for holders of the cover assets of an estimated value of at least
the bonds to on or around May 13 2024. In 2021s and 10am for holders of the 2022s. The Rmb10bn.
return, it will offer a consent fee, make some effective date of the amendments is expected Haitong International is the solicitation
upfront principal repayments and enhance to be August 15 if everything goes smoothly. agent and Morrow Sodali is the information
the bond structure. According to the proposal, it will repay up and tabulation agent.
“The swift resolution of the issues under to 65% of the principal amount of the new CAROL CHAN
China Securities International, China Citic Bank Proceeds will be used for onshore debt of China priced the 2.85% 10-year notes
International, Orient Securities (Hong Kong), refinancing and liquidity replenishment. at 99.922 to yield 2.859%, or Treasuries
China Everbright Bank Hong Kong branch, China Guotai Junan International, China plus 167.5bp, the tight end of final price
Merchants Securities (HK), Shanghai Pudong International Capital Corp, Bank of China and guidance of 170bp (+/- 2.5bp) and well
Development Bank Hong Kong branch and China Securities International were joint global inside initial 210bp area guidance.
Shenwan Hongyuan (HK). coordinators, joint lead managers and joint Orders for the deal peaked at over
Nanjing Jiangbei New Area Industrial bookrunners. US$2.9bn when final guidance was
Investment Group is engaged in Three more banks – CNCB Capital, China announced but the final books were only
infrastructure construction, land Zheshang Bank Hong Kong branch and China over US$1.2bn from 88 accounts, including
development, security housing and Minsheng Banking Corp Hong Kong branch – US$285m from the leads.
property leasing in the Jiangbei New Area were added as JLMs and JBRs when the deal Asian investors took 96% of the notes
of Nanjing in Jiangsu province. It has issued was priced. and Europe 4%. Fund managers and asset
a few US dollar bonds through Industrial Ningbo Yincheng is the largest LGFV managers received 57%, banks and insurers
Investment Overseas since June 2019. by asset size in the Yinzhou district of 28%, private banks and securities firms 12%
Ningbo city in China’s Zhejiang province, and central banks and corporates 3%.
› NINGBO YINCHENG GROUP PRINTS DEBUT according to Moody’s. It has businesses in The senior unsecured notes will be issued
infrastructure construction and affordable off a US$3bn EMTN programme and are
Chinese local government financing vehicle housing, security services, property expected to be rated Baa2 by Moody’s.
NINGBO YINCHENG GROUP has priced a debut management and others. China Citic Bank International, Haitong
US$200m three-year Reg S bond offering at It is 96.9306%-owned by the Yinzhou International, HSBC, Mizuho Securities, MUFG,
par to yield 2.15%, well inside initial price district SASAC and the remainder is held and Standard Chartered Bank were joint
guidance of 2.7% area. by a state-owned enterprise under the global coordinators, joint bookrunners and
Orders peaked at over US$2.7bn when final Zhejiang provincial government. joint lead managers.
guidance was announced and final books
stood at over US$1.65bn from 50 accounts, › PING AN INSURANCE OVERSEAS PRINTS › QINZHOU LGFV SELLS SHORT-DATED
including US$400m from the leads.
Asia Pacific investors bought all the CHINA PING AN INSURANCE OVERSEAS (HOLDINGS), QINZHOU CITY DEVELOPMENT & INVESTMENT GROUP
bonds. Banks and financial institutions took rated Baa2 (stable) by Moody’s, has raised has issued US$19m 6.8% 364-day bonds due
82%, asset managers, fund managers and US$550m from a Reg S bond offering for August 4 2022 at par, according to a stock
hedge funds 17% and insurers 1%. refinancing and general working capital exchange filing.
The senior unsecured notes are expected purposes. The issuer is the core investment,
to be rated Baa3/BBB (Moody’s/Fitch), on par The offshore financing and investment financing and operating entity focusing
with the issuer. arm of Ping An Insurance (Group) Co on municipal development in Qinzhou

City in China’s Guangxi province. It has Rmb10bn of undated capital bonds to The transaction is expected to close
businesses in infrastructure construction, replenish capital. during the fourth quarter of 2021.
water supply and treatment and property The issuance is pending approval from For full year 2020, New Frontier Health
leasing. the People’s Bank of China, the Shenzhen recorded a 7.7% year-on-year drop in
Proceeds from the Reg S unrated issue and Hong Kong-listed bank said in a filing. revenues to Rmb2.26bn (US$350m) because
will be used for debt refinancing and In a separate filing, the bank said it had of an overall decrease in patient volume
working capital. also received CBIRC approval to issue up to and the number of procedures performed
Guotai Junan International was the sole Rmb5bn of innovative and entrepreneurial as a result of the Covid-19 pandemic.
global coordinator, sole lead manager and financial bonds. New Frontier Health offers
sole bookrunner. comprehensive premium healthcare
› CEB WATER PLANS PANDA BILLS services in China through a network
› XIAN AERO ISSUES SBLC-BACKED BOND of private hospitals and affiliated
CHINA EVERBRIGHT WATER plans to issue ambulatory clinics. United Family
XIAN AEROSPACE HIGH-TECH INDUSTRY DEVELOPMENT Rmb500m-Rmb1bn of 120-day Panda bills Healthcare has nine hospitals in
GROUP has issued US$48m 2.00% credit- in China’s interbank market. operation or under construction in all
enhanced bonds due June 5 2024 at par, The transaction will be the first tranche four of China’s tier 1 cities of Beijing,
according to a filing. under a Rmb2.5bn super and short- Guangzhou, Shanghai and Shenzhen as
The unrated Reg S bonds have the benefit term commercial paper issuance plan it well as selected tier 2 cities.
of an irrevocable standby letter of credit registered with the Association of Financial
provided by SHANGHAI PUDONG DEVELOPMENT BANK Market Institutional Investors. › CIMC ENRIC RETURNS FOR US$200M LOAN
HONG KONG BRANCH. Bookbuilding will be held on August 9
Proceeds will be used for general and settlement will be on August 10. CIMC ENRIC HOLDINGS is returning to the
corporate purposes. The Bermuda-incorporated, Hong Kong loan market after a three-year absence
Fosun Hani, Shanghai Pudong Development and Singapore-listed company is rated AAA for a three-year loan of up to US$200m-
Bank Hong Kong branch, China Minsheng by Shanghai Brilliance. equivalent.
Banking Corp Hong Kong branch, Wilson Proceeds will be used for wastewater China Citic Bank International is the
Securities, CEB International and BOCOM treatment projects. mandated lead arranger and bookrunner of
International were placing agents. China Bohai Bank is the lead underwriter the deal, which has a base size of US$100m
The issuer, which is ultimately owned by and bookrunner, and Bank of Ningbo is joint and a greenshoe of up to US$100m.
the XiAn municipal government, is active lead underwriter. The facility, which is available in euros
in land development and infrastructure and Hong Kong and US dollars, pays an
construction at the XiAn National Civil interest margin of 138bp over Euribor/
Aerospace Industrial Base. SYNDICATED LOANS Hibor/Libor and carries an average life of
Last month, it issued US$35m 3.6% 2.9475 years.
three-year credit-enhanced bonds due 28 › DUO TO BACK NEW FRONTIER HEALTH DEAL MLAs with tickets of US$51m or more
July 28 2024 at par with the benefit of an will earn a top-level all-in pricing of
irrevocable standby letter of credit provided Two banks are expected to provide a seven- 155.98bp via a participation fee of 43bp and
by Evergrowing Bank XiAn branch. year loan of up to US$500m to back the a 10bp early-bird fee for committing before
proposed deal to take private New York August 23.
› YUNNAN COMMS INVEST PRICES Stock Exchange-listed Chinese private Lead arrangers with US$36m–$50m in
healthcare provider NEW FRONTIER HEALTH. commitments receive an all-in of 152.93bp
YUNNAN COMMUNICATIONS INVESTMENT AND China Merchants Bank and Shanghai Pudong through a participation fee of 36bp and an
CONSTRUCTION GROUP has priced US$200m Development Bank are expected to be the early-bird fee of 8bp.
three-year senior unsecured guaranteed lenders on the facility, which is unlikely to Arrangers taking US$21m–$35m and
notes at par to yield 3.1%, inside initial be launched into general syndication. managers with US$15m–$20m tickets
price guidance of 3.6% area. On Wednesday, New Frontier Health, receive an early-bird fee of 5bp.
The notes will be issued by wholly owned operator of the premium healthcare The all-in for arrangers is 148.86bp based
subsidiary YCIC International (HK) and services provider United Family Healthcare, on a 27bp fee, while that for managers is
guaranteed by Yunnan Communications said it had reached an agreement with a 144.11bp via a 13bp fee.
Investment and Construction Group. consortium of investors to take it private The final deadline is August 30, with
Proceeds from the Reg S unrated issue in a deal that values the company around signing slated for early September.
will be used for general corporate purposes. US$1.582bn. Funds are for refinancing and general
China Industrial Securities International Shareholders of New Frontier Health corporate purposes.
was sole global coordinator as well as will receive US$12 per share, representing The borrower’s previous visit to the loan
joint bookrunner and joint lead manager a premium of 27.9% to the closing price on market was in May 2018 for a US$150m
with ICBC Singapore, ICBC International, CEB February 8, the last trading day before the three-year loan.
International, China Minsheng Banking Corp company’s announcement of its receipt of Taipei Fubon Commercial Bank was the
Hong Kong branch, Industrial Bank Hong Kong the take-private proposal. sole MLAB of that deal, which offered a top-
branch and Glory Sun Financial. The consortium includes New Frontier level all-in pricing of 180.7bp via a margin
Public Holding and its affiliated investment of 160bp over Libor.
› ZHENGZHOU MULLS ONSHORE PERP vehicle HMJ Holdings, Vivo Capital Fund The Hong Kong-listed borrower provides
IX (Cayman), Fosun Industrial, the private technical maintenance services for the
BANK OF ZHENGZHOU has received approval equity business within Goldman Sachs transportation sector and makes storage
from the China Banking and Insurance Asset Management, a Warburg Pincus and processing equipment used in the
Regulatory Commission to issue up to affiliate and other investors. energy, chemical and food industries.

› BINHAI INVESTMENT SEEKS US$150M EQUITY CAPITAL MARKETS the planned float and a listing application is
expected to be filed this month.
Hong Kong-listed piped gas supplier BINHAI › WANDA LIGHT ASSET GETS NEAR The company filed to the China
INVESTMENT is in the market with a US$150m Securities Regulatory Commission on July
three-year term loan. WANDA LIGHT ASSET COMMERCIAL MANAGEMENT is 29 for an overseas listing.
Bank of Communications is the mandated planning to file a listing application as early 4Paradigm raised US$700m from a
lead arranger and bookrunner of the as this month for a Hong Kong IPO of about private round in January from Boyu Capital,
transaction, which carries an accession US$3bn–$4bn, said people with knowledge Primavera Capital and Hopu Investments.
option of up to US$150m. of the matter. Its other backers include American
The loan offers an interest margin of Citic Securities, Credit Suisse and JP Morgan technology conglomerate Cisco and
260bp over Libor and has an average life of are leading the planned float of Dalian Chinese PC maker Lenovo.
2.8 years. Wanda Group’s property management unit. Founded in 2014, 4Paradigm provides
Lead arrangers committing US$50m or Wanda Light Asset is wrapping up a pre- AI services that help companies improve
above will earn an all-in pricing of 290bp IPO round of about Rmb20bn (US$3.1bn). work efficiency while reducing risk and
via a 84bp fee, arrangers taking US$35m– Having delisted its commercial property achieving greater commercial value. It
$49m will earn an all-in pricing of 285bp unit in Hong Kong seven years ago, Wanda started by offering services to banking
via a 70bp fee, while senior managers at Group is planning an IPO of its revamped clients and later expanded to sectors
US$25m–$34m will earn an all-in pricing of property management unit in the city that including retail, healthcare and logistics.
280bp via a 56bp fee. could value the business around US$30bn.
Proceeds will be used for refinancing and Wanda Light Asset, a wholly owned › AINNOVATION PLANS HK IPO
general corporate purposes. subsidiary of Dalian Wanda Commercial
Founded in 1994, Binhai Investment Management, manages 368 Wanda Plaza AINNOVATION, a SoftBank-backed artificial
is mainly engaged in the construction shopping, office and residential complexes intelligence start-up, is planning to raise
and operation of gas pipeline networks, and has a further 155 under construction. about US$400m from a Hong Kong IPO
the provision of connecting services, the News of a Hong Kong float comes after as early as this year, said people with
supply and provision of gas, and the sale of Wanda Commercial in March announced knowledge of the matter.
liquefied petroleum gas. the withdrawal of an A-share IPO application The Chinese company is working with
State-owned Tianjin TEDA Investment after a fruitless five-year waiting period for CICC, China Renaissance and UBS on the
Holding and Sinopec’s gas subsidiary regulatory approval. The company said it planned float.
Sinopec Great Wall Gas Investment are the planned to restructure its resources in asset- In June, AInnovation announced that
top two shareholders of Binhai Investment, light commercial operations, technology, it had completed a private round led by
holding 35.43% and 29.99% stakes, data and human resources so as to carry SoftBank Vision Fund 2, without disclosing
respectively. out a listing as soon as possible in either the size and valuation.
domestic or overseas markets. Founded in February 2018, the company
› CDB FINANCIAL LEASING RAISES LOAN Wanda is not a stranger to the Hong offers AI-enabled products and business
Kong IPO market. Wanda Commercial services to help traditional industries
has
CHINA DEVELOPMENT BANK FINANCIAL LEASING went public through a HK$31.3bn (US$4bn) reduce costs and improve efficiency and
raised a Rmb800m one-year loan from two Hong Kong IPO in December 2014 and was business value. Its customers include
banks. delisted in September 2016. The delisting Foxconn Technology Group, Nestle, Postal
Mandated lead arranger and bookrunner was seen as a move to clear the way for Savings Bank of China and CPIC Allianz
Mizuho Bank (China) provided Rmb600m, the Shanghai IPO at a higher valuation, but Health Insurance, according to its website.
while Bank of Yokohama came in as MLA with that project stalled as regulators withheld
Rmb200m. approvals for property sector listings. › BIEL CRYSTAL FILES IPO
Funds are for general corporate purposes. Stripping off the investment property
CDB Financial Leasing’s previous visit assets, Wanda Light Asset is expected to BIEL CRYSTAL, the world’s largest maker of
to the loan market was in July 2019 for an enjoy a higher valuation multiple than smartphone screens, has filed for a Hong
increased US$400m dual-tranche loan. Wanda Commercial. Kong IPO which sources close to the deal
China Merchants Bank, MUFG and Standard said could raise US$1bn–$2bn.
Chartered were the MLABs of that facility, › 4PARADIGM PLANS HK IPO The IPO is a long time coming for Biel’s
which comprised a US$175m three-year founder Yeung Kin-man. IFR first reported
tranche A and a US$225m one-year tranche B. 4PARADIGM, a Sequoia Capital-backed on the plan in 2016 and the company
Lenders were offered top-level all-in artificial intelligence start-up, is planning kicked off formal preparations for the float
pricing of 118bp and 105bp respectively, to raise about US$600m from a Hong Kong in 2018, but it did not proceed because of
based on interest margins of 90bp and IPO as early as this year, said people with the US-China trade war.
95bp over Libor for tranches A and B, knowledge of the matter. CICC, HSBC and JP Morgan are the sponsors.
respectively. The Chinese company is working with The company reported revenue of
CDB Financial Leasing is rated A1/A/A+. Bank of America, CICC and Goldman Sachs on HK$29.9bn for the year ended March 31
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2021, up 8.7% from 2020. Its net profit rose The Cayman-registered company plans to › IFLYTEK TO SPIN OFF MEDICAL UNIT
71% to HK$3.16bn. offer 249.9m shares, or 10% of the enlarged
Biel is the biggest cover glass maker for capital, down from the originally planned Shenzhen-listed IFLYTEK has secured board
iPhones and is also a supplier for Samsung. 15% free-float. There is a 15% greenshoe. Its approval to spin off ANHUI IFLYTEK MEDICAL
Established in 1986, the Hong Kong- original fundraising target was Rmb6.96bn. INFORMATION TECHNOLOGY for a separate
based company is wholly owned by Yeung’s The red chip company will sell 30% of listing.
family. the offer to strategic investors, with a 80:20 The listing venue has not been disclosed.
split for the remaining shares to be sold to The subsidiary was founded in 2016 and
› CRSCL PRICES SHENZHEN IPO institutional and retail investors. focuses on assisting doctors by improving
GalaxyCore, founded in 2003 in efficiency, including through the use of
has set the
CHINA RAILWAY SPECIAL CARGO LOGISTICS Shanghai, is a fabless image sensor design voice input for medical records.
issue price of its Shenzhen IPO at Rmb3.96 company serving the mobile device and A China Merchants Group subsidiary
a share to raise Rmb1.76bn. consumer electronics markets. Proceeds bought a 3% stake in the proposed spin-off
The pricing translates to a 2020 PE ratio will be used to fund research into 12-inch for Rmb60m in 2019, giving the company a
of 50.69, more than twice that of its listed back-illuminated and CMOS image sensors. valuation of around Rmb2bn.
peers in the last month of 21.78. The books Its products are used in the camera The parent company holds a 51% stake in
will now open for a day on August 27, modules of phone makers such as Samsung the subsidiary.
instead of August 6, as the company needs Electronics, Xiaomi, Oppo, Nokia Vivo.
to alert investors to the valuation before Samsung and SMIC have been the top two › JL MAG RARE-EARTH FILES FOR HK IPO
subscription opens. customers of its chip designs since 2018.
It is offering 444m shares or 10% of the It posted a 2020 net profit of Rmb773m, ChiNext-listed JL MAG RARE-EARTH, a producer
enlarged capital. It originally aimed to raise up 115%, on revenue of Rmb6.45bn, up 75%. of high-performance rare earth permanent
Rmb5bn from a sale of 1.3bn shares. CICC is the sponsor and joint bookrunner magnets, has filed for a Hong Kong IPO of
The company’s main business is with Goldman Sachs Gao Hua Securities, Citic around US$200m, said people close to the
railway cargo and vehicles transportation. Securities, and Morgan Stanley Huaxin Securities. deal.
Proceeds will be used to acquire logistics It has also filed to the China Securities
warehouses, purchase special vehicles and › GUOBANG PHARMA UP 44% ON DEBUT Regulatory Commission for a review of its
equipment for cold chain logistics and H-share offering.
invest in its IT service. GUOBANG PHARMA’s shares surged 44% to The company was ranked first in
It posted a net profit of Rmb135.7m Rmb46.90 on their debut on August 2, the world for the production of high-
for Q1 2021, compared with a net loss of hitting the debut cap on the main board performance rare earth permanent
Rmb37.5m a year earlier. It had Q1 revenue of the Shanghai Stock Exchange, following magnets in 2020 with a market share of
of Rmb2.22bn. the company’s Rmb2.73bn IPO. approximately 14.5%, according to Frost &
CICC is the sponsor. The medicine and animal health Sullivan.
products manufacturer sold 83.5m shares at It plans to use the proceeds for the
› FOSUN PHARMA FOLLOW-ON APPROVED Rmb32.57 each. construction of a production base in
Proceeds will be used on production, Ningbo, potential acquisitions, R&D,
Shanghai and Hong Kong-listed SHANGHAI technological improvements and research the repayment of loans taken out for
FOSUN PHARMACEUTICAL (GROUP)has won and development. the construction of a production base in
final approval from the China Securities Guotai Junan Securities was the sponsor. Baotou, and working capital.
Regulatory Commission for an up to JL Mag Rare-Earth posted a net profit of
Rmb4.48bn private share placement. › HONGTA SEC COMPLETES RIGHTS ISSUE Rmb542m on revenue of Rmb2.29bn for
The company will sell up to 128m shares, 2020.
equivalent to 5% of current shares, to up to Shanghai-listed HONGTA SECURITIES has It raised Rmb224m from its Shenzhen
35 investors. completed a Rmb7.95bn rights issue. ChiNext IPO in 2018. It also completed a
Proceeds will be used to introduce The brokerage sold 1.08bn shares, Rmb521m follow-on in January.
drugs developed by foreign companies or 99.39% of the planned shares in the Its shares have surged 65.9% year to date.
such as botulinum toxin and vaccines for offering, on a 3-for-10 basis at Rmb7.33 Citic Securities and BNP Paribas are joint
Covid-19, fund the production of active each. sponsors.
pharmaceutical ingredients in Xuzhou city It will use Rmb4bn of the proceeds for
and replenish working capital. fixed income, currency and commodities › JUNEYAO AIRLINES PLANS FOLLOW-ON
Its A-shares are up 52.6% and its H-shares trading. The remainder will be split
have gained 90.6% year to date. between its capital intermediary businesses Shanghai-listed JUNEYAO AIRLINES plans to
CICC is the sponsor. for purposes such as margin trading, raise Rmb3.5bn from a private share
investment banking, IT upgrades, placement.
› GALAXYCORE PRICES STAR IPO establishing overseas subsidiaries and The low-cost airline will offer up to
replenishing working capital. 589.8m shares, equivalent to 30% of current
Chinese chip designer GALAXYCORE has set Hongta Securities raised Rmb1.26bn from shares, to up to 35 investors.
the issue price for its Shanghai Star IPO at an IPO in July 2019. Proceeds will be used to purchase five
Rmb14.38 a share to raise Rmb3.59bn. It posted a net profit of Rmb1.45bn aircraft and spare engines and to repay
The issue price translates to a 2020 on revenue of Rmb5.59bn for 2020. Its loans from banks.
PE ratio of 46.92, slightly lower than revenue surged from Rmb2.06bn the The company posted a net profit of
the industry average of 47.94 in the past previous year. Rmb104m for H1 2021, compared with
month. Soochow Securities was the sponsor and a net loss of Rmb684m a year earlier, on
Books will open for a day on August 9. joint bookrunner with Zhongtai Securities. revenue of Rmb6.05bn.

The proposal still needs approval from Sequoia Capital China, Hillhouse Capital Chinese chat service TT Voice planned to
shareholders and regulators. and Shunwei Capital. raise US$200m–$300m from the US IPO.
Quwan’s exploration of a Hong Kong
› LALAMOVE PICKS HK IPO SPONSORS › LI AUTO SETS PRICE FOR HK LISTING listing comes after China’s recent
clampdowns on its technology and
LALAMOVE has picked Bank of America and NYSE-listed LI AUTO is planning to price its education sectors and the introduction of
Goldman Sachs as sponsors for its Hong Kong Hong Kong dual primary listing at HK$118 new rules and regulatory approvals for
IPO after it dropped its US listing plan over per share to raise HK$11.8bn, said people overseas listings.
China’s tech crackdown, said people with with knowledge of the matter. SEC Chairman Gary Gensler said in a
knowledge of the matter. The Chinese electric vehicle public statement that he had instructed
The Hong Kong-based logistics company manufacturer marketed 100m shares, or his staff to make sure Chinese companies
had filed confidentially for a US IPO but 4.9% of the enlarged share capital. One headed across the Pacific “prominently and
China’s data security probe of newly US- American depositary share is equal to two clearly” disclose the uncertainty of Chinese
listed tech companies such as Didi Chuxing ordinary shares. government actions and whether they had
and Full Truck Alliance prompted it to look The price represents a discount of 3.2% to permission from Chinese authorities to list
for an alternative listing venue, said the its US close of US$31.35 on Thursday. in the US.
people. About 90% of the float is earmarked for The SEC will not allow Chinese
IFR reported in June that Lalamove, also institutional investors and 10% for retail companies to raise money in the US unless
known as Huolala in China, was targeting investors. the risk is fully disclosed.
a valuation of at least US$20bn from its The shares will start trading on August 12. According to IFR US, at least eight
US$2bn IPO as it aimed to take advantage CICC and Goldman Sachs are sponsors, and Chinese companies are publicly on file to
of rising demand for e-commerce during joint global coordinators with UBS. go public in the US near term, but it would
the coronavirus pandemic. be an extremely bold move for any of them
Founded in 2013, Lalamove provides › QUWAN CONSIDERS NEW IPO VENUE to launch.
van-hailing and courier services on Quwan said in February it had raised
demand. According to the company’s GUANGZHOU QUWAN NETWORK TECHNOLOGY is US$100m in a private round from Matrix
website, it has more than seven million considering shifting its planned US IPO to Partners China and Orchid Asia Group
registered users and more than 700,000 Hong Kong over China’s tech crackdown Management.
active drivers. and the US’s push for more disclosure TT Voice was first developed as a voice
According to Crunchbase, Lalamove in Chinese listings, said people with chat service for mobile gamers and later
raised US$1.5bn from a private round knowledge of the matter. grew into a social gaming platform.
in January this year. Its backers include IFR reported in May the developer of According to TT Voice’s website, the
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company has more than 200 million ChiNext float has been oversubscribed The final price represents a discount of
registered users. 9,328 times. 13.8% to Wednesday’s close of HK$19.14.
Founded in 2014, Quwan also engages The biotechnology company earlier set a There is a 90-day lock-up period.
in esports and game distribution. It is the record A-share IPO price of Rmb292.92 for Proceeds will be used for a 100,000-ton
owner of two franchise leagues competing the deal, which translates to a 2020 PE ratio polysilicon project in Tumd Right Banner,
in popular games the League of Legends of 17.76, far lower than the 147.21 average Baotou city, in China’s Inner Mongolia
and the Honor of Kings. of its listed peers in the past month. Autonomous Region.
Its original fundraising target was Xinte shares are up 72% this year.
› SHENNAN CIRCUITS PLANS FOLLOW-ON Rmb900m. CICC was the bookrunner.
Sino Biological sold all of the planned
Shenzhen-listed SHENNAN CIRCUITS is planning 17m shares, or 25% of the enlarged capital,
an up to Rmb2.55bn private share to retail investors.
placement. The company specialises in recombinant
The company will offer up to 147m protein production and antibody FIJI
shares, equivalent to 30% of current shares, development. Since the outbreak of
to up to 35 investors. Covid-19, it has developed about 230 new
Proceeds will be used for chip package coronavirus-related recombinant proteins SYNDICATED LOANS
substrate production and working capital. and antibody products and 130 gene
Shennan Circuits posted a net profit of products, which have provided support › ANZ, AUSTRALIA LEND TO FIJI AIRPORTS
Rmb244m on revenue of Rmb2.72bn for for basic research on the new coronavirus,
Q1 2021. vaccines, drugs and virus testing. ANZ and the Australian Infrastructure Financing
It plans to use the proceeds to build Facility for the Pacific are providing a A$68m
› SHUI ON LAND EYES SPIN-OFF an R&D centre and for worldwide sales (US$50m) loan to FIJI AIRPORTS to help
channels and working capital. improve air services and connectivity in
Hong Kong-listed SHUI ON LAND said it is The company posted a 2020 net profit the region, according to media releases on
considering a possible spin-off and separate of Rmb1.13bn, about 30 times 2019’s August 2.
listing of its commercial investment Rmb36.4m. Revenue surged to Rmb1.6bn The Australian government-backed AIFFP
properties and property management from Rmb181m, with about 84.1% of the will guarantee the loan, which will help
and asset management businesses, as IFR total coming from products related to fund essential maintenance and capital
reported in July. Covid-19. Q1 revenue rose 311% from a year works at Nadi International Airport and
In an announcement on the Stock earlier to Rmb457m. other airports in several outer islands,
Exchange of Hong Kong on Wednesday, Citic Securities is the sponsor and DBS refinance existing debt and support the
the Chinese property developer said no Securities is the financial adviser. infrastructure priorities of Fiji.
decision has been made by its board of Funds from the loan will increase
directors on whether to proceed with the › XINTE ENERGY SEALS PLACEMENT passenger capacity through the upgrade
possible spin-off. of ground infrastructure such as aprons
IFR reported on July 23 that Shanghai- XINTE ENERGY, a Chinese solar-grade and aircraft parking slots, as well as
based Shui On Land was weighing a listing polysilicon producer and PV project modernising air traffic-control systems.
of commercial properties unit China contractor, has raised HK$1.03bn from a “Australia’s loan and guarantee package
Xintiandi in Hong Kong and the deal could primary placement. will enable Fiji Airports to continue
raise around US$500m as early as next year About 62.7m shares, or 20% of the development during Covid-19, preparing
if it goes ahead. existing issued H shares, were sold at the for the reopening of Fiji’s international
Morgan Stanley and UBS are leading the top of the price range of HK$16–$16.50 per border,” said Zed Seselja, Australia’s
transaction, said people with knowledge of share, said people with knowledge of the minister for international development
the matter. matter. and the Pacific. “This project will help Fiji
China Xintiandi, a wholly owned to be ready for increased tourism demand
subsidiary, focuses principally on retail, Top bookrunners of Hong Kong dollar bonds, once international travel re-commences.
office, entertainment and hotel properties, inc certificates of deposit, commercial paper
with its businesses expanding in China’s 1/1/21 – 31/7/21 Hong Kong global equity and equity-related
key cities. Amount 1/1/21 – 31/7/21
Shui On Land posted a loss of Rmb740m Name Issues HK$(m) % Amount
for 2020, compared to a profit of Rmb1.9bn 1 HSBC 65 35,763.1 32.6 Name Issues US$(m) %
in 2019. Income from property investment 2 Credit Agricole 55 19,098.5 17.4 1 Goldman Sachs 2 1,494.0 12.8
for 2020 decreased to Rmb2.1bn from 3 Bank of China 8 9,557.1 8.7 2 Citigroup 2 1,299.7 11.2
2019’s Rmb2.3bn, of which rental and 4 Standard Chartered 19 7,692.7 7.0 3 UBS 6 1,097.5 9.4
related income from investment properties 5 CBA 4 7,150.0 6.5 4 Haitong Sec 7 1,008.6 8.7
decreased 7% year on year to Rmb2.08bn. 6 BoCom 6 3,640.4 3.3 5 HSBC 5 923.4 7.9
The decrease in rental and related 7 Mizuho 8 2,877.3 2.6 6 Bofa Sec 1 710.1 6.1
income was mainly due to rent concessions 8 BNP Paribas 11 2,368.1 2.2 7 Guotai Junan Sec 2 650.1 5.6
and other relief offered to retail tenants in 9 DBS 7 1,843.4 1.7 8 JP Morgan 6 582.9 5.0
response to the Covid-19 pandemic. 10 Citigroup 6 1,589.0 1.5 9 Morgan Stanley 3 494.9 4.3
Total 187 109,627.8 10 Bank of China 4 326.7 2.8
› SINO BIOLOGICAL’S IPO OVERSUBSCRIBED *Market volume Total 136 11,642.0
Proportional credit
SINO BIOLOGICAL’s Rmb4.98bn Shenzhen Source: Refinitiv data SDC Code: AS5a Source: Refinitiv data

COUNTRY REPORT HONG KONG
This will be essential to Fiji’s economic investment company is aiming to issue five- with them.”
recovery.” year bonds at benchmark size, according to With the latest deal, the lessor has raised
The Covid-19 pandemic has devastated an investor update. US$2.53bn in aircraft financings year-to-
Fiji’s tourism sector, which makes up Citigroup, HSBC, JP Morgan, UBS, ANZ, Bank date.
around 40% of the Fijian economy, with of America, Bank of China (Hong Kong), CMB “The lenders’ recognition of our
travel to the country impossible for many International, DBS Bank and Mizuho Securities platform’s core strengths is the direct result
tourists. are joint global coordinators and joint of collaborative efforts of our entire team,
The AIFFP is a A$2bn facility established bookrunners. BNP Paribas, China Construction with their unfaltering commitment to our
by the Australian government in 2019 Bank (Asia), ICBC (Asia), OCBC Bank, SMBC long-term vision and continued hard work
to provide financing for infrastructure Nikko, Standard Chartered Bank and United in all aspects of our operations – all with
development in Pacific countries and Timor- Overseas Bank are joint lead managers. the goal of supporting airline customers in
Leste. The proposed senior unsecured notes navigating this pandemic-effected market
“Our partnership with AIFFP is a prime will be issued by wholly owned subsidiary environment,” said Patrick Hannigan, CDB
example of how the private sector and GE (MTN) Ltd and guaranteed by Great Aviation’s chief executive officer.
government can work together to bring Eagle under a US$2bn guaranteed MTN In April 2019, CDB Aviation closed
critical infrastructure development to programme. a US$525m five-year unsecured credit
the region,” said Paul Richards, head of facility, marking the company’s first such
structured export finance at ANZ. “Investing syndicated transaction.
in essential infrastructure is vital to SYNDICATED LOANS Bank of China (Hong Kong), Credit
attracting investors to the growing trade Agricole, Goldman Sachs, Mizuho Bank and
and investment opportunities in the Pacific › CDB AVIATION LANDS US$660M SG were MLAs and bookrunners. Credit
region.” Agricole was facility agent.
Fiji Airports is the main provider of CDB AVIATION, a wholly owned Irish subsidiary CDB Aviation is rated A2/A/A+.
airport services in Fiji. It owns and operates of Hong Kong-listed China Development CDB Financial Leasing recently raised
the Nadi International Airport and manages Bank Financial Leasing, has signed a a Rmb800m (US$124m) one-year loan
the Nausori International Airport in Suva, portfolio financing of about US$660m for from Mizuho Bank (China) and Bank of
as well as 13 domestic outer island airports. 13 aircraft, according to a media release on Yokohama.
It also provides traffic management services August 4.
to airspace that includes Fiji, Tuvalu, New A combination of Airbus A320-200 and › YAU TONG BAY PROJECT TALKS REVIVED
Caledonia, Kiribati and Vanuatu. Boeing 737 MAX 8 and 787-9 Dreamliner
aircraft form the security for the loan. A consortium led by Hong Kong-listed blue-
BNP Paribas, Credit Agricole CIB, HSBC, chip developer HENDERSON LAND DEVELOPMENT
MUFG, Natixis, NordLB and Societe Generale is back in talks with banks for a mega
were the mandated lead arrangers. Natixis development project in Hong Kong’s Yau
HONG KONG and MUFG acted as joint coordinators, Tong area.
while Credit Agricole is the facility agent Financing talks on the project have
and security trustee. been on and off over the past few years
DEBT CAPITAL MARKETS “Diversifying financing sources at a because of the involvement of multiple
competitive cost of capital is one of our developers in the consortium and lengthy
› GREAT EAGLE EYES DEBUT key objectives,” said Brendan O’Neill, CDB negotiations with the government over the
Aviation’s chief financial officer. “We land premium.
GREAT EAGLE HOLDINGS held investor conference are very pleased to welcome our existing In March, Henderson Land executive
calls on August 4 for a proposed debut US lenders and counterparties to this new director Wong Ho-Ming revealed the Hong
dollar Reg S bond offering. facility, all of whom are major international Kong government had completed the
The Hong Kong-listed property and aviation lenders, and look forward to assessment of the land premium for the
continuing to build long-term relationships project last December, but the consortium
Top bookrunners of Hong Kong dollar bonds, had appealed for a lower figure, according
ex-certificates of deposit, commercial paper Top bookrunners of Hong Kong syndicated loans to local media reports.
1/1/21 – 31/7/21 1/1/21 – 31/7/21 The project would be Hong Kong’s largest
Amount Amount mixed-use development in over 20 years,
Name Issues HK$(m) % Name Deals US$(m) % according to the reports.
1 HSBC 41 30,335.1 36.4 1 Standard Chartered 26 4,655.0 8.6 The consortium includes local developers
2 Credit Agricole 40 11,468.5 13.8 2 Bank of China 26 4,259.3 7.9 Central Development, Hang Lung
3 Bank of China 8 9,557.1 11.5 3 HSBC 30 4,238.8 7.9 Properties, New World Development,
4 Standard Chartered 16 5,942.7 7.1 4 Citic 20 4,117.2 7.6 Sun Hung Kai Properties and Wheelock
5 Mizuho 8 2,877.3 3.5 5 China Merchants Bank 13 3,668.2 6.8 Properties.
6 BNP Paribas 11 2,368.1 2.8 6 CCB 15 2,794.5 5.2 Henderson Land has a 22.8% stake in the
7 DBS 6 1,643.4 2.0 7 ABC 10 2,261.7 4.2 project.
8 Citigroup 6 1,589.0 1.9 8 China Everbright Bank 9 1,947.1 3.6 Proceeds of the loan will support the
9 ANZ 2 1,316.7 1.6 9 BoCom 11 1,912.4 3.6 development of a major waterfront
10 Morgan Stanley 6 1,200.6 1.4 10 China Minsheng 4 1,780.5 3.3 residential project in the Yau Tong Bay
Total 134 83,239.8 Total 91 53,893.6 Comprehensive Development Area.
*Market volume * Based on market of syndication and market total The first two phases of the project
Proportional credit Proportional credit will provide around 6,200 homes in 30
Source: Refinitiv data SDC Code: AS6 Source: Refinitiv data SDC Code: S9b residential towers.

year government of India serviced bonds at The non-banking financial company was
6.79%, according to a filing on BSE. targeting Rs1bn plus a greenshoe of Rs9bn.
INDIA The interest will be paid by the Indian Icra has assigned a AAA rating to the bonds.
government semi-annually. Crisil, India Separately, SUNDARAM HOME FINANCE raised
Ratings and Icra have assigned a AAA Rs1.6bn three-year floating rate bonds at
DEBT CAPITAL MARKETS (stable) rating to the bonds. a spread of 160bp over the three-month
On July 21, Nabard raised Rs14.56bn treasury bill.
› AZURE POWER PLANS GREEN USD BONDS from 15-year bonds at 6.97%. Icra has assigned a AA+ rating to the
notes.
India’s AZURE POWER GLOBAL plans to raise › NHAI TO ISSUE LONG-TENOR BONDS
benchmark size US dollar five-year green › TWO NBFCS SELL SHORT-TENOR BONDS
bonds in 144A/Reg S format, according to plans to
NATIONAL HIGHWAYS AUTHORITY OF INDIA
market sources. raise up to Rs60bn from 17-year bonds, Indian non-banking financial companies
The net proceeds will be used to according to market sources. HERO FINCORP and CHOLAMANDALAM INVESTMENT
subscribe to rupee bonds to be issued by It is targeting Rs10bn plus a greenshoe of AND FINANCE raised a total of Rs4bn from
restricted subsidiaries of the issuer and Rs50bn from bonds due August 10 2038. short-tenor bonds, according to a filing on
refinance debt. The issuer has asked investors to place NSE.
The subsidiaries are expected to bids on the BSE’s electronic bidding Hero FinCorp raised Rs2bn from bonds
include 16 special purpose vehicles with a platform on August 9 from 11am to 12pm. due August 2 2024 at 6.25%.
combined capacity of 611 megawatts. Care, Crisil, India Ratings and Icra have Cholamandalam Investment sold Rs2bn
Azure Power Energy has a call option assigned a AAA rating to the bonds. three-year floating rate bonds. The notes
due on November 3 2022 in its outstanding On March 30, NHAI raised Rs8.50bn from were issued at a spread of 180bp over the
US$500m 5.5% bonds issued in August 2017. 13-year bonds at 6.81%. three-month Treasury bill and will be reset
It is yet to make an official It is yet to make an official quarterly. The first coupon was fixed at
announcement on the planned bond sale. announcement on the planned bond sales. 5.21%.
Icra has assigned a AA+ rating to the non-
› FCI PLANS GOI-GUARANTEED BONDS › RBL BANK GETS NOD TO RAISE BONDS bank lenders’ bonds.
is planning to
FOOD CORPORATION OF INDIA The board of RBL BANK has approved a plan
raise Rs80bn (US$1.1bn) from 10-year to raise up to Rs30bn from bonds via a SYNDICATED LOANS
government of India guaranteed bonds, private placement, according to a filing on
according to a source aware of the BSE. › PFC SEEKS FIXED-RATE LOAN
development. The private sector bank reported a
It is targeting Rs20bn plus a greenshoe of net loss of Rs4.59bn for the April to June POWER FINANCE CORP has sent a request for
Rs60bn. quarter, compared to a profit of Rs1.41bn in proposals for a fixed-rate loan, following in
It has asked investors to place bids on the same period last year. the footsteps of another Indian state-owned
August 11. Provisioning for bad loans increased to borrower that signed a similar financing
In October, FCI printed Rs80bn 10-year Rs14.26bn as more loans turned bad in the earlier in the year.
government-guaranteed bonds at 6.65%. retail segment because of the second wave PFC is seeking a minimum of US$75m for
FCI is yet to make an official of the Covid-19 pandemic in India. the five-year loan, but has not disclosed the
announcement on the planned bond sale. maximum amount it intends to borrow.
› TATA CAPITAL, SUNDARAM PRINT BONDS Banks had discussed using an SOFR-based
› NABARD SELLS GOI-SERVICED BONDS financing, but PFC opted for a fixed rate to
TATA CAPITAL FINANCIAL SERVICES has raised Rs7bn maximise participation as several banks are
NATIONAL BANK FOR AGRICULTURE AND RURAL from three-year two-month bonds at 5.85%, not yet ready to transition to SOFR from
DEVELOPMENT has raised Rs4.19bn from 10- according to a filing on NSE. Libor on US dollar loans.
The deadline for responses is in early
Top lead managers of Indian rupee bonds Top bookrunners of India syndicated loans August.
1/1/21 – 31/7/21 1/1/21 – 31/7/21 In January, state-run refiner Hindustan
Amount Amount Petroleum signed a US$300m five-year
Name Issues Rs(m) % Name Deals US$(m) % fixed-rate loan with State Bank of India that
1 Axis 54 359,092.0 21.4 1 State Bank of India 5 2,914.4 44.4 pays total interest of around 1.5%
2 ICICI Bank 54 236,738.4 14.1 2 Indusind-Bank 5 759.3 11.6 PFC aims to raise Rs200bn (US$2.7bn)
3 HDFC 47 182,366.9 10.9 3 L&T Financial Services 9 358.8 5.5 from foreign currency loans or bonds in
4 Trust Group 53 179,528.5 10.7 4 ICICI Bank 7 303.0 4.6 the current financial year ending March
5 Punjab National Bank 28 119,128.7 7.1 5 SMFG 3 300.8 4.6 2022, according to a stock exchange filing
6 AK Capital 36 114,679.6 6.8 6 Yes Bank 2 260.5 4.0 in February.
7 Kotak Mahindra 23 102,458.0 6.1 7 IMI - Intesa Sanpaolo 2 241.7 3.7 The non-banking financial company
8 Standard Chartered 11 94,258.7 5.6 8 Nordea 1 198.4 3.0 raised US$500m in January from a 3.35%
9 State Bank of India 16 56,888.9 3.4 9 BNP Paribas 2 184.2 2.8 10-year bond that priced at 99.987 to yield
10 Yes Bank 12 33,064.2 2.0 10 Standard Chartered 2 136.9 2.1 3.35%, IFR Asia reported.
Total 134 1,676,675.2 Total 32 6,560.5 Last October, PFC borrowed US$300m
*Market volume * Based on market of syndication and market total in a five-year loan from DBS Bank, Punjab
Proportional credit Proportional credit National Bank and SBI.
Source: Refinitiv data SDC Code: AS23 Source: Refinitiv data SDC Code: S10b In December 2019, PFC closed a

COUNTRY REPORT INDIA
US$300m-equivalent three-year facility with CarTrade was founded by CEO Vinay Rs12.5bn in 2019. Net profit fell 61% to
six banks joining in syndication. Sanghi. Rs461.2m from Rs1.18bn during the same
MUFG and SBI were the mandated lead Axis, Citigroup, Kotak and Nomura are the period.
arrangers and bookrunners of the deal, bookrunners. Ambit, Axis, Bank of Baroda, Credit Suisse,
which paid a top-level all-in pricing of CarTrade has a dealer network of around HDFC Securities, ICICI Securities and IIFL
116bp based on an interest margin of 4,000 and four million consumers visit Securities are the joint global coordinators
110bp over Libor and a remaining life of CarTrade.com every month. and bookrunners with IndusInd Bank and Yes
2.5 years. It reported revenue of Rs2.98bn for the Securities.
2020 financial year, up 23% from Rs2.43bn The IPO would be a rare listing by a
› ADB LENDS TO IMPROVE WATER SUPPLY in 2019. Net profit rose 21% to Rs312.9m delisted company in India, with the last
from Rs259.2m during the same period. such deal coming from real estate firm DLF,
The Asian Development Bank has approved which relisted in 2007 after delisting in the
a US$112m loan to finance water supply › ADANI WILMAR FILES FOR IPO 1980s.
infrastructure in four towns in the Indian
state of JHARKHAND. Edible oil maker ADANI WILMAR has filed for › APTUS HOUSING SETS IPO PRICE RANGE
The project will build four water an IPO of up to Rs45bn and aims to launch
treatment plants with a combined capacity it this year, people with knowledge of the APTUS VALUE HOUSING FINANCE INDIA has launched
of 275 million litres per day to provide transaction said. an IPO of Rs27.8bn in a Rs346–Rs353 range.
clean drinking water to the towns of The IPO will comprise only primary Primary capital of Rs5bn and secondary
Hussainabad, Jhumri Telaiya, Medininagar, shares. capital of 64.6m are on offer. Controlling
and Ranchi, the ADB said in a press release The company, a joint venture between shareholder Padma Anandan and investor
on August 2. Adani Enterprises and Singapore’s Wilmar shareholders Aravali Investments, GHIOF
The total project cost is US$160m, International, owns the Fortune brand of Mauritius and Madison India Opportunities
of which US$48m will come from the edible oils. are the vendors.
Jharkhand state government. The project is Bank of America, Credit Suisse, JP Morgan and Anchor books will open on August 9 and
expected to be completed in 2028. Kotak are the joint global coordinators and the rest of the offer August 10-12.
“Water supply in Jharkhand is currently bookrunners with BNP Paribas, HDFC Bank, Citigroup, Edelweiss, ICICI Securities and Kotak
inadequate, with residents receiving only and ICICI Securities. are the bookrunners.
an average three to four hours daily of Adani Wilmar owns around 40 units The company’s total income in the
water supply,” said Sanjay Joshi, ADB’s with a total refining capacity of over 16,800 financial year 2020 was Rs5.24bn, up 55%
principal urban development specialist for tonnes per day, seed crushing capacity from Rs3.37bn in 2019. Net profit rose 88%
South Asia. of 6,000 tonnes per day and packaging to Rs2.11bn from Rs1.12bn.
The project will establish a 940-kilometre capacity of 12,900 tonnes per day.
water distribution network to provide It produces edible oils comprising soya › MINDA PRICES SHARE SALE
continuous water supply to about 115,000 bean, sunflower, mustard and rice bran.
households. It also sells packaged basmati rice, pulses, Car parts maker MINDA INDUSTRIES has priced
soya chunks and wheat flour. a qualified institutional placement of new
Total income was Rs372bn in the 2021 shares at the indicative price of Rs720 to
EQUITY CAPITAL MARKETS financial year, up 25% from Rs298bn in raise Rs6.98bn.
2020. Profit after tax rose 59% to Rs7.3bn Around 9.7m shares were sold.
› CARTRADE LAUNCHES UPSIZED IPO from Rs4.6bn during the same period. Around 25 accounts participated and the
top 10 investors were allocated 60% of the
Online automobile marketplace CARTRADE › CHEMPLAST UPSIZES IPO deal.
TECH has launched an upsized IPO of up to The offer price was at a 4.9% discount to
Rs30bn (US$404m) in a Rs1,585–Rs1,618 CHEMPLAST SANMAR, which delisted from local the pre-deal close of Rs757.
range. stock exchanges in 2012, has launched an Equirus and Nomura are the bookrunners.
The IPO comprises 18.5m secondary upsized IPO of up to Rs38.5bn in a Rs530–
shares or 40% of the share capital, up from Rs541 range.
the 12.4m secondary shares previously Primary capital of Rs13bn and Rs25.5bn India equity and equity-related
disclosed. of secondary shares are on offer. In the 1/1/21 – 31/7/21
The high interest in technology stocks preliminary prospectus the company said Amount
after the strong showing of the Zomato the IPO would comprise Rs15bn primary Name Issues US$(m) %
IPO encouraged the vendors to sell more and Rs20bn secondary shares. The vendors 1 Bofa Sec 8 1,639.1 10.7
shares. On Monday, online financial are controlling shareholders Sanmar 2 JP Morgan 8 1,421.5 9.3
provider PB Fintech filed for a Rs60.2bn Holdings and Sanmar Engineering Services, 3 ICICI Bank 21 1,397.8 9.2
IPO, higher than the previously expected with the former selling more shares to 4 Axis 29 1,258.1 8.2
Rs40bn. repay debt. 5 Kotak Mahindra 16 1,226.5 8.0
Anchor books opened on August 6 and Anchor books will open on August 9 and 6 Citigroup 11 1,199.0 7.9
rest of the offer August 9-11. the rest of the offer from August 10-12. 7 Morgan Stanley 7 909.9 6.0
The top of the range implies a 2021 price The chemical maker is part of Sanmar 8 BNP Paribas 2 714.5 4.7
to earnings multiple of 84.31. Group, which has interests in chemicals, 9 JM Financial 14 640.9 4.2
Investors CMDB II, Highdell Investment, shipping and engineering services. 10 Credit Suisse 6 601.8 3.9
Macritchie Investments, Springfield Chemplast Sanmar reported revenue of Total 102 15,260.3
Venture International and members of the Rs12.6bn for the financial year that ended
Sanghi family are among the vendors. March 31 2020, nearly unchanged from Source: Refinitiv data SDC Code: C1L

› POPULAR FILES FOR IPO Capital, Edelweiss, HDFC Bank, HSBC, ICICI Around 20 accounts participated and the
Securities, JM Financial, Kotak, and SBI Capital top 10 received 80% of the deal.
POPULAR VEHICLES & SERVICES has filed an IPO of are among the bidders. The shares sold in the clean-up trade
up to Rs6.8bn and aims to launch it towards The Department of Investment and Public represent 1.9% of the capital.
the end of the year. Asset Management plans to hire up to 10 Bank of America is the sole bookrunner.
The offering comprises Rs1.5bn of banks. Bankers have to bid for a minimum
primary capital and 4.3m secondary shares. fee of Rs10m, the first time Dipam has
Investor shareholder BanyanTree Growth indicated such a high starting fee. In the
Capital is the vendor. past banks could bid for as little as Rs1 on a
The company, part of the Kuttukaran transaction for a state-owned entity. INDONESIA
Group, is the third largest dealer for Maruti Eligible banks must have managed at
Suzuki vehicles in India. least one IPO of at least Rs50bn between
Popular Vehicles has 11 showrooms, 40 April 1 2016 and March 31 2021, or an DEBT CAPITAL MARKETS
services centres and 32 e-outlets across the equity capital market transaction such as
southern states of Kerala and Tamil Nadu. an offer for sale, rights issue, follow-on › ABM INVESTAMA COMPLETES TENDER
Revenue in the 2021 financial year fell offering or qualified institutional placement
8.8% to Rs28.9bn from Rs31.7bn in 2020. of at least Rs150bn. ABM INVESTAMA said bondholders had tendered
Net profit rose 160% to Rs324.6m from The government owns 100% of the US$304.653m in aggregate principal
Rs124.9m during the same period. company. A panel led by finance minister amount, or 87.04%, of its US$350m 7.125%
Axis, Centrum Capital and DAM Capital are Nirmala Sitharaman will decide on the size senior notes due 2022 by the early bird
the bookrunners. of the holding to be sold through the IPO. deadline of August 3.
Earlier this year, Sitharaman said the The Indonesian mining company will
› BANK OF INDIA HIRES FOR SHARE SALE IPO would be launched in the current fiscal accept the notes on a pro rata basis as the
year that ends on March 31. tender offer was capped at US$191.516m,
State-owned BANK OF INDIA has hired ICICI At an estimated market capitalisation of or equal to the net proceeds of a new issue
Securities, IDBI Capital, IIFL Securities, ITI Rs8trn–Rs10trn a minimum 5% free-float on July 29 to fund the tender offer.
Capital, JM Financial and Systematix Corporate would lead to an IPO of Rs400bn–Rs500bn. ABM Investama will pay US$1,017.81 per
Services to manage a qualified institutional The Securities and Exchange Board of India US$1,000 in principal amount of the 2022s.
placement of Rs30bn, people with recently reduced the minimum free-float Settlement is on August 9.
knowledge of the transaction said. for large companies to 5% from 10%. Notes tendered after the early deadline
BoB Capital Markets, Credit Suisse, Elara Milliman Advisors has been hired to assess and before the final deadline of August 18
Capital, Emkay Global, Equirus Capital, the embedded value of LIC, while Deloitte will not be accepted.
Monarch Networth, Motilal Oswal, SBI and SBI Capital Markets are the pre-IPO Deutsche Bank and Mandiri Securities were
Capital and Yes Securities did not make the transaction advisers. dealer managers. Morrow Sodali was
cut. information and tender agent.
The Indian government owns 90.34% of › CARLYLE SELLS SBI LIFE SHARES ABM Investama, rated B1/B+ (Moody’s/
the bank. Fitch), raised US$200m from the new issue
CA Emerald Investments, a Carlyle unit, has that priced at 98.548 to yield 9.875%. The
› BANKS BID FOR LIC IPO ROLE raised Rs21.4bn through the sale of 19m notes have a coupon of 9.5% and a five-year
SBI LIFE INSURANCE shares at the bottom of the non-call two tenor. They were bid at a cash
Around 20 local and foreign banks have Rs1,130–Rs1,136.85 range, according to a price of 96.9 for a yield of 10.31% on Friday,
shown interest in managing the IPO of person with knowledge of the transaction. according to Tradeweb.
state-owned LIFE INSURANCE CORPORATION OF INDIA, The final price represents a 0.6% discount
people with knowledge of the transaction to the pre-deal close of Rs1,136.85. › PPA PREPARES DEBUT
said. SBI Life shares were up 0.5% at Rs1,140
Axis, Bank of America, Citigroup, DAM this morning. might tap the
PERUSAHAAN PENGELOLA ASET
international bond market as early as
Top bookrunners of Indonesian rupiah bonds Top bookrunners of Indonesia syndicated loans
1/1/21 – 31/7/21 1/1/21 – 31/7/21 Indonesia global equity and equity-related
Amount Amount 1/1/21 – 31/7/21
Name Issues Rp(m) % Name Deals US$(m) % Amount
1 Indo Premier Sec 19 7,799,498.8 13.2 1 Bank Mandiri 4 338.9 10.2 Name Issues US$(m) %
2 Bank Mandiri 19 7,156,677.4 12.1 2 SMFG 3 312.3 9.4 1 Indo Capital Sekuritas 2 234.2 29.0
3 Danareksa 14 5,634,718.2 9.5 3* Standard Chartered 2 270.8 8.1 2 Macquarie 1 173.1 21.4
4 Bank Negara Indonesia 12 4,816,099.6 8.1 3* Maybank 2 270.8 8.1 3 BCA Sekuritas 2 47.6 5.9
5 BCA Sekuritas 12 4,535,780.2 7.7 3* HSBC 2 270.8 8.1 4 UOB 4 44.7 5.5
6 Trimegah Sec 13 3,872,844.4 6.5 6 CIMB Group 4 242.1 7.3 5 Bank Negara Indonesia 2 41.5 5.1
7 Sucorinvest Inti Investama 11 3,564,394.8 6.0 7 Credit Agricole 1 225.5 6.8 6* Bank Mandiri 1 38.6 4.8
8 DBS 10 3,387,710.3 5.7 8* MUFG 1 187.5 5.6 6* Credit Suisse 1 38.6 4.8
9 Cgs-Cimb Sekuritas 9 2,898,257.1 4.9 8* DBS 1 187.5 5.6 6* Citigroup 1 38.6 4.8
10 Maybank 7 2,254,411.1 3.8 8* BNP Paribas 1 187.5 5.6 9 NH Inv & Sec 2 38.0 4.7
Total 56 59,182,235.2 Total 6 3,326.1 10 Ciptadana Sec 2 22.6 2.8
*Market volume * Based on market of syndication and market total Total 24 808.5
Proportional credit Proportional credit
Source: Refinitiv data SDC Code: AS9 Source: Refinitiv data SDC Code: S11b Source: Refinitiv data

COUNTRY REPORT JAPAN
Trio sets up sustainability programme

Loans McCormick, IFC and Citigroup to provide its suppliers with financial incentives linked to sustainability
US-headquartered spice maker MCCORMICK McCormick build a more sustainable, Trade Supplier Finance programme, a
& CO is teaming up with INTERNATIONAL traceable, certified, and quality-compliant US$500m multi currency investment and
FINANCE CORP and CITIGROUP to provide its pepper supply chain through capacity advisory initiative established in 2010.
suppliers with financial incentives linked to development and the empowerment of GTSF provides short-term financing
improvements in social and environmental women farmers. to small and medium-sized suppliers in
sustainability measures. “Through our partnership with IFC and emerging markets selling to large domestic
Under the initiative, spices and herbs Citi, we are enabling our suppliers to buyers or exporting to international buyers,
suppliers can qualify for discounted rates on sustainably source our herbs and spices by discounting invoices once they are
short-term working capital financing when more easily, and, in turn, are working approved by the buyer.
they meet sustainability standards, including toward our own goals at the same time,” The financing rates can be linked to
performance on labour conditions, health said Michael Okoroafor, McCormick’s sustainability measures to minimise the
and safety practices, crop management, vice president for global sustainability impact on the environment and promote
environmental impact, farmer resilience and and packaging innovation. “Through climate-resilient agriculture practices,
women’s empowerment. our purpose-led performance approach, while connecting smallholders to global
The programme has started with suppliers we are going beyond the industry markets.
in Indonesia and Vietnam and will soon be standard to ensure that we are improving In November last year, McCormick
rolled out in other countries, according to a farmer resilience, elevating women’s announced its acquisition of hot-sauce maker
media release from the IFC on August 2. empowerment, and mandating ethical Cholula’s parent company from private equity
The partnership includes an advisory behavior at every level of our supply chain.” firm L Catterton for US$800m.
component in Vietnam, where IFC is helping The partnership is part of IFC’s Global MARIKO ISHIKAWA
Tuesday to sell a proposed US dollar plan for its outstanding US$171m bonds. ending in March 2023, the Tokyo-listed
benchmark five-year Reg S senior The noteholder meeting will update conglomerate said in an online press
unsecured bond offering. investors on the proposals to restructure conference on August 4.
The Indonesian state-owned asset bank loans and provide details on Pan Deutsche Bank and Parella Weinberg Partners
manager started investor calls via BNP Brothers’ plans for the notes. were Hitachi’s financial advisers.
Paribas, DBS and Standard Chartered Bank in An ad hoc committee of noteholders has The price tag of €1.66bn represents the
Asia and Europe on Wednesday. been established and will be advised by enterprise value, including debt, of GTS.
The proposed notes are expected to be Alvarez & Marsal and Clifford Chance. It reflects a multiple of 13.8x of the unit’s
rated BB/BB+ (S&P/Fitch), in line with the Pan Brothers was granted a moratorium 12-month earnings before interest and
issuer. against legal proceedings by the Singapore taxes, Thales said in a statement.
There is a change of control put at 101. High Court in early July, which expires Thales also said it was now targeting an
Perusahaan Pengelola Aset restructures December 28. Ebit margin of 9.8%–10.3%, compared to its
distressed state-owned enterprises. Its main AJCapital and Baker & McKenzie are previous target of 9.50%–10.00%.
businesses also include managing non- restructuring adviser and international Hitachi said the acquisition of GTS
performing loans and a special-situation legal counsel, respectively, to Pan Brothers should help its Hitachi Rail division
fund. for the proposed restructuring. deliver ¥1trn (US$9.2bn) of revenue by
Fitch said the company could become 2026.
more important to the government as GTS, which also offers train control
it manages the impact of the Covid-19 systems and fare collection services, is
pandemic on SOEs and NPLs nationwide. smaller than its competitors.
JAPAN The proposed acquisition follows
a couple of other purchases Hitachi
RESTRUCTURING completed recently, including the US$9.6bn
SYNDICATED LOANS acquisition of Silicon Valley-based digital
› PAN BROTHERS PLANS MEETING engineering company GlobalLogic last
› HITACHI TAPS CASH, BANK LOANS FOR M&A month.
PAN BROTHERS will meet investors holding its Hitachi plans to raise ¥800bn in loans
7.625% senior notes due 2022 on August 13 HITACHI will fund its planned €1.66bn and bonds related to that purchase.
to begin debt restructuring talks. (US$2bn) acquisition of a railway signalling Last October, Hitachi raised a
The Indonesian apparel manufacturer business from Thales, Europe’s largest US$4.066bn loan to replace bridge
said in an SGX statement that it has defence electronics company, with cash on facilities that backed its acquisition of the
reached tentative agreement with a hand and bank loans. power grids business of Swiss engineering
majority of bank lenders on proposals to Details of the financing are yet to be group ABB.
restructure its loan facilities. determined as the acquisition of Ground Japan Bank for International Cooperation
As a result, the company can now focus Transportation Systems is expected to be funded US$2.4bn, while commercial banks
on forging an agreement on a restructuring completed by the end of the fiscal year provided the remainder.

Hitachi completed the US$11bn August 10. The deal will price on August 11 social guidelines under the Asean green
acquisition of an 80.1% stake in ABB’s at the earliest. bond standards, Asean sustainability bond
power grids business in July last year, after Of the units on offer, 25% will be sold to standards and Securities Commission
which the target’s name was changed to international investors and 75% to domestic Malaysia’s SRI sukuk framework.
Hitachi Power Grids. buyers. Agroto, a highland vegetable grower in
AEON REIT will use the proceeds to buy Malaysia with 101 acres of plantations in
› NOMURA RE HOLDING TAPS DEBUT SLL new properties. Perak, will have to set aside two coupon
Daiwa, Mizuho, Nomura and SMBC Nikko are payments in the first year in the finance
NOMURA REAL ESTATE HOLDINGS has signed a joint bookrunners. payment account on top of the minimum
¥11bn debut sustainability-linked loan, the required funds equal to one interest
company said in a statement July 30. › MONEY FORWARD BUILDS WAR CHEST payment in the finance service reserve
Chiba Bank, Chugoku Bank, Daishi Hokuetsu account.
Bank, Gunma Bank, Iyo Bank, Musashino Bank, MONEY FORWARD has raised ¥32.9bn from a Proceeds will be used for working capital
North Pacific Bank, Shiga Bank and Toho Bank global follow-on offering. needs and capital expenditure.
were the lenders. Chiba Bank was the The Japanese personal financial MIDF Amanah Investment Bank was sole
sustainability coordinator. management app provider sold 5m primary lead manager for the deal, which settled on
The loan marks the first financing under shares or 9.4% of the enlarged share capital August 5.
a comprehensive SLL framework that the at ¥6,586 per share, or a 3% discount to
borrower established on July 28. Thursday’s close of ¥6,790.
The framework defines SLL requirements Books were about 10 times covered with
such as sustainability performance targets, more than 110 investors participating.
incentives and reporting. Rating and There was particularly strong demand from NEW ZEALAND
Investment Information provided a second shareholders, global long-only investors and
opinion. technology specialists, and allocations were
The borrower last tapped the skewed towards these investors. SYNDICATED LOANS
syndicated loan market in April 2018 The company will use the proceeds
when it raised a ¥55bn 37-year hybrid for advertising and personnel expenses, › AIR NEW ZEALAND TO DRAW DOWN LOAN
financing. product development costs, strategic M&A
and to repay borrowings. AIR NEW ZEALAND expects to draw down
There is a 90-day lock-up. more of the NZ$1.5bn (US$1.06bn)
EQUITY CAPITAL MARKETS Bank of America, Goldman Sachs and Mizuho loan it obtained from the New Zealand
were the joint bookrunners. government in March last year.
› AEON REIT PLANS FOLLOW-ON The drawdown is expected to take place
by the end of this month.
AEON REIT INVESTMENT is planning a follow-on Air New Zealand has not drawn on
offering of shares that could raise up to the loan since February, and the current
¥25.2bn (US$230m), based on a minimum MALAYSIA drawings remain at NZ$350m. The airline
2.5% discount to Monday’s close of has NZ$1.15bn available under the
¥158,700. facility.
It is planning to sell 163,000 primary DEBT CAPITAL MARKETS The loan was increased from NZ$900m
units and there is an overallotment option in April and its maturity extended by 16
of 8,150 units. The units will be sold at a › AGROTO PRINTS SUSTAINABLE SUKUK months to September 2023.
discount of 2.5%–5% to the market close on It pays interest margin and commitment
the pricing day. AGROTO BUSINESS has raised M$200m fees of 350bp over BKBM combined on the
Bookbuilding runs from August 5 to (US$47.3m) from a placement of five- first tranche of NZ$1bn and 500bp over on
year Asean sustainable and responsible the second tranche of NZ$500m.
investment sukuk priced at 4.8%.
Top bookrunners of all Malaysian ringgit bonds The notes are rated AA1 by RAM to
1/1/21 – 31/7/21 reflect an irrevocable guarantee from Sabah Malaysia global equity and equity-related
Amount Development Bank, rated AA1 by RAM. 1/1/21 – 31/7/21
Name Issues M$(m) % The sukuk complies with green and Amount
1 CIMB Group 55 14,432.3 22.7 Name Issues US$(m) %
2 Maybank 45 13,770.2 21.6 1 M and A Sec 23 293.7 13.5
3 RHB 53 12,100.4 19.0 Top bookrunners of Malaysia syndicated loans 2 Mercury Sec 30 249.9 11.5
4 AMMB 25 4,835.2 7.6 1/1/21 – 31/7/21 3 Maybank 3 226.4 10.4
5 OCBC 29 3,608.1 5.7 Amount 4 RHB 6 200.3 9.2
6 K&N Kenanga 34 2,577.0 4.1 Name Deals US$(m) % 5 AMMB 11 166.1 7.7
7 UOB 3 2,439.7 3.8 1 Standard Chartered 2 400.4 28.5 6 CIMB Group 2 162.4 7.5
8 Hong Leong Financial 3 2,158.0 3.4 2 CIMB Group 2 385.0 27.4 7 TA Sec 26 130.2 6.0
9 Affin 8 2,032.9 3.2 3* OCBC 1 310.5 22.1 8 Credit Suisse 2 115.1 5.3
10 Public Bank 13 1,946.4 3.1 3* Maybank 1 310.5 22.1 9 UOB 22 101.0 4.7
Total 179 63,687.9 Total 3 1,406.4 10 K&N Kenanga 10 70.1 3.2
*Market volume * Based on market of syndication and market total Total 146 2,168.8

COUNTRY REPORT PHILIPPINES
Top bookrunners of New Zealand syndicated loans Top bookrunners of all Pakistani rupee bonds For the NZ$10.5m of Class B, NZ$10.5m
1/1/21 – 31/7/21 1/1/21 – 31/7/21 of Class C, NZ$7.525m of Class D and
Amount Amount NZ$4.725m of Class E notes, with 3.6, 3.6,
Name Deals US$(m) % Name Issues Pkr(m) % 3.6 and 3.3-year WALs, guidance is 180bp
1 ANZ 3 364.4 43.9 1 JP Morgan 1 2,000.0 55.6 area, 235bp area, 350bp area and 600bp
2 MUFG 2 302.8 36.5 2 Standard Chartered 1 1,599.6 44.4 area over one-month BKBM.
3 NAB 1 116.4 14.0 Total 2 3,599.6 The transaction is completed by
4 CBA 1 46.7 5.6 *Market volume NZ$1.75m of Class F notes.
Total 6 830.3 Proportional credit The non-bank Kiwi lender issued its third
* Based on market of syndication and market total Source: Refinitiv data SDC Code: AS26 New Zealand dollar RMBS last October,
Proportional credit the no-grow NZ$250m prime and non-
Source: Refinitiv data SDC Code: S13b conforming Avanti RMBS 2020-1.
at the tight end of final 85bp–90bp and Avanti debuted in the RMBS market
95bp–100bp guidance, which had been in June 2018 with the NZ$200m Avanti
The margin on both tranches will step revised from initial 90bp area and 100bp RMBS 2018-1, which was followed 12
up by 100bp for amounts drawn down after area price talk. months later by the NZ$200m Avanti
October 29. The margin on the first tranche All three notes have 35.5% initial credit RMBS 2019-1.
will increase by a further 150bp from the support. The only other New Zealand RMBS
first drawdown of the second tranche. Westpac was arranger and joint lead issuer since 2010 is fellow non-bank lender
The carrier’s operating cashflow has manager with BNZ for the transaction, Resimac Group, which has sold four,
reduced as a consequence of the temporary which had an indicative size of NZ$213.6m. including the NZ$300m non-conforming
suspension of the trans-Tasman quarantine- Q Card is a continuous issuer because, Resimac Versailles Trust Series 2020-1 in
free travel announced on July 23. unlike loans that have defined maturity September last year.
Air New Zealand had previously said it dates, credit card balances are revolving in
planned an equity raising before September nature.
30. Credit card ABSs are typically sold out
of master trusts, which purchase eligible
receivables from the sellers on a revolving PHILIPPINES
STRUCTURED FINANCE basis and tend to have soft bullet maturities
rather than weighted average lives.
› HUMM REFINANCES Q CARD NOTES SYNDICATED LOANS
› AVANTI SETS RMBS GUIDANCE
Non-bank lender HUMM GROUP smoothly › ROCKWELL LAND BAGS PS5BN LOAN
refinanced its maturing Q CARD TRUST Class AVANTI FINANCEhas released guidance for
A notes with an enlarged NZ$240m the indicative NZ$350m AVANTI RMBS 2021-1, ROCKWELL LAND CORP has obtained a Ps5bn
(US$168m) triple-tranche sale on Thursday. expected to launch and price this week. (US$100m) loan with a tenor of up to 10
The NZ$120m of Class A 2021-2 notes Westpac New Zealand is arranger and sole years from Philippine National Bank,
with a 2.0-year soft bullet maturity (August lead manager for Avanti’s fourth RMBS according to an exchange filing on August
15 2023) priced inside initial 80bp area and offering. 3.
revised 75bp–80bp guidance at one-month Price talk for the NZ$280m of Class A1 Proceeds of the loan are for capital
BKBM plus 70bp. and NZ$35m of Class A2 notes, both with expenditure and other general corporate
The NZ$60m of Class A 2021-3 and 2.1-year WALs, is one-month BKBM plus requirements.
NZ$60m of Class A 2021-4 notes, with 3.0 100bp area and 125bp area. Rockwell Land is a real estate
and 4.0-year soft bullet maturities, priced development and management company
and a member of the Lopez Group
Top bookrunners of Philippines syndicated loans conglomerate.
Top bookrunners of all Philippine peso bonds 1/1/21 – 31/7/21
1/1/21 – 31/7/21 Amount
Amount Name Deals US$(m) % Philippines global equity and equity-related
Name Issues Ps(m) % 1 BPI 1 329.2 29.2 1/1/21 – 31/7/21
1 ING 1 19,000.0 31.8 2* Standard Chartered 2 158.3 14.0 Amount
2 BDO Unibank Inc 4 11,666.7 19.5 2* SMFG 2 158.3 14.0 Name Issues US$(m) %
3 China Bk Capital Corp 3 7,000.0 11.7 4* Mizuho 1 125.0 11.1 1 UBS 4 372.9 18.4
4 BPI 3 6,666.7 11.1 4* MUFG 1 125.0 11.1 2 BPI 4 338.9 16.7
5 Security Bank 2 4,000.0 6.7 6* National Bank of Kuwait SAK 1 33.3 3.0 3 Credit Suisse 2 186.7 9.2
6 United Coconut Planters 1 2,666.7 4.5 6* Mega Financial 1 33.3 3.0 4* Metropolitan B&T 1 156.1 7.7
7* East West Banking 1 2,000.0 3.3 6* ICBC 1 33.3 3.0 4* Citigroup 1 156.1 7.7
7* Metropolitan B&T 1 2,000.0 3.3 6* First Financial 1 33.3 3.0 4* BDO Unibank Inc 1 156.1 7.7
9 Multinational Investment Banc. 1 1,135.0 1.9 6* Maybank 1 33.3 3.0 4* JP Morgan 1 156.1 7.7
10* Standard Chartered 1 1,000.0 1.7 6* CTBC Financial 1 33.3 3.0 8* BPI Securities 1 89.9 4.4
10* HSBC 1 1,000.0 1.7 6* Bank of China 1 33.3 3.0 8* Citic 1 89.9 4.4
Total 12 59,835.1 Total 3 1,129.2 10 China Bk Capital Corp 1 55.9 2.8

Del Monte cans IPO a second time
Equities Rising Covid-19 cases, slow vaccination drive spook stock market
DEL MONTE PHILIPPINES has deferred a Ps38.3bn the past usually find it hard to get premium and hotel assets with an aggregate gross
(US$770m) domestic IPO for the second time valuations,” a Singapore-based analyst said. leasable area of 224,430 square metres. The
in three years because of adverse market One of the reasons for the muted demand assets are located in the cities of Quezon,
conditions. is that unlike other Asian stock markets Taguig and Iloilo.
The canned pineapple and tropical mixed where first-day listing pops are handsome, BDO Capital, Credit Suisse, DBS and
fruits, fruit concentrate maker shelved a Philippine IPOs usually take a while before UBS are the joint global coordinators and
Ps13.5bn IPO on similar grounds in 2018. trading above the issue price. bookrunners with CLSA.
In a stock exchange disclosure, parent Food company Monde Nissin, which RLC REIT’s initial portfolio comprises 14
company Del Monte Pacific said that while completed the country’s largest-ever IPO of assets in Metro Manila with over 400,000
the growth prospects and resilience of the Ps48.6bn in May, took some days after listing square metres of gross leasable area.
business are unchanged, a surge in Covid-19 to trade above the IPO price of Ps13.50. It BPI Capital and UBS are the joint global
cases in the Philippines has led to market ended at Ps15.82 on Thursday but is below coordinators and bookrunners with Bank of
volatility. the all-time high of Ps17.16. America and CLSA.
“The board believes that it is in the best China Bank Capital, First Metro and PNB
interests of the company, its shareholders REIT IPOS EYED Capital are the local underwriters.
and potential investors to defer the listing Now all eyes in ECM are on RL COMMERCIAL Del Monte ended pre-marketing for the
until conditions improve,” the company said. REAL ESTATE INVESTMENT TRUST and MREIT, which IPO on July 30. The planned IPO from the
Del Monte Pacific said it “remains have started pre-marketing their respective subsidiary of Philippines and Singapore-
committed to listing Del Monte Philippines”. Ps24.4bn and Ps23.7bn IPOs. However, listed Del Monte Pacific comprised up to
The surge in Covid-19 cases in the Philippines bankers said REITs are defensive instruments 699m secondary shares at a maximum
and the slow progress in vaccination have and do not offer strong listing gains. price of Ps54.80 per share. There was a 15%
weakened the local stock market. Year to date RLC REIT is sponsored by Robinsons Land greenshoe.
the benchmark Philippine Stock Exchange and its IPO comprises 3.34bn secondary Del Monte Pacific owns 87% of DMP and
Index is down 7.9%. shares at a maximum offer price of Ps7.31. Singapore consumer-focused fund manager
An ECM source with knowledge of the Robinsons Land is the vendor. There is an SEA Diner 13%. The IPO would see 25% of
transaction said the company started overallotment option of up to 305m shares. the company sold, with 15% coming from Del
marketing the IPO at a price to earnings Up to 1.08bn secondary shares will be Monte Pacific and 10% from SEA Diner.
multiple in the high 20s and was willing to sold in the MREIT IPO at a maximum price It planned to use the proceeds to repay
bring it down to the low 20s after investor of Ps22. There is an upsize option of 161.7m debts.
feedback, but volatile markets made shares. Sponsor Megaworld is the vendor. Credit Suisse and Morgan Stanley were joint
investors nervous. In the Philippines, the final IPO price is global coordinators and bookrunners with
“There was demand only in the mid- usually well below the maximum price. CLSA, DBS, BDO Capital and BPI Capital.
teens. IPOs which have been deferred in MREIT will comprise 10 office, retail S ANURADHA
standalone assessment of A1, due mainly Term loan B-5, according to a press release
to the high probability of support from the on July 30.
SINGAPORE Singapore government. The loan, which matures on December
SGX is a dominant player in the island 2027, has been repriced at 225bp over Libor
republic’s financial markets as the sole with a 0.5% floor, down from 250bp over
DEBT CAPITAL MARKETS equities exchange, equities clearinghouse Libor and a 0.75% floor previously.
and central depository. In February last year, Avolon increased
› SGX SCORES AA2 The rating agency views SGX’s strategic its TLB-4 by US$100m to US$850m and
role as having systemic importance. priced it at 150bp over Libor with a 0.75%
SINGAPORE EXCHANGE (SGX) has obtained “Moody’s assumes a high probability that floor and original issue discount of 99.75.
a rating of Aa2 from Moody’s, raising public support will be channelled into the Also last year, Avolon had fully drawn
expectations an inaugural bond offering company’s debt-issuing ultimate holding its US$3.2bn unsecured revolving credit
may follow. company in case of financial difficulties, to facility, increasing its liquidity as the Covid-
The Singapore-listed company has an preserve the critical operations of the group 19 pandemic severely hurt airlines across
existing S$1.5bn (US$1.11bn) debt issuance and avoid contagion,” it said. the globe.
programme that was set up in October The revolver, which was extended by
2019, for which DBS and Standard Chartered 21 months to April 2024 in 2019, offered
Bank are joint lead arrangers and dealers. SYNDICATED LOANS 125bp over Libor margin.
The new investment-grade rating will In May 2019, Avolon repriced its
help to boost SGX’s credit profile and widen › AVOLON REPRICES US$672M TLB US$3.4bn TLB at 175bp over Libor with a
the investor base. 0.75% floor and 99.875 OID and raised a
Moody’s said the Aa2 long-term local Ireland-headquartered international US$500m unsecured three-year term loan
and foreign currency issuer rating is aircraft leasing company AVOLON HOLDINGS in March.
two notches higher than the exchange’s has repriced US$672m of its senior secured Avolon’s major shareholder is an indirect

COUNTRY REPORT SINGAPORE
Singapore embraces fixed-for-life

Bonds Temasek halo fuels demand for Mapletree’s subordinated perpetual offering
MAPLETREE INVESTMENTS on August 3 priced distributed subordinated FFL perpetual note. issuers who had opted not to call had made
Singapore’s first subordinated fixed-for-life Hong Kong-based investment bank AMTD that decision because the reset coupon was
perpetual bond offering, as investors took the International issued S$50m of FFL perpetual lower than before.
chance to earn a higher yield from a state- non-call five notes at 4.5% in May 2020, but There was no clear reference for pricing the
linked blue chip. they were sold during a national holiday and FFL notes, but the lead banks used SingTel’s
The real estate developer and investor placed to a small group of investors. outstanding 3.3% perps callable 2031,
sold S$600m (US$443m) of perpetual non- Cheung Kong Holdings also sold S$730m quoted on August 3 at 102.35 with a yield
call three bonds at 3.7%, well inside initial of FFL perpNC5 bonds in 2011 at 5.125% but of 3.03%, and Mapletree Industrial Trust’s
guidance of 4% area. these were senior perpetuals, which ranked 3.15% perps callable 2026, quoted at 101.22
Investors showed little concern over the ahead of its existing subordinated perpetual with a yield of 2.87%.
lack of reset or step-up features and put in notes. The 5.125% bonds were redeemed on Ultimately, the Temasek halo helped
strong orders that peaked above S$1.1bn, their first call date in 2016. Mapletree Investments price the notes at a
before some orders fell away on the sharp Unlike typical perpetual notes, coupons zero to negative new issue concession versus
price tightening. The final book was over remain fixed forever as FFL perpetuals do not fair value, said the syndicate banker.
S$960m from 56 accounts. have the reset or step-up features that act as The notes were trading at 100.15/100.22
The issuer’s sterling pedigree in the form of incentives to issuers to redeem notes on the on August 4.
100% ownership by state-owned investment first call dates. Settlement will be on August 12. The
fund Temasek Holdings helped smooth the way FFL perpetual structures allow issuers to coupon is deferrable, cumulative and
for private banks to offer leverage to clients, lock in lower rates for longer durations, but compounding. If there is a change of control
which drove stronger book momentum, said a are less advantageous for investors in an event and if the notes are not redeemed, the
syndicate banker in the deal. environment where rates are rising rapidly. coupon will increase by 1%.
Private banks, which also received a Rates are expected to rise by the time the The notes will be issued via Mapletree
25-cent rebate, bought 64% of the deal, call dates arrive since they are at historic lows Treasury Services, a subsidiary of Mapletree
fund managers, insurance companies and and the US Federal Reserve is expected to Investments.
agencies 29% and banks and corporate hike rates in the next few years. DBS, HSBC and OCBC were joint lead
investors 7%. Singapore accounted for 98% “Singapore issuers have a strong record managers for the deal, which will be drawn
with others at 2%. of exercising calls on their perpetual notes,” from a US$5bn EMTN programme.
The deal marks Singapore’s first widely said a DCM banker, but noted that the few KIT YIN BOEY
subsidiary of Bohai Leasing with a 70% services. It is the world’s third largest United States, the UAE, Singapore, Hong
stake. aircraft leasing company with offices in the Kong and China.
Chinese conglomerate HNA Group owns
a majority stake in Bohai Leasing, while Top bookrunners of all Singapore dollar bonds › KEPPEL-MPIC FINANCING DRAWS SIX
Orix Aviation Systems, the Irish subsidiary (non-domestic)
of Japanese financial services group Orix 1/1/21 – 31/7/21 Singapore’s Keppel Infrastructure Trust
Corp, owns 30%. Amount and Philippine conglomerate Metro Pacific
Dublin-headquartered Avolon provides Name Issues S$(m) % Investments have signed a US$260m six-
aircraft leasing and lease management 1 Standard Chartered 3 665.8 33.1
2 DBS 7 370.0 18.4 Top bookrunners of all Singapore dollar
Top bookrunners of all Singapore dollar bonds 3 UOB 3 234.2 11.6 bonds (domestic)
1/1/21 – 31/7/21 4 Credit Suisse 3 231.5 11.5 1/1/21 – 31/7/21
Amount 5 Bank Mandiri 1 50.0 2.5 Amount
Name Issues S$(m) % 6* BoCom 1 38.5 1.9 Name Issues S$(m) %
1 DBS 28 3,332.5 25.9 6* SPDB 1 38.5 1.9 1 DBS 21 2,962.5 27.3
2 UOB 14 2,306.7 18.0 6* ICBC 1 38.5 1.9 2 UOB 11 2,072.5 19.1
3 OCBC 16 2,066.7 16.1 6* China Minsheng 1 38.5 1.9 3 OCBC 15 2,029.2 18.7
4 HSBC 10 1,787.5 13.9 6* CCB 1 38.5 1.9 4 HSBC 10 1,787.5 16.5
5 Standard Chartered 9 1,420.8 11.1 6* China Everbright 1 38.5 1.9 5 Standard Chartered 6 755.0 7.0
6 Credit Suisse 7 529.0 4.1 6* Haitong Sec 1 38.5 1.9 6 Credit Suisse 4 297.5 2.8
7* ICBC 2 305.1 2.4 6* China Sec 1 38.5 1.9 7* ICBC 1 266.7 2.5
7* Bank of China 2 305.1 2.4 6* Bank of China 1 38.5 1.9 7* Bank of China 1 266.7 2.5
9 CIMB Group 3 221.5 1.7 6* China Industrial Sec Intl 1 38.5 1.9 9 CIMB Group 3 221.5 2.0
10 ANZ 2 175.0 1.4 6* Citic 1 38.5 1.9 10 ANZ 2 175.0 1.6
Source: Refinitiv data SDC Code: AS12 Source: Refinitiv data SDC Code: AS14 Source: Refinitiv data SDC Code: AS15

ARA bags financing to repay debt
Loans Debt coming due is a result of the proposed acquisition of the real estate fund manager by ESR Cayman
ARA ASSET MANAGEMENT has obtained US$1bn of The acquisition is expected to take place by ARA and ESR entities are frequent
committed financing from DBS Bank that will year-end or in the first quarter of 2022, subject borrowers in the loan market.
be partly used to repay debt that will fall due to shareholder and regulatory approvals. A consortium led by Logos Property
as a result of the proposed acquisition of the On completion, ARA will become a Group, part owned by ARA, is raising a
real estate fund manager by ESR CAYMAN. subsidiary of ESR, and the combined loan of around A$840m for the acquisition
Hong Kong-based ESR Cayman entity will have US$129bn of assets under of a stake in Moorebank Logistics Park in
announced it will buy the entire share capital management, of which US$50bn will focus Australia.
of ARA for US$5.2bn to create the third- on real estate including data centres. In May, ARA Real Estate Investors 30, a
largest listed real estate investment manager Citigroup is the lead financial adviser unit of ARA, raised a ¥34.5bn (US$315m)
in the world. to ARA, while DBS Bank and OCBC Bank 4.5-year loan backing its increased stake in
ESR Cayman is planning to partially are financial advisers. Latham & Watkins is Japanese property investor Kenedix.
fund the cash component of the proposed serving as legal counsel. Last month, ESR Real Estate (Australia)
acquisition with US$269m of debt or internal Morgan Stanley is financial adviser to closed a A$2.23bn (US$1.66bn) loan backing
resources. ESR, with United Overseas Bank providing the acquisition of private equity giant
The company will issue stock to fund 90% certain debt and financing-related advice. Blackstone Group’s logistics portfolio after
of the purchase, while the rest will come Freshfields Bruckhaus Deringer is the legal attracting 22 banks in general syndication.
through cash. counsel. MARIKO ISHIKAWA
year financing after attracting half a dozen Only facilities A and B, which pay United Overseas Bank was the original
banks in general syndication. opening interest margins of 240bp over mandated lead arranger, bookrunner and
Clifford Capital, DBS Bank and Natixis Libor, were syndicated. underwriter of the secured bullet loan.
Singapore branch were the mandated lead The transaction offered top-level all-in Citibank and HSBC were MLAs and co-
arrangers, bookrunners and underwriters pricing of 253.51bp based on an average life underwriters.
of the senior secured financing, which of 5.55 years. The deal, signed in July, paid a top-
comprises a US$200m amortising term loan HYPERION STORAGE HOLDINGS is the borrower level all-in pricing of 197bp based on an
(Facility A), a US$55m revolving credit facility of the loan. opening interest margin of 189bp over the
(Facility B) and a US$5m revolving multi- Keppel Infra Trust and MPIC agreed in Singapore dollar swap offer rate (SOR). It
option working capital facility (Facility C). December 2020 to acquire 100% of PTSI for represents a loan-to-value ratio of 65%.
Facility A has been used to fund the US$333.8m. The financing is split into one Australian
acquisition of the shares in Philippine Tank For full allocations, see www.ifre.com. and five Singapore dollar tranches: a
Storage International (Holdings), which A$157.41m (US$116m) term loan, a S$40m
owns Philippine Coastal Storage & Pipeline, › BLACKSTONE CLOSES SOILBUILD REIT LOAN revolving credit facility and term loans of
the largest petroleum product import S$709.4m, S$115m, S$128m and S$65m.
terminal independent storage facility in the A Blackstone Group Inc-led consortium has The transaction included the carve-out
country. closed syndication of a multi-tranche loan of and sale of 100% of three Australian assets
Facility B will be used for funding future around S$1.2bn-equivalent (US$888.7m) to to Blackstone’s CLAY SG HOLDINGS II, which is
growth capital expenditure and permitted take private Soilbuild Business Space REIT. one of the borrowers.
acquisitions, as well as joint ventures. Maybank, Mizuho Bank and RHB Bank joined The other borrowers include SB
the five-year financing as lead arrangers. (WATERFRONT) INVESTMENT, SB (WATERVIEW)
Top bookrunners of Singapore syndicated loans INVESTMENT and REIT trustee DBS TRUSTEE.
1/1/21 – 31/7/21 Singapore global equity and equity-related On April 14, Soilbuild REIT was delisted
Amount 1/1/21 – 31/7/21 from the Singapore Exchange after
Name Deals US$(m) % Amount Blackstone Real Estate and Soilbuild
1 UOB 6 1,677.2 25.0 Name Issues US$(m) % Group executive chairman Lim Chap Huat
2 DBS 7 1,277.6 19.1 1 DBS 11 806.8 26.1 completed the acquisition of the real estate
3 SMFG 3 629.5 9.4 2 Citigroup 4 303.5 9.8 investment trust for S$0.538 a share.
4 OCBC 3 388.6 5.8 3 Credit Suisse 3 274.4 8.9 The consortium had initially offered
5 ANZ 1 350.1 5.2 4 OCBC 3 261.7 8.5 S$0.55 a share in cash to take Soilbuild REIT
6 Standard Chartered 2 342.2 5.1 5 Bofa Sec 3 257.5 8.3 private in December.
7 Mizuho 3 335.6 5.0 6 Morgan Stanley 3 229.3 7.4 The offeror is Clay Holdings III, in which
8 HSBC 3 303.1 4.5 7 BNP Paribas 4 225.0 7.3 a Blackstone special purpose vehicle and
9 MUFG 1 214.3 3.2 8 UBS 2 136.8 4.4 Lim indirectly own 69.72% and 30.28%
10 ING 2 211.1 3.2 9 UOB 2 105.8 3.4 respectively.
Total 17 6,707.3 10 Mizuho 2 97.1 3.1 Soilbuild Group was the sponsor of
* Based on market of syndication and market total Total 29 3,097.4 Soilbuild Reit, which has a portfolio of 10
Proportional credit business parks and industrial properties in
Source: Refinitiv data SDC Code: S16b Source: Refinitiv data Singapore.

COUNTRY REPORT TAIWAN
shares accounting for 20% of share capital Listing is slated for August 19.
in the IPO, with the proceeds to be used for The rental service, previously called KT
SOUTH KOREA eco-friendly investments and to enhance Rental, was founded in 2005 and acquired
vessel capabilities. by Lotte Group from telecom company KT
Market analysts have estimated the Corp in 2015 for W1trn. Lotte Hotel is Lotte
DEBT CAPITAL MARKETS company to be worth W5trn–W6trn, Rental’s largest shareholder with a 27.06%
according to local media reports. stake.
› HYUNDAI CAP SERVICES SELLS DIM SUM HHI is fully owned by Korea Shipbuilding NH Investment and Securities and Korea
& Offshore Engineering following its Investment and Securities are the joint
Korea’s consumer finance company HYUNDAI spin-off in 2019. KSOE controls two bookrunners.
CAPITAL SERVICES (Baa1/BBB+/BBB+) has raised other shipbuilding units in the Hyundai
Rmb700m (US$108m) from a three-year Reg conglomerate – Hyundai Mipo Dockyard
S Dim Sum bond that priced at par to yield and Hyundai Samho Heavy Industries.
3.2%, inside initial price guidance of 3.5%
area. › SK REIT PLANS IPO SRI LANKA
The senior unsecured notes have an
expected rating of BBB+ by S&P and will be SK REIT, a unit of South Korean conglomerate
drawn off a Global MTN programme. SK Group, plans to raise about W233bn SYNDICATED LOANS
HSBC and Mizuho were joint bookrunners. from a Korea Exchange IPO.
The real estate investment trust houses › LOLC LAUNCHES DEBUT OFFSHORE LOAN
SK’s headquarters building in central Seoul
EQUITY CAPITAL MARKETS and more than 110 gas stations. Sri Lankan conglomerate LOLC Holdings
It plans to sell 46.5m shares at W5,000 has launched a two-year borrowing of up to
› HYUNDAI HEAVY MOVES FORWARD per unit, representing a yield of about 5%. US$100m into general syndication, making
Bookbuilding will run from August 23–24 its debut in the offshore loan markets.
South Korean shipbuilder HYUNDAI HEAVY and the retail subscription from August Deutsche Bank is the mandated lead arranger
INDUSTRIES has won preliminary approval 30–September 1. and bookrunner of the senior secured bullet
from the Korea Exchange for an IPO of Korea Investment & Securities and Samsung financing, which comprises a US$50m
about W1trn (US$889m) this year. Securities are the bookrunners. tranche A and a tranche B of up to US$50m.
Credit Suisse, Korea Investment and Securities LOLC’s Singapore-based units LOLC
and Mirae Asset Daewoo are joint global › LOTTE RENTAL PRICES IPO AT TOP FINANCIAL SECTOR HOLDINGS and LOLC ASIA are the
coordinators and joint bookrunners. borrowers.
HHI said earlier that it will issue new LOTTE RENTAL has priced its Korea Exchange The size of tranche B will be determined
IPO at the top of the price range to raise based on the percentage of shares of LOLC
W850bn, said people with knowledge of Asia pledged to the lenders.
Top bookrunners of all South Korea Won bonds the matter. The term loan offers a fixed interest rate
1/1/21 – 31/7/21 Books were a few hundred times covered of 6%.
Amount and most orders came in at the top of the Funds are for general corporate purposes,
Name Issues Won(m) % range, IFR earlier reported. refinancing and investments in LOLC’s
1 KB Financial 486 22,737,368.5 16.1 The offering of Lotte Group’s car African and Cambodian subsidiaries.
2 NH Inv & Sec 379 20,410,000.0 14.4 rental service comprised 14.4m shares Incorporated in 1980, LOLC Holdings
3 Korea Investment 300 14,628,393.0 10.3 (50% primary/50% secondary), or 39.4% of is one of the largest and most diversified
4 Kyobo Life 142 13,527,968.0 9.6 the enlarged share capital, at W47,000– financial conglomerates in Sri Lanka.
5 DB Financial Invest 151 11,403,331.8 8.1 W59,000 per share.
6 SK Sec 94 10,045,500.0 7.1 At the final price, the company is valued
7 Hanyang Corp 128 8,545,700.0 6.0 at W2.16trn.
8 Samsung Sec 48 7,360,000.0 5.2
9 Hana Financial 33 6,638,700.0 4.7 TAIWAN
10 Kiwoom Sec 83 6,055,500.0 4.3 South Korea global equity and equity-related
Total 2,353 141,692,470.8 1/1/21 – 31/7/21
*Market volume Amount SYNDICATED LOANS
Proportional credit Name Issues US$(m) %
Source: Refinitiv data SDC Code: AS22 1 Korea Investment 23 3,191.1 11.1 › ASE RAISES US$745M IN BILATERAL SLLS
2 NH Inv & Sec 16 3,119.0 10.9
3 Mirae Asset Daewoo 19 2,388.6 8.3 ADVANCED SEMICONDUCTOR ENGINEERING, the
Top bookrunners of South Korea syndicated loans 4 Citigroup 5 2,362.0 8.2 world’s largest semiconductor packaging
1/1/21 – 31/7/21 5 KB Financial 18 2,317.6 8.1 and testing provider, has obtained two
Amount 6 JP Morgan 6 2,169.5 7.6 bilateral sustainability-linked loans totalling
Name Deals US$(m) % 7 Samsung Sec 12 2,109.5 7.3 US$745m.
1 KDB 5 763.9 93.9 8 Credit Suisse 5 2,037.1 7.1 ASE will receive interest rate reductions
2 Korea Investment 1 49.9 6.1 9 Daishin Sec 11 909.8 3.2 if it meets the set targets under both loans.
Total 5 813.8 10 SK Sec 5 747.9 2.6 Standard Chartered Bank (Taiwan) was the
* Based on market of syndication and market total Total 99 28,724.5 lender on a US$505m two-year loan, while
Proportional credit HSBC Bank (Taiwan) provided a US$240m
Source: Refinitiv data SDC Code: S17b Source: Refinitiv data SDC Code: C1Q two-year facility.

Chailease borrowing spree continues
Loans Chailease Finance has launched two loans in the domestic market
Taiwanese leasing giant Chailease Holding Tranches A2 and B2 pay annual guarantee Bank of Taiwan and Mega were the MLABs
is continuing its borrowing spree with its fees of 90bp. of the 2018 borrowing, which offers identical
units at home and in Thailand adding to MLABs joining with NT$3bn or more will pricing to the latest NT$5bn facility.
the syndicated loans the group has already earn an upfront fee of 23bp, while MLAs with Separately, Chailease’s Thailand unit, ASIA
tapped so far this year. NT$2.0bn–$2.9bn receive 20bp. Participants SERMKIJ LEASING, is in the market for a three-
Furthermore, in a highly unusual taking NT$1.0bn–$1.9bn are offered a 15bp fee. year term loan of up to US$120m, its second
move, Taiwan-based CHAILEASE FINANCE The deadline for responses is September borrowing in eight months.
has launched two loans in the domestic 30. Mizuho Bank is the sole MLAB of the
market. Proceeds are for the development of transaction, which has an initial size of
One is a NT$15.6bn (US$559m) loan to ground-mounted solar power projects for a US$80m and a US$40m greenshoe.
back the development of multiple solar combined capacity of 296MW in Tainan City. The deal offers a margin of 165bp over
power plants in southern Taiwan with Five special purpose vehicle companies are Libor. The borrower will pay any excess
Chailease Finance as guarantor and the other the borrowers, while Chailease Finance is the interest rate beyond a 35bp difference
is a NT$5bn three-year refinancing. guarantor for tranche A. between TAIFX and Libor.
Bank SinoPac is the mandated lead Meanwhile Mega International Commercial MLAs joining with US$15m or above will
arranger and bookrunner of the NT$15.6bn Bank is the MLAB of the NT$5bn three-year receive a top-level all-in pricing of 172bp
loan, which is the single largest solar project refinancing for Chailease Finance. based on an upfront fee of 20bp, while
financing from the island. The deal comprises a NT$5bn revolving managers taking US$10m–$14m will receive
The borrowing comprises a NT$15.6bn credit tranche A and a NT$2.5bn guarantee all-in pricing of 170bp via a 15bp fee.
three-year tranche A for the construction tranche B. The two tranches cannot exceed a Commitments are due by August 13.
period and a NT$15.6bn five-year tranche combined NT$5bn. Chailease Holding is providing a letter of
B for repaying tranche A after the start of Tranche A pays a margin of 70bp over support for the loan.
commercial operations. Taibor, with a pre-tax interest rate floor set Proceeds are for working capital purposes.
Each tranche is further split into NT$15.6bn at 1.7%, while tranche B offers an annual Last December, Asia Sermkij Leasing
term loan portions (A1, B1) and NT$5bn guarantee fee of 60bp. raised a US$100m three-year loan that pays
guarantee facilities (A2, B2). The tranches Co-arrangers with NT$1bn or more will a margin of 165bp over Libor.
cannot exceed NT$15.6bn combined. earn a 23bp fee, while managers with Chailease group entities have been active
Tranche B can be extended twice with the NT$600m–$999m receive a 14bp fee. this year.
first extension for five years and the second Participants joining with NT$300m–$599m Chailease Holding’s Malaysian unit,
for seven years. are offered a 6bp fee. CHAILEASE BERJAYA CREDIT, is likely to increase
Tranche A1 pays an interest margin of Responses are due by September 3. its debut offshore loan to US$120m from a
65bp over Taibor, while tranche B1 offers a Funds are to refinance a NT$4.8bn three- launch size of US$100m.
margin of 95bp over Taibor. The after-tax year loan completed in September 2018 and For full allocations, see www.ifre.com.
interest rate floor is 1.8%. to fund working capital requirements. AILEEN CHUANG
The US$505m loan is the largest such (US$537m–$715m) to back its development construction of its bulk and general cargo
bilateral SLL completed this year in Taiwan, of an urban renewal project in the island’s terminal.
StanChart said in a press release on July 30. capital. (See News.) Taiwan Cooperative Bank was the
The company will be evaluated on The company is in preliminary talks with mandated lead arranger, bookrunner and
metrics relating to greenhouse gas relationship banks for the facility. facility agent of that loan, which attracted
emissions and the three benchmarks of the Funds are to back the construction of six banks in syndication.
Dow Jones Sustainability Indices. two commercial office buildings in Taipei’s The facility offered an interest margin of
Meanwhile the US$240m borrowing Nangang district. 85bp over the one-year post office savings
has key performance indicators relating In May, Taipei City Urban Regeneration rate during the construction period, and
to ASE’s improvements in greenhouse Office approved Goldsun’s development pays 70bp since the start of operations in
gas emissions, renewable energy and plan, which includes a 26-floor building it 2016.
waste disposal, HSBC said in a separate will own and a 20-storey development it Established in 1954, Goldsun is
announcement on the same day. will build for the Taipei City Government. primarily engaged in the manufacture and
Deloitte will act as the independent The construction is slated for completion distribution of ready-mixed concrete, as
third-party verification agency of the in 2026. well as property development and shopping
US$240m SLL. The total investment for the urban mall leasing services.
renewal project is around NT$22bn,
› GOLDSUN EYES URBAN RENEWAL LOAN according to a July 19 disclosure on › AU OPTRONICS’ NT$50BN SLL ALLOCATED
Goldsun’s website.
Taiwan-listed GOLDSUN DEVELOPMENT & In October 2011, Goldsun’s subsidiary LCD maker AU OPTRONICS has increased its
CONSTRUCTION is sounding the market Taipei Port Terminal raised a NT$2.7bn sustainability-linked loan to NT$50bn
for a loan of around NT$15bn–$20bn 20-year project financing that backed the in what is the largest and longest such

COUNTRY REPORT TAIWAN
Sunba Power sounds for PF

Loans Borrowing to back the expansion of its gas-fired power plant in southern Taiwan
Independent power producer SUNBA POWER In October 2004, the borrower raised a extended for another five years, according to
is sounding the market for a loan of around NT$14.088bn four-tranche loan. Refinitiv LPC data.
NT$20bn (US$720m) to back the expansion of China Development Industrial Bank, The borrower would pay an annual fee of
its gas-fired power plant in southern Taiwan. Chinatrust Commercial Bank, First 65bp if the two seven-year tranches were
The company sent out a request for Commercial Bank, Land Bank of Taiwan used as bond guarantee facilities. If the
proposals and is expected to award the and Taiwan Cooperative Bank were the top two tranches were used as term loans, the
official mandate this month. arrangers of the loan, which attracted 13 interest margin would be the same as in
The loan size will likely increase to include other lenders. the NT$7.2bn 12-year term loan, which was
other funding requirements such as a That deal comprised a NT$6.6bn seven- ranging from 70bp to 105bp over the Taiwan
performance bond issuance for the project, year tranche which could be used as a secondary CP rate based on the borrower’s
while the tenor of the financing could be up term loan or a bond guarantee facility, a debt-to-Ebitda ratios. The NT$288m facility
to 20 years. NT$7.2bn 12-year term loan, a NT$288m offered an annual fee of 50bp.
In June, Sunba Power won a 1GW contract bond guarantee facility and a NT$1bn seven- A 25-year power purchase agreement
from Taiwan Power. year term loan or bond guarantee facility. the borrower agreed with Taiwan Power in
The latest expansion to its existing Both seven-year tranches cannot exceed a September 2000 formed part of the security
980MW IPP in Tainan city is expected to be combined NT$6.6bn. of that loan.
completed in 2024. The two seven-year tranches were AILEEN CHUANG
syndicated borrowing from Asia Pacific. social, governance and economic, and total Acer Display Technology and Unipac
The seven-year SLL was increased from a sustainability score. Optoelectronic.
NT$40bn target after attracting 23 lenders Participating lenders were offered a top- For full allocations, see www.ifre.com.
in general syndication that netted over level upfront fee of 30bp.
NT$140bn in commitments. Proceeds from AU Optronics’ SLL are › JEAN BORROWS FOR NEW TAIPEI PROJECT
Bank of Taiwan and First Commercial Bank to refinance a NT$42bn five-year loan
were the mandated lead arrangers and completed in June 2018 and a NT$23bn Taiwan-listed Jean has raised a NT$7.48bn
bookrunners of the loan. five-year loan raised in July 2017. five-year loan to back its development of an
Signing took place on July 30. BoT was the MLAB and facility agent of urban renewal project in New Taipei City.
The SLL offers an interest margin tied to the June 2018 loan, which paid a margin Bank SinoPac was the mandated lead
the borrower’s after-tax net profit margin: identical to the latest SLL. Banks were arranger, bookrunner and facility agent of
105bp over Taibor for an after-tax net profit offered a top-level upfront fee of 36bp. the transaction, while Land Bank of Taiwan
margin below 0%, 100bp for 0%–2.9%, 89bp BoT also led the July 2017 loan, which joined as MLAB.
for 3.0%–5.9% and 84bp for 6% or more. The offered a margin linked to the borrower’s Six other banks participated in general
pre-tax interest rate floor is set at 1.7%. after-tax net profit margin: 110bp over syndication.
The margin on the loan will reduce by Taibor for an after-tax net profit margin Signing took place on July 30.
up to 6bp if the borrower is listed in the below 0%, 103bp for 0%–2.9%, 90bp for The deal pays interest margins of 89bp–
Dow Jones Sustainability World Index and 3.0%–5.9% and 85bp for 6% or beyond. 94bp over the one-year post office savings
reaches the 90th percentile in the index’s AU Optronics, established in September rate, with interest rate floors of 1.7%–1.75%.
four key assessment scores: environmental, 2001, resulted from the merger of Proceeds are to refinance an existing
bilateral loan that backed the purchase of
Top bookrunners of all Taiwan dollar bonds Top bookrunners of Taiwan syndicated loans
1/1/21 – 31/7/21 1/1/21 – 31/7/21 Taiwan global equity and equity-related
Amount Amount 1/1/21 – 31/7/21
Name Issues NT$(m) % Name Deals US$(m) % Amount
1 Yuanta Financial 21 78,950.0 24.3 1 Mega Financial 26 3,443.1 23.5 Name Issues US$(m) %
2 Capital Sec 10 59,250.0 18.2 2 Taiwan Financial 19 3,179.2 21.7 1 Yuanta Financial 9 1,035.9 25.9
3 Masterlink Sec 13 57,675.0 17.7 3 Taiwan Cooperative Finl 20 1,639.3 11.2 2 UBS 2 833.3 20.9
4 Sinopac Holdings 7 39,725.0 12.2 4 Land Bank of Taiwan 12 938.3 6.4 3* DBS 1 333.3 8.4
5 KGI Financial 11 24,250.0 7.5 5 Hua Nan Financial 9 923.5 6.3 3* Nomura 1 333.3 8.4
6 Mega Financial 8 17,495.0 5.4 6 Chang Hwa Commercial 11 853.0 5.8 5 Bofa Sec 1 262.2 6.6
7 Fubon Financial 3 10,475.0 3.2 7 First Financial 10 779.5 5.3 6* Citigroup 1 233.3 5.8
8 Taishin Financial 5 10,450.0 3.2 8 Taishin Financial 6 728.0 5.0 6* HSBC 1 233.3 5.8
9 Hua Nan Financial 3 7,400.0 2.3 9 Fubon Financial 8 517.0 3.5 6* Goldman Sachs 1 233.3 5.8
10 Taiwan Cooperative Finl 8 5,250.0 1.6 10 CTBC Financial 6 335.4 2.3 9 KGI Financial 12 202.8 5.1
Total 83 325,170.0 Total 88 14,676.5 10 Grand Fortune Sec 7 83.7 2.1

the land for the project and to fund the The Reg S deal has an expected rating August 17.
construction of the residential buildings, as of Ba1 by Moody’s and will be drawn off a CPN REIT privately placed Bt3.5bn of
well as for working capital purposes. US$4bn EMTN programme of the issuer, three and five-year bonds priced at 1.5% and
In August 2019, Jean bought the which is acting through its Hong Kong 2.13%, respectively, in March.
land in Banqiao district for NT$3.7bn branch. The property trust is Thailand’s largest
and set up a joint stock company, Jean Final orders were not yet available at REIT by market capitalisation. It owns large
Pacific Development, along with China the time of writing, but books exceeded shopping malls and commercial properties
Petrochemical Development Corp to US$800m on Tuesday when the deal was in central Bangkok, Chiangmai and Pattaya,
develop the project. priced. as well as a hotel in Pattaya.
Jean owns 60% of Jean Pacific Asia took 88% and the rest went to EMEA.
Development, while CPDC owns the Fund managers and asset managers bought › MAGNOLIA QUALITY PRINTS DUO
remainder. 58%, private banks 31% and insurers and
JEAN PACIFIC DEVELOPMENT is the borrower on pension funds 11%. Thai property company MAGNOLIA QUALITY
the latest loan. The coupon will reset on the first call DEVELOPMENT has raised Bt6.48bn from two
Construction of the urban development date and every five years thereafter to the and three-year bonds following the end of a
project is slated for completion in 2025. then prevailing US Treasuries plus the week-long subscription on July 29.
Jean last tapped the loan market in initial spread of 333.7bp. The 6.75% two-year tranche was fixed
January 2008 for a US$104.95m one-year There is a dividend stopper. at Bt3bn and the 7.1% three-year tranche
revolving credit facility, according to The notes will be written down if the at Bt3.48bn. The notes are guaranteed by
Refinitiv LPC data. bank’s common equity Tier 1 ratio is parent company DTGO, which has interests
CTBC Bank was the MLAB of that less than 5.15% on either a standalone in the property development, construction
transaction, which offered an interest or consolidated basis, or if the Bank of management, trading and entertainment
margin of 70bp over Sibor. Thailand deems the bank to be non- businesses.
Established in 1986, Jean designs and viable. Moody’s said in a report on July The total amount was below the
manufactures car monitors and is also 9 that Kasikornbank’s capitalisation is maximum target of Bt8bn. This brings the
engaged in the trading and leasing of real one of the strongest among the Thai unrated company’s total bond issuance to
estate. Its products are mainly sold in banks it rates, with a CET1 ratio of 15.2% date this year to around Bt15.5bn.
Europe, Japan and the United States. on a consolidated basis, well above the Settlement of the latest deal was made
For full allocations, see www.ifre.com. regulatory minimum requirement of 8% in on July 30. Proceeds will be used to fund
2020. Magnolia Quality’s Forestias project and
Proceeds will be used for general other property projects under development.
corporate purposes. Yuanta Securities Thailand, KTBST Securities,
Bank of America and Standard Chartered Krungthai Zmico Securities, Merchant Partner
THAILAND were joint global coordinators as well as Securities, Asia Plus Securities, Aira Securities
joint bookrunners with Citi. and Maybank Kim Eng Securities were joint
lead managers for the unrated deal.
DEBT CAPITAL MARKETS › CPN REIT SETS PRICING
› NGERN TID LOR PLANS POST-IPO BOND
› KASIKORNBANK PRINTS AT1 CPN RETAIL GROWTH LEASEHOLD REIT,
rated AA by
Tris, has set pricing on five and 10-year NGERN TID LOR, rated A by Tris, is scheduled to
Thailand’s KASIKORNBANK (Baa1/BBB+/BBB) has notes at 1.65% and 2.96%, respectively. sell one and two-year bonds in the middle
raised US$350m from Basel III-compliant The Thai REIT is aiming to raise Bt2.65bn of August to raise Bt5bn.
perpetual non-call 5.5 Additional Tier 1 (US$60m) from its second offering this year. Bank of Ayudhya and Kiatnakin Phatra
subordinated notes that priced at par to The notes will be offered to institutional Securities are joint lead managers and
yield 4%, inside initial price guidance of and high-net-worth investors during a two- underwriters.
4.25% area. day subscription from August 10–11. The Thai microfinance lender and non-
Bank of Ayudhya and Krungthai Bank are life insurance broker plans to use the
Top bookrunners of all Thai baht bonds joint lead managers for the bond, also rated
1/1/21 – 31/7/21 AA by Tris. Proceeds will be used to redeem Thailand global equity and equity-related
Amount a Bt2.65bn 2.7% bond due to mature on 1/1/21 – 31/7/21
Name Issues Bt(m) % Amount
1 Kasikornbank 54 97,898.2 16.7 Top bookrunners of Thailand syndicated loans Name Issues US$(m) %
2 Bangkok Bank 27 75,250.2 12.8 1/1/21 – 31/7/21 1 Morgan Stanley 3 836.2 20.7
3 CIMB Group 35 57,639.0 9.8 Amount 2 Kiatnakin Phatra Finl Grp 3 725.6 17.9
4 Siam Commercial 23 53,004.6 9.1 Name Deals US$(m) % 3 UBS 1 405.0 10.0
5 Krung Thai 23 48,985.8 8.4 1* Mizuho 1 108.5 31.7 4 Finansa Sec 2 271.1 6.7
6 MUFG 15 46,288.3 7.9 1* MUFG 1 108.5 31.7 5 Bualuang Sec 2 268.8 6.6
7 Kiatnakin Phatra Finl Grp 16 37,651.5 6.4 3* Deutsche 1 27.5 8.0 6* Kasikornbank 1 259.2 6.4
8 UOB 18 36,678.1 6.3 3* Natixis 1 27.5 8.0 6* TISCO 1 259.2 6.4
9 Government Savings Bank 5 19,125.0 3.3 3* Rabobank 1 27.5 8.0 8 JP Morgan 2 213.4 5.3
10 TMB Bank PCL 10 16,914.2 2.9 3* Santander Corp & Invest Bkg 1 27.5 8.0 9 Bofa Sec 1 168.0 4.2
Total 133 585,968.8 Total 3 342.1 10 Siam Commercial 2 142.8 3.5

COUNTRY REPORT THAILAND
proceeds to fund operations and refinance Top bookrunners of all Vietnamese dong bonds Vietnam global equity and equity-related
existing debt. 1/1/21 – 31/7/21 1/1/21 – 31/7/21
Ngern Tid Lor, which is 30%-owned by Amount Amount
Bank of Ayudhya, sold Bt3.5bn of two and Name Issues Vnd(m) % Name Issues US$(m) %
three-year notes in March at 2.65% and 3%, 1 Techcombank 9 16,367,490.4 62.1 1 Credit Suisse 3 532.6 57.1
respectively, and followed that up with a 2 VNDirect Sec Corp 5 8,400,000.0 31.9 2* Morgan Stanley 1 166.7 17.9
small Bt300m private placement of two- 3 Vietcombank 4 890,000.0 3.4 2* HSBC 1 166.7 17.9
year notes priced at 2.45% in April to a 4 Viet Dragon Se Corp 3 690,000.0 2.6 4 Ho Chi Minh Sec 1 65.9 7.1
small group of investors. Total 21 26,347,490.4 5 CTBC Financial 1 0.2 0.0
The company completed a Bt33bn listing *Market volume Total 4 932.1
on the Stock Exchange of Thailand in May. Proportional credit
Source: Refinitiv data SDC Code: AS25 Source: Refinitiv data
› TLT MAKES FOURTH TRIP OF 2021

seven-year tranche at Bt4.01bn and the 3.8% An independent third-party verification
TOYOTA LEASING THAILAND is returning to the 10-year tranche at Bt6.045bn. agency must review the relevant data
bond market for its fourth issue this year Settlement was made on August 4. in the corporate responsibility report
with another four-tranche deal to raise a Proceeds will be used for debt refinancing of the borrower’s Taiwan-based parent
targeted Bt10bn. and working capital. company New Kinpo Group, an electronic
It plans to market tenors of 2.25, three, Bangkok Bank, CIMB Thai Bank, Krungthai manufacturing services and original design
four and five years to institutional and Bank and Kiatnakin Phatra Securities were joint manufacturing company.
high-net-worth investors. lead managers. MLAs joining with US$35m or above
Bookbuilding is slated for August 17. will receive an upfront fee of 15bp, while
Bangkok Bank, Bank of Ayudhya, CIMB co-arrangers with US$25m–$34m earn
Thai Bank and Kasikornbank are joint lead SYNDICATED LOANS 8bp. Participants with NT$15m–$24m are
managers for the deal. offered a 5bp fee.
The notes are expected to be guaranteed › CAL-COMP LAUNCHES US$350M SLL Responses are due by September 24.
by parent company Toyota Motor Finance Funds are for refinancing and working
Netherlands. All of its existing guaranteed CAL-COMP ELECTRONICS (THAILAND) has launched a capital purposes.
baht-denominated bonds are rated AAA by US$350m sustainability-linked loan, paying In December 2019, Cal-Comp Electronics
Tris. tighter pricing than its previous borrowing (Thailand) and its special purpose vehicle,
In its last foray in late May, Toyota originally raised in 2017. Logistar International Holding, completed
Leasing sold Bt10bn of three, four, five E.Sun Commercial Bank is the mandated an amendment and extension of a
and seven-year guaranteed bonds priced at lead arranger and bookrunner of the three- US$216m three-year loan signed in 2017.
1.07%, 1.4%, 1.7% and 2.16%, respectively. year loan, which comprises a US$200m Bank Sinopac, E.Sun, Land Bank of
term loan tranche A and a US$150m Taiwan, Mega International Commercial
› BANPU LIFTS BOND SIZE revolving credit tranche B. Bank, Taipei Fubon Commercial Bank,
The deal pays an interest margin of 90bp Taishin International Bank and Taiwan
Thai coal and power company BANPU, rated over Libor and carries a two-year extension Cooperative Bank were the mandated lead
A+ by Tris, has increased the total size option. The borrowers will pay any excess arrangers and bookrunners of that loan,
of a four-tranche bond to Bt16bn from a interest rate beyond a 40bp difference which was originally signed in October
targeted Bt10bn. between TAIFX and Libor. 2017 with 14 lenders and had been
Demand was especially strong for the The margin on the loan will reduce extended for another two years.
five to 10-year tenors during subscription by up to 2bp if the borrower’s factories That loan pays a margin of 105bp over
which ended on August 3. The three-year in Thailand cut back greenhouse gas Libor. The borrowers will pay any excess
1.58% tranche was fixed at Bt2bn, the 2.9% emissions and electricity purchases on an interest rate beyond a 40bp difference
five-year tranche at Bt3.945bn, the 3.3% annual basis. between TAIFX and Libor.
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ASIA DATA
ASIAN SYNDICATED LOAN PIPELINE UPDATES WEEK OF 4 AUGUST
Company Currency Size (m) Margin (All-in) Tenor (mths) Facility Arrangers
Taiwan
Goldsun Building Materials Co Ltd NT$ 15,000 Revolver/Term Loan 0
Source: Refinitiv data LPC
LAST WEEK’S ECM DEALS

Stock Country Date Amount Price Deal type Bookrunner(s)
Xinte Energy China 04/08/2021 HK$1.03bn HK$16.50 Follow-on (primary) CICC
Money Forward Japan 05/08/2021 ¥32.9bn ¥6,586 Follow-on (primary) Bank of America, Goldman Sachs, Mizuho
Li Auto China 06/08/2021 HK$11.8bn HK$118 Follow-on (primary) CICC, Goldman Sachs, UBS, Citic, BOCI, CMBI, Futu
Minda Industries India 02/08/2021 Rs6.98bn Rs720 Follow-on (primary) Equirus, Nomura
SBI Life Insurance India 06/08/2021 Rs21.4bn Rs1,130 Follow-on (secondary) Bank of America
Source: IFR Asia
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IFRASIA

INTERNATIONAL FINANCING REVIEW ASIA

AUGUST 7 2021 ISSUE 1199 www.ifre.com

India sees unprecedented IPO rush

China’s crackdown puts loans to

Cloud Village sounds investors for

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International Financing Review Asia August 7 2021 1

EDITOR SENIOR REPORTER: SYDNEY EDITOR, IFR HEAD OF GLOBAL ADVERTISING

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HONG KONG, HEAD OFFICE TOKYO SINGAPORE LONDON NEW YORK

2 International Financing Review Asia August 7 2021

TOP NEWS STORIES COUNTRY REPORT

International Financing Review Asia August 7 2021 3

Incredible India sees IPO rush

4 International Financing Review Asia August 7 2021

PTT funds M&A 08 Japan eyes TONA 09 Taiwan’s urban renewal 10

China ban tests education loans to focus on the non-academic

International Financing Review Asia August 7 2021 5

Chindata vies for attention whether Chinese authorities had

6 International Financing Review Asia August 7 2021

asking for a very low valuation

International Financing Review Asia August 7 2021 7

PTT ﬁres up acquisition funding acquisition spree of US$9.7bn

8 International Financing Review Asia August 7 2021

International Financing Review Asia August 7 2021 9

Brookﬁeld’s tower unit debuts “Some investors thought

10 International Financing Review Asia August 7 2021

financings used to pay interest

International Financing Review Asia August 7 2021 11

Proportional credit Proportional credit Proportional credit

Proportional credit Proportional credit Proportional credit

12 International Financing Review Asia August 7 2021

14 HSBC 24 3,713.4 1.3 13 JP Morgan 3 686.5 1.8 Proportional credit

5 CICC 59 11,174.4 4.5 5 China Sec 7 3,041.6 7.4 Proportional credit

International Financing Review Asia August 7 2021 13

14 International Financing Review Asia August 7 2021

HSBC, StanChart Q2 proﬁts soar

International Financing Review Asia August 7 2021 15

RBNZ set to hike rates expectation of a 25bp rise,” according to

16 International Financing Review Asia August 7 2021

but with a speciﬁc purpose for the proceeds.

18 International Financing Review Asia August 7 2021

To subscribe or learn more, e-mail

Proportional credit Proportional credit Proportional credit

20 International Financing Review Asia August 7 2021

Proportional credit Proportional credit Proportional credit

International Financing Review Asia August 7 2021 21

22 International Financing Review Asia August 7 2021

PEP taps loan for Healthe Care buy

International Financing Review Asia August 7 2021 23

US$480m 4.95% three-year senior green Proportional credit

24 International Financing Review Asia August 7 2021

Evergrande speeds up asset sales

International Financing Review Asia August 7 2021 25

26 International Financing Review Asia August 7 2021

Tus-Holdings draws early support