Asia Pacific

When the Reserve Bank of India brought in guidelines that forced borrowers to hedge shorter-dated debt in a bid to encourage longer-term financing, it was met with an outcry about the feasibility of such a plan. But now that Power Finance Corp is out for a 10 year borrowing and set to receive a strong reception, it appears the central bank’s tough stance is paying off.

A foreign institutional investor completed its first hedging transaction in the onshore FX derivatives market on March 13, following the liberalisation by the State Administration of Foreign Exchange introduced at end of February.

The Republic of Indonesia has mandated banks for a new dollar sukuk, getting ready to re-enter the market after setting records with its dual tranche sukuk last year.

Guorui Properties opened the Asia high yield corporate debt market for the week, launching its debut dollar deal just ahead of the US Federal Reserve meeting.

Bank of Communications Financial Leasing Co (BoCom Leasing) is set to become the first leasing arm of a bank in Asia ex-Japan to tap offshore investors in 2017, having opened books for a new dollar-denominated transaction.

Guotai Junan Securities Co said in a filing with the Shanghai Stock Exchange that it has received the green light from the regulator to list in Hong Kong.

Viz Branz Holdings will raise up to S$213m ($151m) in its return to the Singapore equity market, with the IPO opening books on Wednesday.

UBS has hired Andrea Casati to fill the role of head of Asia Pacific ECM syndicate, in a move which sees him rejoining the Swiss bank after almost a decade.

Oversea-Chinese Banking Corporation Limited (OCBC) will become the third Singaporean borrower to issue a euro-denominated covered bond this year and is expected to open order books for its debut deal on Tuesday. The deal is going to be a rare five year, so it is likely to get good execution.

The Government of Pakistan’s Privatisation Commission is seeking lead managers and book runners for an IPO of state-owned Gujranwala Electric Power Company (Gepco), according to an announcement on the PC website.

India’s Avenue Supermarts is set to price its Rp18.7bn ($281.0m) IPO at the top of guidance after an explosion of demand on the final day of bookbuilding covered the offer more than 100 times over, according to a banker working on the deal.

Plastic films and base oils maker, Shandong Qingyuan Group, has invited participation from retail banks for a $500m three year borrowing.