Asia Pacific

JP Morgan taps insider for India ECM — Mizuho hires for debt team — ING hires ex-PSE chief for Philippines — StanChart adds to DCM syndicate team — BNY Mellon names Apac DR head

The Securities and Exchange Board of India (Sebi) has suspended the issuance of offshore rupee bonds, after foreign holdings of rupee debt reached 92.7% of the authorised limit. The move will not only derail the Masala market — it could also dampen foreign investor interest in some Indian dollar deals.

Shanghai International Port Group (SIPG) has pocketed $1bn after it cashed in a chunk of its H-shares in Postal Savings Bank of China with a dual-tranche exchangeable bond, drawing in outright investors keen to build a large position in a notoriously illiquid stock.

Indian solar energy producer Azure Power Energy started marketing its debut international green bond on Thursday. The deal was announced two days after another Indian energy firm, Continuum Energy Levanter, pulled its own dollar bond.

The Panda bond market is having its best run of the year in terms of issuance volume and number of deals sealed. But a closer look at the market shows a distinct lack of long-term investors — a real risk at the heart of the Chinese financial system.

Chinese steel producer Shougang Corp Co is taking bids for its inaugural appearance in the euro bond market.

Hungary plans to make regular returns to the Panda bond market after making a successful debut this week, György Barcza, chief executive of the country’s debt management office, told GlobalRMB.

Single-B rated bond issuers in Asia got a major setback this week, with three debut credits pulling their planned dollar offerings. There were plenty of reasons for their failures, but bankers say the cancellations reflect a debt market transitioning from one dancing to the tune of borrowers to one being dictated by investors.

It has been a rough week for Asia’s high yield issuers. But China Development Bank Financial Leasing Co showed that higher-rated names can still get plenty of demand, raising $1bn from a dual-tranche bond that appeared to price in line with fair value.

China’s cabinet has given its central state-owned enterprises (SOEs) until the end of the year to be restructured as corporations, in line with the government’s push for market reform.

Hungary priced its debut Panda bond just before 5pm on Wednesday, completing the second onshore renminbi bond deal by a European sovereign.

Sri Lanka has reached its target of $1bn from a three year syndicated loan that was launched at $450m, after demand poured in from Indian lenders.