Asia Pacific

It's now all Trump, all the time – especially for China. In this round-up, a recap of our top stories from an eventful week. In broader news, the RMB struggles against the dollar, China’s foreign exchange (FX) reserves hit new lows in October, and the Asian Infrastructure Investment Bank readies a seat at the table for Hong Kong.

Chinese local government financing vehicle Jiangsu Hanrui Investment Holdings opened a tap of its existing notes on Friday morning off the back of reverse anchor interest, keeping momentum going in the Asia DCM market post the US election.

Eight banks have joined a $150m three year bullet loan for Hesteel Hong Kong Corp, part of China’s Hesteel Group, thanks to confidence in the parent's credentials.

This week, those in the capital markets showed it’s not just electorates that can deliver surprises. Investors got one back — by making markets rise on a shock Donald Trump election victory.

Commonwealth Bank of Australia drew strong demand for its five year Australian dollar covered bond tranches, but its 10 year was without doubt a struggle.

National Australia Bank issued a rarely seen five year sterling denominated covered bond and showed a path that others may follow. It also sold a seven year senior deal in euros.

The US presidential election drove the Asian fixed income market to a near standstill this week and for most borrowers, Donald Trump’s victory has likely stalled plans for upcoming issuance. But Chinese property developers and local government financing vehicles, some of the names most desperate for funds, may keep the market moving for the rest of the year. Morgan Davis reports.

Southeast Asian companies have provided plenty of M&A financing opportunities to banks this year, partly making up for the disappointing corporate loan volumes from the region. Large firms in the region are still flush with cash, giving loans bankers hope that event-driven activity will continue next year, writes Shruti Chaturvedi.

Asia’s equity capital markets recovered quickly in the wake of Donald Trump winning the White House, with most of the indices regaining their losses in Thursday’s trading. Primary issuance also took off, with some keen issuers pulling the trigger on their IPOs. Jonathan Breen reports.

Haitong International Securities Group will bring Haitong Securities India under its umbrella by acquiring the unit from its Portuguese affiliate. The move is part of the Hong Kong-based broker’s efforts to position itself as a boutique investment bank in Asia Pacific.

Eight lenders joined the four lead banks in syndication of the loan for International Bank of Azerbaijan, which grew beyond $200m in syndication.

Citic Securities is consolidating its Hong Kong-based units to create a single platform for all its offshore businesses under the CLSA brand, with a committee being formed to complete the process within 12 months.