Philippines

Asian equities showed mixed responses to the increase in the federal funds rate announced by the Federal Open Market Committee (FOMC) on Wednesday night, while bonds in the region held up reasonably well. But there are worries that the pace of rate hikes until the end of 2019 might be too aggressive.

The Philippines’ Security Bank Corp offered a decent premium over its domestic peer to woo investors to its $300m bond offering on Monday.

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Bank of the Philippine Islands (BPI) made its first jump into the bond market on Tuesday, taking home a larger-than-expected $600m after investors embraced the rare Philippine issuance.

Union Bank of the Philippines has set the terms for its planned Ps10bn ($187.6m) rights offering, which is set to go live in early September.

Signs of a revival in primary bond market activity were evident on Tuesday when four Asian issuers ventured out for new dollar transactions, setting the stage for what is set to be a busy September.

Jose Arnulfo “Wick” Veloso, who resigned from HSBC earlier this month, will replace Philippine National Bank head Reynaldo Maclang in November.

San Miguel Food & Beverage is gearing up for what is expected to be one of the largest stock sales out of southeast Asia in the second half of this year.

Jose Arnulfo “Wick” Veloso has resigned from his position as president and chief executive of HSBC Philippines.

Union Bank of the Philippines (UnionBank) has won stock exchange approval for a rights issue of up to Ps10bn ($187.6m).

The Republic of the Philippines attracted more investor demand than expected on its return after eight years to the Japanese yen bond market. Its outstanding dollar bonds outperformed in secondary trading as the new deal was being marketed.

The Philippines securities regulator is looking for public feedback on a proposed set of rules governing initial coin offerings (ICOs), a cryptocurrency-linked fundraising method that is still largely unregulated.