Asia Pacific

China’s FX reserves grow for a third consecutive month in April, the head of the State Administration of Foreign Exchange (Safe) says China will not devalue renminbi, and HKEX plans to launch CNH and USD gold futures.

Investors have a chance to buy bonds from Indonesian government-owned electricity distributor Perusahaan Listrik Negara (PLN), which is back in the international market for the first time in over four years. Meanwhile, Singaporean property developer Oxley Holdings is tapping its $200m notes.

The Asian G3 debt market opened on Monday with two deals from financial names and a mandate, in addition to two launches from corporates, following the positive sentiment overnight from the French presidential election.

India’s first infrastructure investment trust bounded to a solid finish with IRB InvIT Fund’s Rp46.5bn ($727.4m) IPO closing 8.6x covered.

Asia is overloaded with infrastructure projects hungry for financing, even though there is money to fund them. How to bring the two together is the question raised by panellists at the Asian Development Bank’s annual meeting in Japan — and for some local currency lending is the way forward.

A HK$28bn ($3.6bn) financing to support the take private of Hong Kong-listed footwear company Belle International Holdings is open for participation at the sub-underwriter level.

Edra Global Energy, the Malaysian power producer owned by China General Nuclear Power Corp, is understood to be seeking banks for a potential IPO – though in an intriguing fashion.

A member of the loan syndications team at Standard Chartered in Hong Kong has left the bank for personal reasons.

Huachen Energy Co is prepping investors for its inaugural appearance in the international bond market, meeting fixed income accounts next week.

Bank of China’s Singapore branch raised $600m from a three year floating rate bond on Thursday, marking the lender’s second issuance this year supporting the Chinese government’s Belt and Road initiative.

In this week’s round-up, Fidelity’s Shanghai-based wholly foreign-owned enterprise (WFOE) launches its first private fund, only two foreign investors were given qualified foreign institutional investor and RMB QFII quotas in April, and the dim sum bond market continued its decline in the first quarter.

Guangzhou Rural Commercial Bank Co will drum up interest for its $1bn Hong Kong IPO next week, said bankers on the trade.