The Link REIT, CLP sell 10-year notes: IFR

The Link Real Estate Investment Trust (The Link REIT) and Hong Kong's power supplier CLP Holdings have launched 10-year notes in their respective MTN programs, THE IFR Asia said yesterday.

The Link REIT launched a HK$400 million ($51.6 million) 10-year notes issue at 4.40 percent via Standard Chartered Bank, it said, without citing sources.

The Link REIT has HK$1.4 billion of bonds maturing in 2009. It last tapped with a HK$300 million 10-year 4.75 percent deal via HSBC in May. So, it is expected to come to the market frequently later this year.

China Pacific Insurance hires CICC, banks for IPO

China Pacific Insurance (Group) Co Ltd, part-owned by the Carlyle Group, has hired China International Capital Corp (CICC) and three other investment banks to arrange its Hong Kong initial public offering, two people with direct knowledge of the situation said on Wednesday.

China's third-largest life insurer, reviving its plans for an overseas IPO, has appointed CICC as the lead underwriter, and hired Credit Suisse, UBS and Goldman Sachs to help arrange the share sale, the source declining to be named.

The insurer plans to sell as many as 1 billion shares, potentially raising around 24 billion yuan ($3.5 billion) based on the valuation of its China-traded A shares.

HK dollar remains strong despite stock market fall

The Hong Kong dollar hovered close to the top of its trading band for most of Wednesday, as the territory continued to attract fund inflows, despite a pullback in the stock market after recent sharp gains.

The Hong Kong Monetary Authority (HKMA) intervened in the currency market yesterday afternoon and sold HK$3.875 billion ($500 million) for US dollars to stem a rise in the local currency and keep it within its fixed trading band.

"The stock market is in a correction phase and it is mirroring movements in overseas markets," said a dealer at a local bank. "I'm not yet seeing funds moving out of Hong Kong."

Brightoil eyes Singapore bunker trade by year end

Hong Kong-listed Brightoil Petroleum (Holdings) Ltd is seeking landed tanks in Singapore to store fuel oil as it prepares to sell marine fuel in the city-state before year-end, industry sources said on Wednesday.

It received in-principle approval on May 29 from the Maritime and Port Authority of Singapore (MPA) to start bunkering operations in Asia's oil hub, subject to certain conditions being fulfilled, such as the use of double-hulled bunker tankers, an MPA spokeswoman said in an email response to Reuters' queries.

Bossini International shares suspended: HKEx

Trading in shares of Bossini International Holdings Ltd was suspended yesterday afternoon, the Hong Kong exchange said.

No further details were immediately available.

Garment retailer Bossini said earlier this week controlling shareholder Law Ka Sing was in talks to sell his 68.58 percent stake in the company to a potential investor but no agreement had yet been reached.

Techtronic raises $50m via share placement

Techtronic Industries raised $50 million from a top-up share placement, according to a term sheet.

The electrical appliance company sold 60 million shares at HK$6.73, representing a 4.8 percent discount to its closing price of HK$7.07 on July 29.

The deal's bookrunners are Citigroup, HSBC Holdings and Merrill Lynch.

Reuters

(HK Edition 07/30/2009 page4)