Asia Pacific

The transition to a new IMF special drawing rights (SDR) basket, inclusive of the renminbi, is just the starting point for efforts by China and the IMF to see the basket take up a greater role as a global liquidity tool.

Nifty 50 futures trading on the Taiwan Futures Exchange will be able to be sold in the US, following a ruling by the Commodity Futures Trading Commission.

Donald Trump’s shock victory in the US presidential elections was no obstacle to Santander’s Chilean arm this week as the bank became the first issuer from the South American country to raise financing in Taiwan’s Formosa market, as well as pocketing Sfr125m ($125m) from a clutch of Swiss investors.

There’s a price to pay for market uncertainty, as Asian dollar bond issuers found out this week. While some had to offer hefty premiums to entice investors, Country Garden was forced to pull its deal on Wednesday following lukewarm demand. As investors turn cautious, market participants say that short-dated paper and juicy yields will be key for the next few weeks. Morgan Davis reports.

Last week’s shock US election result caused a rout in emerging markets, with stocks and currencies in southeast Asia among the hardest hit. But unlike in the past, this has not brought equity capital markets activity to a standstill, as share sales in Indonesia, the Philippines and Thailand showed this week. John Loh reports.

Novelis is to refinance debt raised in the US with an Asia loan, becoming the second company in India’s Aditya Birla Group to replace its term loan B with Asian liquidity. With plenty of cost savings on offer, bankers expect more companies to take a similar approach to fundraising, writes Shruti Chaturvedi.

The equity capital markets teams at Deutsche Bank, CMB International and Citi in Hong Kong have each had personnel changes.

Papua New Guinea is set to make its offshore syndicated loan debut with a $200m five year facility. Arranger Credit Suisse is holding discussions to expand the top group, according to a source.

An unexpected change to China’s education policies that threatens to upend the business model of private schools has put a question mark over some of their Hong Kong IPOs.

Vodafone’s plans for an IPO of its Indian unit suffered a setback after it wrote down the value of the business by €5bn ($5.4bn) amid fierce competition, saying the float will not happen before March.

Trump, Brexit, giant sinkholes in Japan – there’s plenty happening in the world to make this year a tough one for anyone, including bankers. Clients, for their part, are taking the opportunity to squeeze every penny out of the banks that come knocking. But bankers are finding ways to make the most of a bad situation.

Fosun International successfully priced a tap of its existing 2023s on Wednesday, paying a premium to the outstanding deal in line with new market conditions.