Asean

State-owned Vietnam Engine and Agricultural Machinery Corp has clinched an IPO worth D2.1tr ($95.8m) after selling shares on the Hanoi Stock Exchange, according to a disclosure with the bourse.

Asian debt capital market bankers are advising bond issuers to hit the market sooner rather than later in September, on the back of indications from the Federal Reserve that the case for an increase in rate hike had “strengthened in recent months”.

Electricite du Laos Generation Public Company (EDL Gen) has started building books for a $300m bond it is looking to price in Thailand on September 2. The deal is progressing well, attracting interest from a wide array of investors including high net worth individuals.

Local outfit Myanmar Citizens Bank officially floated its shares on the Yangon Stock Exchange on Friday, the third ever listing on the YSX.

In this round-up, CIMB signs a custodian deal with China Construction Bank to facilitate investments into China, Asian Infrastructure Investment Bank (AIIB) plans membership expansion and the China Foreign Exchange Trade System (CFETS) starts publishing daily exchange rates for the RMB against the British pound, euro and Japanese yen. Plus, a recap of GlobalRMB’s top stories this week.

Indonesia’s Cikarang Listrindo and Hong Kong’s Far East Consortium International have set sights on the international bond market, having appointed banks to work on their respective dollar offerings.

Eastspring Investments has named Phil Stockwell as chief executive officer for Singapore, effective September 1.

Two accelerated bookbuilds lit up the Asian market this week as equity capital market bankers foresaw brightening prospects for block trades. As one banker said that term sheets for potential overnight share sales were “flying around”, the end of the summer could usher in a bumper harvest of deals. John Loh reports.

The Monetary Authority of Singapore sees scope for more clarity on the disclosure of bond rebates given to private banks, with the Private Banking Industry Group reviewing its code of conduct.

Doosan Bobcat is expected to start gauging sentiment for its $1bn-$2bn IPO in South Korea immediately after the securities registration statement is filed on September 8, according to bankers on the deal.

Private banks have been under sustained pressure to provide more transparency on the work they carry out for their client base in recent years. In Asia, where wealth is growing at the fastest rate globally, local scandals are combining with global regulation to create a thorny environment for the industry. Peter McGill reports.

Royal Industries Indonesia rattled the loans market last week when it failed to pay the first principal instalment on a $380m deal signed in June 2015. The incident has caused consternation among participating banks, with many being quick to blame the bookrunners on the trade. But this should be a wake-up call to lenders, who need to re-examine their internal approval procedures.