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In post-coup election, Thai rice, rubber farmers rethink old divide

KHON KAEN/SONGKHLA (Thailand), March 21 — In the rice-growing heartland of Thailand’s northeast, Kamol Suanpanya, 80, meets in the off season with fellow farmers at a community centre, where they discuss Sunday’s election, the first after…


Central banks stuck in holding pattern

LONDON, March 15 — A host of central banks meet next week, but with a global economic slowdown underway alongside political and trade strife, they are unlikely to tinker much, if at all, with policy. An escalation in the US-China trade war would…


China tightens rules on wealth management, boosting prospects for foreign banks

HONG KONG, March 8 — China's efforts to tighten oversight of its US$20 trillion(RM81.7 trillion)-plus wealth management industry are spurring foreign banks to speed up plans to enter the local market or expand there, six people involved in the…


Brazil's Petrobras made US$7b in 2018, first profit in five years

RIO DE JANEIRO, Feb 28 — Brazil's state oil company Petrobras said yesterday it registered its first profit in five years, making 25.8 billion reais (US$7 billion or RM27.95 billion) in 2018. Adjusted profit — before interests, taxes,…


Wall St week ahead: Profit estimates may be adding in too much cost risk

NEW YORK, Feb 17 — As Wall Street braces for the first quarterly decline in earnings in nearly three years, some investors are wondering if the market is factoring in a bigger erosion in profit margins than will actually come to pass. Forecasts…


RHB’s US$300m senior notes oversubscribed by over 6 times

KUALA LUMPUR: RHB Bank Bhd has launched and priced a US$300 million (RM1.22 billion), five-year senior unsecured notes, marking the third issuance of its US$5 billion Euro Medium-Term Note (EMTN) Programme.

The programme, which was established on Sept 23, 2014, is the first US dollar public benchmark issuance by a Malaysian financial institution since April 2017.

The orderbook at the final price guidance stood at over US$1.8 billion, implying an oversubscription level of over 6 times from 114 accounts, according to RHB Bank’s filing with the stock exchange.

“The strong demand allowed RHB Bank to tighten guidance to 128 bps over five-year US Treasury at a yield of 3.76% per annum, representing the tightest credit spread for Southeast Asia/South Asia Issuance to date in 2019,” it said.

By geographical distribution, the bank said Asian investors were allocated 95% and European investors 5%. In terms of investors’ type, fund managers and insurance companies were allocated 67% of the issue while banks were allocated 29% and the remaining 4% were allocated to private banks.

The senior notes are rated “A3” by Moody’s Investors Service Inc. The issuance of the senior notes is expected to be completed by Feb 19 and will be listed on the Singapore Exchange Securities Trading Ltd and Labuan International Financial Exchange Inc.

RHB Banking Group managing director Datuk Khairussaleh Ramli said it is pleased with the strong interest in its US$300 million bond issue, which is able to attract interest from a diverse investor base across Asia and Europe.

“The pricing level reflects the strong confidence from the global investment community in RHB Bank as well as the overall investor sentiment towards Malaysia,” he said.

The net proceeds from the issuance of the senior notes will be utilised by RHB Bank for general working capital purposes.

RHB Investment Bank Bhd, Credit Suisse (Singapore) Ltd and The Hongkong and Shanghai Banking Corp Ltd are the joint lead managers for the senior notes issuance.


EU accuses eight banks of forming eurozone bond cartel

BRUSSELS, Jan 31 — The EU’s powerful anti-trust sheriff today accused eight banks of having conspired for several years to distort competition in the eurozone bond market. According to the European Commission, the banks colluded to distort…


US chipmakers may give clues on China hazard

SAN FRANCISCO, Jan 19 — Intel Corp operates mostly outside the Apple-sphere, and that is exactly why whatever it says next week about business in its vital Chinese market matters so much for investors. Apple rattled global markets this month when…


Bad bets on oil and gas spark wave of energy-fund closures

NEW YORK/HOUSTON: Energy fund managers took heavy losses last year with wrong-way bets on the prices of oil and natural gas, leading to a wave of closures in the volatile fund sector. The number of active energy-focused funds fell to just 738 in 2018 through September from about 836 in 2016, according to the latest […]


Wall St Week Ahead: Slashed profit expectations may set stage for gains

NEW YORK, Jan 13 — There could well be a silver lining in all the caution around the stock market as the earnings season approaches: Shares do way better when profit expectations have fallen, and lately, they’ve been falling like a rock. By at…