Asia Pacific

In this Monday round-up, Shenzhen gets connected, the RMB stabilises and China capital outflows in the spotlight.

Fitch believes the Chinese covered bond market could prove a viable new source of funding for its banks, but suggests that a legal framework would offer a more sustainable approach for the development of the market.

Overseas Chinese Banking Corporation will choose euros as its strategic currency of choice for covered bonds, according to chief financial officer, Darren Tan, who spoke to GlobalCapital along with OCBC group’s chief executive officer, Samuel Tsien.

The Shanghai branch of the People’s Bank of China published today a comprehensive list of foreign entities that have obtained direct access to the China interbank bond market (CIBM).

AirAsia is planning two IPOs, one of which will package stakes in all its southeast Asian low cost carriers into a Hong Kong listing, the airline’s group CEO said.

New lenders have signed a $300m refinancing for Gas Authority of India (GAIL), which was launched into general syndication in October.

Mutual market access (MMA) is about to be strengthened by the impending launch of Shenzhen-Hong Kong Stock Connect next month. While much of the focus has been on how access to China will improve, a report from brokerage firm Instinet argues that the real story lies in the internationalisation of Chinese money and how it is impacting trading patterns.

Hon Hai-owned Foxconn Interconnect Technology, also known as FIT Hon Teng, has put its IPO plans on hold until next year after getting poor feedback from investors.

Goh Ken-Yi has resurfaced at RHB Securities Singapore in a new role as head of corporate client coverage, after leaving Standard Chartered at the end of last year.

Chinese local government financing vehicle Shaanxi Xixian New Area Fengxi New City Development and Construction (Group) Co tiptoed into the market on Thanksgiving Thursday, launching and pricing a new $120m deal by lunch time.

China Securities Finance Co is poised to be the fourth brokerage to raise about $1bn in a Hong Kong IPO this year when it launches on Monday, having set terms for the trade.

Goldman Sachs has appointed Andrew Lyons and Matthew Ross as co-heads of Australia equity research alongside Matthew McNee.