Asia Pacific

The Moscow Exchange (Moex) and Shanghai Stock Exchange (SSE) have agreed to an expanded “strategic cooperation” agreement, and intend to develop debt and equity products for investors.

Not only is the CEEMEA bond market red hot and smashing through issuance records, there were also signs this week of its developing maturity, writes Virginia Furness.

Moody’s downgrade of China triggered a slight widening of spreads on international dollar bonds from the country’s issuers on Wednesday, but the reaction was otherwise largely muted. Despite the tepid response, market watchers say the downgrade could, and should, do more to reset pricing in the offshore debt market. Morgan Davis reports.

South Korean carmaker Kia Motors has sent a request for proposals for a $648m financing to back the construction of a manufacturing facility in India, its first in the country. The loan is receiving plenty of attention from lenders looking to capitalise on opportunities in the south Asian country. Shruti Chaturvedi reports.

Much has been written about the weather in Hong Kong and its unpredictability. Anyone who has lived here for any length of time will know, it can lead to discomfiting situations, as one of my good friends found out this week.

HSBC’s former Asia Pacific leveraged and acquisition finance head Lyndon Hsu is understood to be heading to Standard Chartered to lead its levfin business.

It has been a long time coming but Indonesia has finally regained its investment grade status from all three major ratings agencies, after S&P boosted the sovereign’s rating to BBB- from BB+ with a stable outlook on May 19.

China National Chemical Corp (ChemChina) defied any jitters caused by Moody’s downgrade of China’s sovereign on Wednesday, pricing a senior perpetual bond. The only dollar debt issuer to brave the market, the state-owned company’s strong following helped it price inside fair value, said bankers.

Reliance Infrastructure has received the final go ahead from India’s market regulator to list its infrastructure investment fund, putting it on track to be the country’s third InvIT IPO.

Block deals are being printed in Asia with a vengeance this year, with follow-on activity already double that of IPOs. In the past few weeks, successive overnight bookbuilds and IPOs kept bankers busy as stocks hit record highs. Barring a major upset, the gravy train looks set to continue, writes John Loh.

WuXi Biologics’ HK$3.9bn ($510.4m) IPO is off to a resounding start, with books multiple times covered within hours of opening on Thursday, according to bankers close to the deal.

South Korea’s Kookmin Bank is marketing a new five year floating rate dollar transaction, set to be listed in both Taipei and Singapore.