Maybank

Philippine property developer DM Wenceslao and Associates started gauging investor appetite for its $150m-$200m IPO on November 13 as it gears up to become the biggest listing in the country this year.

Philippine property developer DM Wenceslao and Associates started gauging investor appetite for its $150m-$200m IPO on Friday as it gears up to become the biggest listing in the country this year.

Golden Meditech has closed its HK$985.70m ($127.19m) rights issue with shareholders taking up just 69% of the transaction, forcing its underwriter to absorb the remaining shares.

Bank of Jinzhou Co has filed afresh for a $600m IPO in Hong Kong, which was delayed in June due to regulatory issues and scrutiny around its loan exposure to the Hanergy Group.

Australia-listed gold miner Kingsgate Consolidated expects to delay the IPO of its subsidiary in Thailand due to unfavourable market conditions, even as it fends off accusations of corruption dogging its Thai unit.

Maybank became the first Asia Pacific issuer to launch a Pro-Bond in May 2014. It was the bank’s first foray into the Japanese capital markets, and also represented a useful shot in the arm for the fledgling Pro-Bond initiative. Maybank has since graduated to a Samurai, allowing a useful comparison between the two markets.

Korean banks have pulled back from the Samurai market, as funding costs have moved against them, but some other names have stepped into the breach. Australian banks are a key fixture in the Samurai markets, while the arrival of Maybank this year gives a pointer to future issuance. Asia Pacific financial institutions issuers are also proving instrumental in the steady development of the Pro-Bond market. Volatility in China, however, is not helping anybody. In September, some of Asia Pacific’s leadering FIG borrowers spoke to GlobalCapital about prospects in the Japanese capital markets.

Japan’s Pro-Bond market is at first glance just a more limited version of the Samurai bond market, where foreign issuers turn to the local investor base for funding. But regulators see Pro-Bonds as something bigger: a way to help Tokyo become a global financial hub. Matthew Thomas reports

It’s been talked about for a long time, but India may finally be getting its first infrastructure investment trust (InvITs) listing, with IRB Infrastructure Developers securing board approval to establish one.

Philippines’ Petron Corp, which recently amended covenants on a 2014 borrowing, has hit the market for a $550m refinancing that was funded in July.

Malaysia’s Al-Salām Reit has launched its MR252m ($60m) IPO, with the domestic-only float getting some early interest from Shariah investment focussed funds and investors with links to the property trust’s sponsor.

Cigarette maker Philip Morris flagged off pre-deal investor education for an up to Rph26.70tr ($1.92bn) follow-on transaction in its Indonesian subsidiary HM Sampoerna on September 2, with the process set to run for two weeks.