Philippines

AllHome Corp, a home building and furnishing materials company, priced its Ps12.9bn ($248.8m) IPO this week, riding a wave of local and international demand for its high growth story.

AllHome Corp has gone live with its IPO in the Philippines, as it works with a five-strong syndicate to raise up to Ps15.8bn ($304.2m) from a mixed primary and secondary share offering.

Asia’s IPO market burst into life this month, with issuers in Hong Kong, South Korea, Singapore and the Philippines testing investor appetite for their listings. While the resurgence is welcome after a bleak year for issuance so far, it is likely to be short lived, with a lot also resting on early movers’ performances.

Credit Suisse has brought in Mark Uy to lead coverage of investment banking and capital markets in the Philippines, according to a source familiar with the matter.

Investors were given a double dose of green paper from the Philippines this week, as Rizal Commercial Banking Corp (RCBC) rolled out a $300m sustainability bond a day after Bank of the Philippine Islands (BPI) sealed a green deal.

AllHome Corp has begun pre-deal investor education for its IPO in the Philippines. The firm is targeting as much as Ps20.7bn ($398.8m).

Investors flocked to Bank of the Philippine Islands’ $300m green bond on Tuesday, snapping up the rare deal from a bank in the southeast Asian country.

Bank of the Philippine Islands issued on Thursday a green bond in Swiss francs, which came at a negative yield.

Sta Lucia Land, a property developer in the Philippines, is looking to raise Ps7.56bn ($145m) from the sale of new shares. It has mandated China Bank Capital Corp to run the transaction.

The Philippine IPO market will receive a big boost in September as two companies prepare to launch their transactions after getting regulatory approval.

JPM expands China JV team — Natixis names Apac infra finance head — CLSA makes senior debt hires — BNP closes Manila offshore branch

BNP Paribas has shut down its offshore banking unit in the Philippines, according to the country’s central bank.