Asia Pacific

The RMB has remained stable in the currency markets so far this year, but the rest of 2017 may turn out to be more rocky depending on policy developments in the US, according to financial industry experts.

Singapore’s HRnetGroup will be pre-marketing a S$150m ($107m) Reg S only IPO until the end of May, according to sources close to the float.

Rabobank plans to roadshow its debut covered bond next week, while Banco Comercial Portugues will begin marketing a deal after an eight year absence. And after publishing an offering circular this week, Bank Queensland (BOQ) is expected to announce its first deal soon.

Westpac enjoyed a strong covered comeback for a two part euro offering on Thursday and, despite concerns about the performance outlook for non-eurozone bonds, the transactions were priced with barely any concession.

The Bank of Queensland (BOQ) has published an offering circular for its newly established covered bond programme rated triple-A with Fitch and Moody’s, suggesting a roadshow could soon be announced for the first Australian conditional pass-through covered bond.

Primary loan syndication activity dropped sharply in April, with many loans desks in Asia not receiving a single invitation for weeks on end. In the absence of flow in primary, many participating banks are increasingly looking at the secondary market to cope with the slowdown, writes Shruti Chaturvedi.

Australian billionaire James Packer unwound the last of his position in a Macau joint venture with Hong Kong scion Lawrence Ho this week. Packer raked in $1.2bn from an unusually structured deal that included a $337m block trade, capturing the attention of Asian and US investors. Jonathan Breen reports.

Korea Expressway Corp broke South Korean issuers’ silence in the Swiss market on Wednesday. As rates stabilise for Swiss investors, and basis swaps improve for foreign issuers, Zurich bankers hope this deal reignites more bonds from the Asian country.

CK Hutchison sold a hybrid bond featuring a dual-step structure this week, designed to qualify for partial equity treatment from ratings agencies. While demand was strong for the $1bn deal, priced off the back of a $4.25bn book, some handholding was needed to make investors comfortable. Addison Gong reports.

National Australia Bank is selling its private wealth business in Singapore and Hong Kong, as it looks to simplify its structure and focus on corporate and institutional banking.

It is not uncommon to see bank bosses show their nasty side if their subordinates suddenly decide to leave.

It was a slam dunk for India’s first infrastructure investment trust, which raised Rp46.5bn ($727.4m) after IRB InvIT Fund priced its IPO comfortably at the top of expectations.