Asia Pacific

The Asian M&A market is heating up, providing loans bankers with some welcome relief following a relatively quiet first half. Promising opportunities from the potential spin-off of Hutchison Global Communications (HGC) and the sale of Singapore’s Global Logistic Properties have set the stage for more activity. Shruti Chaturvedi reports.

Central Depository Services (CDSL) closed its Rp5.2bn ($81.4m) IPO on Thursday amid a storm of demand, with orders for 170 times the float.

India’s Federal Bank is set to raise up to Rp25bn ($386.9m) after tapping the equity market via a qualified institutional placement.

China Reinsurance Finance Corp added $700m to its existing 2022 bonds through a tap on Wednesday, hitting its $1.5bn regulatory cap.

Multi-billion-dollar exchange plus new money offerings from China Evergrande and Kaisa Group took centre stage in Asia DCM this week, keeping liability management as the market's hot topic. The deals are considered a win-win for issuers, which can lock in relatively cheap funding, and for investors, which are compensated by an exchange premium, while also allowing Chinese borrowers to pre-empt regulatory hurdles, writes Addison Gong.

StanChart hires for ASEAN M&A — ANZ adds to Taiwan team — ING names Apac chief economist — Bond Connect expected on July 3

There is nothing better than lounging by the sea with a refreshing cocktail in one hand and a good book in the other — a perfect antidote to all the stress that comes from working in the banking industry.

Xin Point Holdings, the Chinese automotive components supplier, has raised HK$855m ($110m) after its Hong Kong IPO was priced at the top of the range, with high level of demand coming in from retail investors.

Foreign investors using the Bond Connect will not be required to exchange their renminbi back to foreign currencies even after selling their bonds, if they intend to re-invest that money in onshore Chinese bonds, according to new interim rules for Bond Connect published by PBoC on June 21.

Kaisa Group Holdings, the only Chinese developer to default on offshore debt back in 2015, started taking bids on Thursday for the new issuance portion of an exchange offer. Four sets of fixed rate notes will be sold to replace the company’s outstanding variable rate senior bonds.

India’s Rural Electrification Corporation (REC) has mandated banks for a green dollar bond, a first for the company.

A syndicated loan for Gunvor Singapore has been allotted, with more than 20 banks joining the mandated lead arrangers and bookrunners at the end of general syndication.