Asia Pacific

Investors threw their weight behind two IPOs in Asia this week, with WuXi Biologics set to price at the top of expectations in Hong Kong and Singapore’s HRnetGroup getting covered across the range.

The Securities and Exchange Board of India (Sebi) has put in place disclosure requirements for the issuance and listing of green debt from the country’s borrowers.

The Republic of the Maldives raised $200m from its maiden international bond on Wednesday, pushing Asia ex-Japan G3 sovereign debt issuance to $9.7bn year-to-date — the second highest volume since 2010.

Online gaming and media platform VNG Corp is eyeing a listing on the Nasdaq, potentially the first US IPO from a Vietnamese firm, according to a statement from the company.

Chinese automotive component supplier Xin Point Holdings started pre-marketing its Hong Kong IPO this week, and is eyeing up to $150m after getting a recent boost in confidence, according to a source close to the deal.

Hong Kong’s IPO market is awaiting jumbo deals from two Chinese state-owned enterprises this year, with Sinopec Marketing Co and China Tower seeking $10bn each. Both transactions are must-haves for ECM houses in the region, but getting a spot on the syndicate will be no easy feat. Jonathan Breen reports.

The offshore renminbi (CNH) reached its strongest point against the dollar since the start of the year on Thursday, despite China’s sovereign rating downgrade last week. Analysts say the sharp turn reflects Chinese regulators’ determination to keep the currency from falling ahead of renewed pressure from external factors.

WuXi Biologics is set to price its HK$3.9bn ($510.4m) IPO at the top of expectations following a blockbuster response from investors.

DBS Group Holdings and HSBC Holdings are wooing debt investors, with the former seeking a dollar senior deal, and the latter a Singapore dollar perpetual. The Export-Import Bank of China (Chexim) is also collecting bids for its fundraising.

Public sector borrowers are aiming for the short end of the dollar curve, as swap spreads in the area hover around the spot in which they started 2017, having dropped sharply from the year’s highs hit in March.

The People's Bank of China published the blueprint of the upcoming Bond Connect scheme on Wednesday, and has asked the public for feedback by June 7. The provisional rules shed light on themes including FX and hedging.

Bank Islam Brunei Darussalam is understood to be eyeing a possible $500m IPO in Malaysia, the first listing of a Bruneian issuer on any exchange.