Asia Pacific

I’ve long been suspicious of how much time bankers these days spend on their phones, but I’ve always given them the benefit of the doubt. It’s a 24-seven world now, after all. But a recent episode made me think I may have given bankers too much credit.

Lifestyle International, which operates the Sogo department stores, is believed to be talking to relationship banks for a loan related to its acquisition of a plot of land in Hong Kong. But the company’s downgrade by Fitch and the possibility of similar action by Moody’s could make things harder at the negotiating table, writes Shruti Chaturvedi.

Chinese companies have aggressively expanded into Europe this year, snapping up businesses and expanding their footprint. While loans are still the go-to funding tool and often get the bulk of the refinancing, as this week’s China National Chemical Corp transaction shows, the bridge-to bond route is becoming more popular. Morgan Davis and Addison Gong report.

China put the brakes on capital outflows again this week, taking aim at both large and small scale transactions amid a falling renminbi. Market participants are digesting the impact of the new curbs, as yet unconfirmed, but some thought that they could weed out dodgy deals and raise the quality of M&A financing. John Loh and Shruti Chaturvedi report.

China’s Shougang Corp and ABC International were among the mix of five bond offerings by Asian issuers on Wednesday in the offshore bond market.

South Korea's Shinhan Bank raised $500m on Wednesday, to match its March tier two dollar deal in size, but was forced to pay up to make it happen.

Hong Kong and overseas investors will be exempted from capital gains tax when they trade A-shares via the upcoming Shenzhen-HK Stock Connect, in-line with what is already in place for Shanghai Connect.

People’s Bank of China is returning to its old habits of sending out window guidance to banks in yet another attempt to stem capital outflows, with the latest measures targeting cross-border M&A and offshore RMB loans.

Malaysia’s sovereign wealth fund Khazanah Nasional has raised Rp5.5bn ($80.4m) after offloading its entire stake in India’s IDFC Bank.

Financial services firm Enerchina Holdings is planning a rights issue with a view to raising up to HK$941.6m ($121.4m).

The Republic of Indonesia popped into the market Thursday morning, kicking off December with a new triple tranche dollar deal, the second year in a row it has hit the bond market in the last month of the year.

Ronshine China Holdings started taking orders for its inaugural international bond on Thursday. The deal was announced with substantial anchor orders following the roadshow, said bankers.