Asia Pacific

Deutsche Bank is set to issue the third German Pfandbrief of the week after mandating leads for an ultra-long benchmark. Meanwhile, Deutsche Pfandbriefbank (PBB) has priced the fifth dollar Pfandbrief of the year.

Datang Environment Industry Group Co has refiled its IPO application with the Hong Kong bourse almost a year after its first attempt at a listing, but this time without Morgan Stanley as a joint sponsor.

Royal Industries Indonesia rattled the loans market last week when it failed to pay the first principal instalment on a $380m deal signed in June 2015. The incident has caused consternation among participating banks, with many being quick to blame the bookrunners on the trade. But this should be a wake-up call to lenders, who need to re-examine their internal approval procedures.

China Orient Asset Management Corp is set for a new five year dollar bond, opening books for the deal on Tuesday morning.

India’s National Stock Exchange has appointed four banks, Citi, JM Financial, Kotak Mahindra Capital and Morgan Stanley, as joint global co-ordinators for its domestic IPO.

General syndication for a $12.7bn loan to back China National Chemical Corp’s acquisition of Swiss biotech firm Syngenta is set to wrap up.

Fantasia Holdings Group benefited from a quiet market and the rarity element of dim sum credits, adding Rmb1bn ($150.4m) to its 2019s with a quick tap on Monday.

Hong Kong listed China Resources Cement Holdings has received the greenlight from the National Association of Financial Market Institutional Investors (Nafmii) for its first outing in China’s Panda bond market.

Hyundai Capital Services (HCS) opened books for a three year dollar-denominated note on Tuesday, less than six months after tapping the market for its debut green dollar bond.

Sime Darby is planning an overnight share sale that could raise up to MR2.38bn ($595.85m) as the Malaysian property to palm oil conglomerate looks to pare down its debt load.

Ford Auto Finance (China) broke the pricing record for China auto ABS by a wide margin with its second deal of the year, the Rmb3bn ($450m) Fuyuan 2016-2 Retail Auto Mortgage Loan Securitization.

China has been buying negative-yielding JPY bills to profit from using USD/JPY basis swaps. Short NDIRS have been bid. The curve is flattening and sources see scope for it to flatten further before 1s/10s meets resistance around the 35bp level.