Asia Pacific

CMB Financial Leasing Co raised $1.2bn across two tranches in its debut international bond on Monday, and met its different objectives for the five and three year portions.

Steel giant Posco has raised W187.7bn ($159.7m) after offloading its entire position in South Korea’s Shinhan Financial Group, at a time when the benchmark Kospi index has fallen 3.1% in the past month.

The Asian debt market stepped up a gear Tuesday with a number of new launches and mandates, as issuers navigate the volatility and try to wrap up their fundraisings before key holidays and the end of the year.

Zhen Ding Technology Holdings is taking on a syndicated loan to replace a facility raised by its subsidiary Iris World Enterprises earlier this year.

VietJet Air has started seeking investor interest for its potential $200m domestic IPO, according to bankers close to the deal.

Two bankers have joined the loan syndication team of Agricultural Bank of China in Hong Kong in recent months, according to sources.

Moody’s downgraded Mongolia’s long term issuer and senior unsecured rating from B3 to Caa1 last Friday, reflecting the agency’s lack of faith in the country’s ability to control its dire budget deficit.

State Bank of India has zeroed in on six lenders for a $600m financing. Although the mandate has been firmed up, general syndication will likely launch next year, said a banker close to the deal.

China National Chemical Corp (ChemChina) is meeting investors for a euro bond this week, as it looks to raise funds to pay down debt taken for the acquisition of Italy's Pirelli.

Shanghai Dazhong Public Utilities Group Co has launched bookbuilding for its Hong Kong IPO that could raise HK$2.0bn ($257.9m).

Fullerton Healthcare Corp has decided to pull its S$213.3m ($149.6m) IPO after delaying the transaction mid-bookbuild when questions were raised about its business model.

Export-Import Bank of India, which sold its first 144A bond in July, has now turned to the syndicated loan market for a $75m borrowing.