Asia Pacific

Chinese high yield names Kangde Xin Composite Material Group and KWG Property priced new dollar deals against a weakening market backdrop on Thursday, forcing the pair to adjust their expectations in order to get ahead of an interest rate hike.

Animal feed and agribusiness firm Godrej Agrovet has taken a step closer to its potential IPO, hiring Kotak Mahindra Capital as one of the bookrunners, according to a source familiar with the situation.

Wilcon Depot has fixed a price range for its IPO, and is set to raise up to Ps7.9bn ($156.8m) in the Philippines' first listing of the year.

Qantas Airways is holding roadshows in Singapore, Hong Kong and Taipei for its latest fundraising, a two tranche revolver that refinances a A$1.13bn ($849m) loan raised a few years ago.

State Bank of India will be returning to ECM after a three year hiatus if it obtains board approval next week for a fundraising exercise.

In this round-up, the State Administration of Foreign Exchange (Safe) says it expects China’s foreign reserves to grow gradually despite global volatilities, PBoC’s dollar fix remains pretty much unchanged from the previous day and the Shanghai Free Trade Zone will open up the financial sector to more foreign investment.

Citi has rejigged the top leadership of its corporate and investment banking (CIB) franchise in southeast Asia, handing more responsibility to David Biller and Jonathan Quek.

If there was ever an idea whose time has come, it is green securitization. Action to green the economy is super-urgent, and progress so far has been worryingly slow.

The revival of banks using securitization to free up regulatory capital could open new possibilities for accelerating the financing of a greener economy, as a ground-breaking deal demonstrated this week, write Jon Hay and David Bell.

Nomura has reshaped the management team of its wholesale division, which includes investment banking and markets. Former co-head of wholesale Kentaro Okuda will become regional head for Americas, while Minoru Shinohara, executive chairman in EMEA, becomes co-head of wholesale, relocating from London to Tokyo.

Azerbaijan’s Southern Gas Corridor Company raised $1bn with a tap of its outstanding 2026s on Wednesday but fell foul to underlying rate movements which meant that it did not price at the tight end of guidance, according to a lead banker.

Indonesian palm oil seller Royal Industries is looking to restructure a $405m loan after failing to repay the first and second instalments. And going by precedents, market participants are bracing themselves for a long-winded recovery process as legal proceedings unfold, writes Shruti Chaturvedi.