Asean

The former head of Asia Pacific loan markets at Royal Bank of Scotland is expected to join Maybank next week, according to two sources.

Barclays is pulling out of the cash equities business in Asia Pacific as the bank stages a total exit from a number of countries in the region including Taiwan and Korea.

Tata Steel's $1.5bn refinancing has been launched into general syndication after a senior phase that began in early December.

Boustead Holdings is seeking to raise MR1.05bn ($244.88m) in a two-for-five rights offering, as it looks to grow its property development and investment businesses.

The Republic of the Philippines plans to execute a $2bn deal in the first half of the year, consisting of a bond swap to extend maturities and a new transaction as part of its ongoing liability management efforts.

Financial advisory firm Rothschild has made a senior appointment to its southeast Asia team with Henry Ho joining as non-executive chairman.

Lippo Karawaci has launched an exchange offer and consent solicitation, aiming to switch holders out of a 2019 bond into new 2023 notes.

CIMB has let go 32 staff in Hong Kong, mostly in investment banking and equities, as the Malaysian lender continues its three year cost-cutting drive that began in 2015.

Development Bank of the Philippines (DBP) has opened a $300m three year loan to retail participants, having picked the mandated lead arrangers and bookrunners in mid 2015.

Baker & McKenzie.Wong & Leow has strengthened its DCM franchise by hiring Pallavi Gopinath Aney in Singapore.

Malaysia’s Khazanah Nasional is gearing up for its first Islamic bond in dollars, having mandated banks to arrange a roadshow.

In this round-up, China's RMB trade settlement touches a new high, Hong Kong RMB clearing grew by 30% in 2015, South Korea's RMB deposits shrank by 75% over the year, Singapore plans closer cross-border RMB co-operation with China, and several Belt and Road initiatives were announced. Plus, a recap of GlobalRMB's top stories this week.