Asean

The strength of the primary debt market in Asia shows no signs of abating, with a number of borrowers heading out on Thursday for fresh dollar fundraisings.

Malaysia-based Lotte Chemical Titan has hired a trio of banks for its potential $1bn domestic listing this year, according to a banker close to the transaction.

Beijing Properties (Holdings), China Everbright Bank and Olam International were vying for investors’ attention on Wednesday in what is a busy week for dollar issuance in Asia ex-Japan.

Singapore-based instant beverage and food producer Viz Branz Holdings has kicked of investor education for its potential S$300m ($213.7m) IPO, according to a banker close to the deal.

Swiss commodities trader Ecom is back in the market for a one year revolver, mandating four banks for the $400m borrowing.

Indonesia’s Sarana Menara Nusantara said this week that one of its shareholders is planning to sell a stake in the company worth at least Rph1.7tr ($127.5m) at current market prices.

In this round-up, Malaysia gets its first renminbi qualified institutional investor (RQFII) licence, RMB payments continue to drop, and China calls for more local governments to issue free trade zone bonds. Plus, a recap of our coverage this week.

United Overseas Bank this week became the first issuer to price covered bonds simultaneously in euros and dollars, helping it to attract new, especially Asian, investors.

HSBC has made some high profile appointments to its commercial banking teams in Hong Kong and Mainland China, according to an announcement on Thursday.

The Singapore dollar bank capital market welcomed Commerzbank’s inaugural Basel III tier two bond this week, allowing it to price through fair value.

United Overseas Bank issued a euro covered bond flat to its curve and WL Bank priced at the tightest spread of the year, suggesting slowing supply is exacerbating a squeeze on investors. UOB was also set to issue its first dollar-denominated covered bond.

The Asia debt market saw a fresh rush of dollar deals on Wednesday, with property names China Jinmao Holdings Group and Xinhu Zhongbao, as well as Singapore’s United Overseas Bank launching new deals.