Asean

Industrial and Commercial Bank of China’s Singapore branch has ventured out to the dollar bond market straight after the end of Labour Day holidays, launching a three year offering on Tuesday.

Citi has named Amol Gupte as its country officer for Singapore and head of Asean, succeeding Michael Zink who will be retiring.

Indonesian company Trans Media has received a covenant waiver from lenders on a $500m loan raised in 2014.

In this round-up, London overtakes Singapore as an RMB hub, foreign ownership of onshore RMB assets picks up, QDII products see further growth, and the US and China plan June economic meeting. Plus, a recap of our top stories this week.

Indonesian power producer Cikarang Listrindo started pre-deal investor education for its $300m-$400m IPO on Thursday and is expected to open books by mid-May.

The number of offshore RMB hubs has risen rapidly in the last few years to hit 20 last year. But having more offshore hubs does not necessarily equates to more global usage of the currency, say market observers who are hoping China will adopt a new strategy.

StanChart veteran Lim retires — Lam given top China job at Citi — Citi India banker heads to HDFC Bank — BNP Paribas hires Ratliff for senior role

Commodities trader Vitol Asia has hit the market for a one year extension to a $1.48bn borrowing sealed in June 2015.

Seadrill has sold the remainder of its stake in SapuraKencana Petroleum via a MR774.72m ($198.35m) accelerated share sale, putting to bed a deal that failed to clear only three weeks ago.

Seadrill is in the market to sell an up to MR814m ($208m) block of shares in Malaysia’s SapuraKencana Petroleum via sole global co-ordinator and bookrunner Morgan Stanley.

Sona Petroleum has become Malaysia’s first special purpose acquisition company to have its proposed acquisition voted down by shareholders, dealing another blow to Spacs.

Indonesian company Sarana Multi Infrastruktur has approached retail participants for a $175m bullet loan to refinance debt.