Asia Pacific

The growth of renminbi trade has stalled, but it has forced a turning point to how corporates use the Chinese currency.

Valentine’s Day celebrations may be upon us, but the onshore RMB is not feeling much love, as the fix and spot rates against the dollar start on a weak note. In other news, FX spending by PBoC grew by over $100bn in 2016 and the Hong Kong stock market is soaring on the back of heightened inflows from Mainland investors.

Thailand Future Fund is expected to launch the first tranche of its Bt100bn ($2.9bn) IPO in the third quarter of this year, said bankers.

Indian school textbook publisher S Chand and Co has begun pre-marketing its IPO, which comprises primary and secondary equity.

The list of investors that came aboard a $69m loan for Air India has been revealed. The company launched general syndication in October and brought in new lenders at the end of last year.

The opening of the China interbank bond market (CIBM) has allowed more foreign investors to dip their toes into the market. But despite the reforms and the increasing likelihood of a bond inclusion in global indices, global investors are still wary of the market.

Future Land Development Holdings’ new three year notes garnered massive investor interest for a $350m capped deal, as Chinese property names benefit from market support.

Daniel Murphy has joined UBS in Hong Kong as the Asia Pacific head of equities sales trading, alongside two new hires in equity derivatives.

The sovereign wealth fund of Oman is seeking to establish relationships with regional banks in Asia through a $600m syndicated loan to fund its acquisition of a stake in Oman Telecommunications.

Lembaga Pembiayaan Ekspor Indonesia, otherwise known as Indonesia Eximbank, has announced plans to sell $500m-equivalent bonds in the offshore market this year.

ING Life Insurance Korea is seeking approval to go public through an IPO, filing a draft prospectus with the Korea Exchange (KRX) on Thursday.

In this round-up, the offshore RMB (CNH) nearly eliminates its spread with the onshore RMB, a Standard Chartered index on RMB internationalisation ends 2016 poorly, and the Hong Kong Exchange (HKEX) sees new records set in RMB futures contracts in January. Plus, a recap of our stories.