Asia Pacific

Wells Fargo has named a new regional president for Asia Pacific, promoting Jafar Amin.

China Construction Bank sealed a €500m deal through its European arm on Wednesday, securing ample investor interest from both Asia and Europe to price with negligible new issue concession.

Indonesian real estate developer Pakuwon Jati fed off investors’ desperation for paper, pricing a tight $250m seven non call four on Wednesday on a book more than four times subscribed.

Future Land Development Holdings is hunting for $350m from a new three year note launched on Thursday morning, with pricing tightened aggressively at the end of the day.

Russian aluminium producer Rusal has registered a prospectus on the Shanghai Stock Exchange for a Rmb10bn ($1.5bn) seven year Panda bond programme, the company said on Wednesday.

Renminbi internationalisation could soon be renamed renminbi digitalisation as the People’s Bank of China continues to make inroads to becoming the first major central bank to issue its own digital currency, according to a report from King & Wood Mallesons (KWM).

Indonesian coal miner Bumi Resources has received the go ahead from shareholders to raise Rp35.1tr ($2.639bn) from a combination of a rights issue and mandatory convertible bonds — a move that will help it pare down debt.

The offshore renminbi market is set for another year of pain with new issuance predicted to fall by as much as 30% in 2017, according to HSBC’s February dim sum tracker report.

At 8:15pm on November 8, Indian prime minister Narendra Modi stunned the country by announcing in an unscheduled television broadcast that at midnight Rs500 ($7.50) and Rs1,000 ($15) banknotes would be “demonetised”.

Indonesia’s Pakuwon Jati was back in the international market on Wednesday after a nearly three year hiatus, looking to grab enough funds to redeem its existing 2019s.

Mason Financial Holdings has wrapped up a rights offering of more than 20bn new shares, raising HK$2.9bn ($373.9m) from the deal.

Bank of China concluded its first G3 outing of the year, pricing a $2bn triple tranche offering on Tuesday. Demand was particularly strong for a three year floating rate portion, which is now among the largest FRNs in the region.