Asia Pacific

Novelis’s $1.8bn Asian refinancing of its US term loan B has seen four new lenders come in during syndication, as the leads hold out for several more large commitments.

Harvest Operations Corp said last Friday that it has completed a C$1bn ($763m) refinancing, comprising a new term loan and restructuring of an existing credit facility.

Swiss commodities trader Ecom is back in the market for a one year revolver, mandating four banks for the $400m borrowing.

Issuers from Greater China are set to storm the debt market soon with China Reinsurance Finance Corp, China Cinda Asset Management Co, Grand China Air Co and Pacific Century Premium Developments eyeing dollar offerings. Separately, New China Life Insurance Company has got the green light from its board to raise funds offshore.

Swift’s decision not to publish its monthly RMB tracker with any additional commentary about the long term prospects of the renminbi is refreshing. Other renminbi loyalists should follow suit, and stop trying to gloss over disappointing data.

Metals producer Hindalco Industries, a unit of Indian conglomerate Aditya Birla Group, has begun seeking interest for a Rp50bn ($749.5m) qualified institutional placement.

Asiamoney held its New Year Awards Dinner at the Conrad Hotel in Hong Kong on February 22, 2017, where issuers, bankers, brokers and analysts gathered to celebrate the achievements of those who were top-ranked in Asiamoney polls in 2016 or who had won deal or bank awards.

China’s Minsheng Education Group has launched pre-deal investor education for its Hong Kong IPO that could raise up to $200m, according to bankers close to the deal.

China Development Bank Corp is making a swift return to the debt market with a floating rate transaction split between three and five year dollar portions and a 2020 tranche denominated in Hong Kong dollars.

Société Générale has appointed a new head of global markets for India, giving him responsibility for developing the bank’s markets activities, including derivatives, foreign exchange and rupee products business.

India’s Jain Irrigation Systems plans to raise $75m via an offshore convertible bond to refinance an outstanding equity-linked deal.

Hyundai Capital Services opened books for a 144A/Reg S bond on Monday, its first outing this year. Issuers from South Korea have been active in DCM in 2017, but HCS will be the first non-bank financial credit from the country to woo investors.