Asia Pacific

In its first Panda bond issuance last week, Rusal hit double its target price. With Rmb9bn of issuance limit left on its programme, Oleg Mukhamedshin, deputy CEO of Rusal, told GlobalRMB that the Russian corporate will take its time before returning.

Investcorp, the Bahraini investment house, wants to more than double its leveraged credit portfolio to $25bn, after buying the global debt business from 3i.

Westfield Corp, the Australian operator of shopping centres in the UK, Europe and US, made a dual tranche debut in sterling on Thursday.

India’s Jindal Steel and Power (JSPL) is negotiating with lenders to extend maturities on syndicated and bilateral loans worth a total of about $760m, according to sources. With commodity prices having come out of last year’s lows, lenders are thawing to the sector but will continue to approach it with caution, writes Shruti Chaturvedi.

China Zheshang Bank sealed a massive $2.175bn from its debut international additional tier one on Wednesday, deciding to hit its regulatory limit with one deal rather than multiple outings.

Hong Kong-listed Fosun International is back in the syndicated loan market for $650m equivalent to refinance a $800m deal raised two years ago.

Cosmetics packaging company HCP Global has approached lenders for a $540m borrowing that will replace a $430m loan sealed last year, according to bankers.

Thailand’s first IPO of the year is bound for a strong finish, with the leads on TPI Polene Power guiding investors to the top of the price range.

The Republic of Indonesia broke its own Islamic finance record on Wednesday, sealing a whopping $3bn dual tranche sukuk.

Eco World International has raised MR2.6bn ($587.4m) from its IPO after domestic investors piled into the deal.

South Korea’s Netmarble Games began investor education this week for a potential W2.7tr ($2.4bn) IPO, while ING Life Insurance Korea filed offer documents for its W1.3tr float.

Trading a currency on screen, day in and day out, is not the same as understanding it in real life, as one forex banker just found out to his cost in Tokyo.