Asia Pacific

Taiwan-listed GlobalWafers Co is selling Global Depositary Shares (GDSs) worth up to $440m, the first time it is tapping equity investors after acquiring SunEdison Semiconductor.

Asia’s bond markets are preparing for record China offshore issuance this year, driven by the ambitious funding plans of city commercial banks. Bankers expect at least $20bn of bank capital transactions to hit screens with pricing likely to be tight thanks to support from onshore investors.

Beijing this week picked five commercial banks as the second batch of a pilot programme that allows the issuance of asset-backed securities using their non-performing loans (NPLs).

Three Chinese companies have been hit by difficulties that resulted in them breaching covenants on international syndicated loans. Despite the cluster of problems, bankers says this does not point to more systemic failure in China Inc. John Loh and Shruti Chaturvedi report.

China Everbright Greentech opened books for its HK$3.3bn ($424.5m) IPO this week, while BoCom International Holdings began premarketing a potential $300m Hong Kong IPO, and China’s Zhongyuan Bank Co also laid out plans to list in the city.

India this week teed up the first divestment of the 2017/18 financial year and it hit a hole-in-one, after investors bundled into the book as soon as it opened. With the government rushing out requests for proposals for more sell-downs, the success of its debut is a sign of things to come, said equity market bankers in the country. Jonathan Breen reports.

In a blow to the Singapore Exchange’s (SGX) dual-class aspirations, an investor group has voiced its opposition to the bourse’s plan to allow weighted voting rights, saying it could “threaten” the quality of the equity market.

Gunvor Singapore and India’s state-owned Rural Electrification Corp are tapping lenders for more than $1bn in new financings.

China Rapid Finance and Bright Scholar Education Holdings are venturing stateside to raise more than $300m from their IPOs.

CMB Financial Leasing launched a $350m bullet into general syndication last week, even as Minsheng Financial Leasing wrapped up an increased fundraising of $335m.

ANZ has hired Nathan Herman as an associate director in its loan syndications team in Hong Kong.

Industrial and Commercial Bank of China’s Singapore branch sold a dual-tranche floating rate deal on Wednesday, raising $2bn and hitting its pricing goals.