29 July 2010
Shimao Property Holdings reopened the bond market for China’s property companies this week, selling the first international issue in months. read more »
Philippine Conglomerate San Miguel Corp is to raise up to $1bn from an $880m financing which it launched into syndication this week, underlining the recent improvement in Asia’s loan market.
The Republic of the Philippines plans to launch a debt swap for some of its outstanding international bonds, but has neither picked banks nor sent out a request for proposals.
Philippine toll road operator Coastal Road Corp started investor meetings on Thursday, pitching a $175m bond that will be backed by cashflows generated by one of its toll roads. The issue is a rare offering from a Philippine credit in the international bond market — and rarer still because of its structural tweaks.
Indosat’s $650m high yield bond rallied by more than four points on its Asian trading debut at the end of last week, and stayed well above its initial pricing this week — leading to debate between bankers and investors on the pricing of a deal that drew $10.5bn of orders.
Industrial Development Bank of India (IDBI) Bank raised $350m in the international bond market as EuroWeek went to press, getting $1.7bn of orders for a deal that took hours more than usual to price after lengthy conference calls between funding officials and bankers.
Commodities trader Trafigura launched an $850m facility into syndication on Wednesday. The deal will test Chinese bank demand for offshore loans, as the borrower is meeting lenders in Beijing and Shanghai on its roadshow, as well as in Hong Kong, Singapore and Taipei.
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