Asia Pacific

IRB InvIT Fund is set to launch India’s first infrastructure investment trust next week, testing the market’s appetite for yield assets with a Rp46.5bn ($727.4m) IPO.

State Grid Corporation of China opened books for a four tranche dollar bond on Wednesday morning, comprising three, five, 10 and 30 year portions.

Law firm Clifford Chance has appointed five new partners in Asia Pacific, including one capital markets specialist, according to a Tuesday press release.

ASM International has bagged HK$2.15bn ($276.2m) after selling a block of shares in its Hong Kong-listed arm ASM Pacific Technology.

Netmarble Games produced South Korea’s largest IPO in seven years last week, in a deal many are hailing as a shining light for Asian ECM. But the optimists should be realistic about Korea. The success of the game maker’s W2.7tr ($2.4bn) IPO is an isolated case and unlikely to lead to a revival in domestic listings.

The Philippines' Chelsea Logistics Corp has filed a preliminary prospectus to raise up to Ps8bn ($161m) via an IPO.

South Korean budget airline Jin Air is planning to raise at least $200m from an IPO in 2017, according to a source close to the deal.

India’s HPCL-Mittal Energy (HMEL) took centre stage on Monday, selling the only international bond from Asia ex-Japan. The 4x covered deal benefited from support from state-owned HPCL, with the bonds trading up by 50 cents in the secondary market.

The top lending group for a dual-tranche borrowing by Vedanta Group has shrunk after one bank dropped out of the syndicate to tie up its portion of the financing bilaterally.

Indian lender Axis Bank has promoted its international loan syndications head to lead the operation globally, according to sources.

The increasing competition between foreign asset managers in China is creating new winners and losers, though JP Morgan managed to hold on to the top spot for the second year running, according to a report by Z-Ben Advisors. The survey also shows that Asian asset managers are lagging behind their European and North American peers.

India’s Power Finance Corp, which reached out to overseas lenders last month for a $100m-equivalent 10 year borrowing in euros, has failed to attract bids from banks, according to sources.