Asean

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.

The Singapore dollar bank capital market is set for a busy week with Commerzbank announcing a Basel III tier two bond on Wednesday morning. Its offering closely follows UOB’s successful tier two outing on Monday.

United Overseas Bank in Singapore has mandated joint leads for its second covered bond, and the second issue from a Singaporean borrower this year. It may issue in euros or dollars, or potentially in both currencies. Overseas Chinese Banking Corporation is expected to follow later this year.

United Overseas Bank priced a Basel III tier two bond in its home currency on Monday, becoming the first FIG to sell a Singapore dollar denominated deal in 2017. And it did it with style, achieving both the largest size and the lowest spread.

Malaysia’s Eco World International will finally open books on its MR2.5bn ($561m) IPO next month after getting two domestic funds on board as cornerstone investors.

ANZ has appointed Jennifer Kusuma as senior Asia rates strategist in Singapore, hiring her from BNP Paribas.

United Overseas Bank is marketing the year’s first Singapore dollar-denominated bond from a financial institution, while Germany's Commerzbank has also set its sights on the same liquidity pool.

PBoC opened the week with a near-300bp weakening of the dollar fix, while Rusal received the green light for its upcoming Panda bond deal, and the Shanghai-London Stock Connect is now one step closer to becoming reality.

A subsidiary of Indonesian conglomerate Lippo Karawaci is bookbuilding for a potential Rph2.45tr ($183.8m) IPO of Dire Bowsprit Commercial & Infrastructure.