Asia Pacific

Hong Kong’s Bank of East Asia launched a new Basel III additional tier one dollar deal on Thursday morning, following a roadshow earlier in the week.

China has not given up its renminbi internationalisation (RMBi) plans, but the constraints of an under-developed financial system will put the brakes on that process until further reforms are implemented, Yin-Wong Cheung, chair professor of international economics at City University of Hong Kong, told GlobalRMB.

CK Hutchison priced a $1bn hybrid bond at 4% on Tuesday, with the deal featuring a dual step-up to qualify for partial equity treatment from ratings agencies. And while investor appetite was strong, some handholding was needed behind the scenes.

The head of credit for Axis Bank in Hong Kong has been promoted, with the scope of his role widening following the bump up.

Chinese mobile phone maker Xiaomi is sounding out lenders to refinance a $1bn dual tranche borrowing raised three years ago.

BoCom International Holdings Co has covered its HK$2.1bn ($265.6m) IPO after opening books last Friday with a strong cornerstone base, according to a banker on the deal.

Bumi Serpong Damai and ICBC Sydney jumped into the debt market on Tuesday, capitalising on the positive market sentiment following the French presidential election.

Shareholders of India’s Kotak Mahindra Bank have given it the nod to raise equity, in a deal that could fetch Rp57.3bn ($887m) based on its market price.

A $651m facility for Vedanta Group will be split into two tranches, one for overseas lenders and the other helmed by Indian banks, according to a banker close to the deal.

Former UBS banker Paul Au has resurfaced as the new head of fixed income at CMB International.

In China today CPI and PPI reports gave mixed signals that backed some early paying in swaps. Meanwhile, consolidation in the currency market gave way to a corrective dip in short swap rates, writes Deirdre Yeung of Total Derivatives.

India’s most popular matchmaking website Matrimony.com has refiled for an IPO with a new syndicate team and a smaller fundraising target.