Asean

Hutchison China MediTech’s (Chi-Med) $100m IPO on the Nasdaq has been oversubscribed three days into bookbuilding, according to sources close to the transaction.

United Overseas Bank started receiving bids for a tier two offering on Wednesday in what is the year's first dollar bank capital deal from Asia ex-Japan.

Vietnam’s state-owned Vissan Co has raised VN$906.84bn ($41.06m) from an IPO that received a rousing reception from investors, as the listing closed nearly 6x covered on Monday.

The Republic of Indonesia is set to go on the road to meet investors for its annual return to the dollar sukuk market.

Singapore’s OUE Hospitality Trust is carrying out an underwritten and renounceable rights issue worth S$238.6m ($171.4m) as it seeks to raise funds for an airport hotel purchase.

Singapore real estate firm Ascendas ventured into the country’s domestic bond market on Monday with a S$100m ($72.8m) offering that was largely driven by reverse enquiry.

Saka Energi Indonesia, the upstream oil and gas arm of state-owned Perusahaan Gas Negara, has signed its $600m loan, finding demand from seven lenders in syndication.

The Securities Commission Malaysia is getting a new deputy chief executive, with Ahmad Fairuz Zainol Abidin to step into the role at the start of April.

Ranhill Holdings has finally sealed its IPO of MR386.78m ($93.76m) at the bottom of the range after delaying the pricing decision from Tuesday and dropping the secondary offering.

In this round-up: Hong Kong cross-border trade settlement fell again at the start of the year, RMB deposits were steady in Hong Kong but falling in Singapore, Brics New Development Bank will set up in Shanghai, and PBoC said a swap line with Bank of Russia had been activated. Plus, a recap of our top stories this week.

Ford Motor Credit Company made its debut in the Singapore dollar bond market this week with a S$350m ($251m) transaction that investors were more than happy to put their money into.

The Monetary Authority of Singapore (MAS) has flagged up issues about banks’ credit underwriting practices, including cases of covenant waivers and one off-credit exceptions given to borrowers. But while the central banks’ concerns are valid, bankers reckon lenders are being more than careful about their syndications business. Shruti Chaturvedi reports.