Asia Pacific

China’s Everbright Securities Co has covered its potential HK$9.0bn ($1.2bn) IPO after the second day of bookbuilding, according to source close to the deal.

The Standard Chartered (StanChart) RMB Globalisation Index dropped further in June to a two year low of 1,933 points on the back of poor cross-border renminbi payment volumes, the bank said on August 9.

Two of India’s largest life insurers, HDFC Standard Life Insurance Co and Max Life Insurance Co, have finalised the terms of their merger and subsequent listing on the country’s stock exchanges.

Samsung Group’s drug manufacturing arm is set to file a draft prospectus with the Korea Exchange this week for an IPO that could raise up to W3tr ($2.7bn), according to a source with direct knowledge of the matter.

MMC Corp, owned by Malaysian tycoon Syed Mokhtar Al-Bukhary, is considering spinning off its port assets in an IPO that could raise $750m-$1bn, according to sources close to the matter.

Industrial Bank of Korea is poised to reach out to offshore and onshore bond investors for Basel III additional tier one capital later this year.

Standard & Poor’s has upgraded South Korea’s long-term sovereign credit rating by one notch to AA from AA- with a stable outlook, in line with Moody’s Aa2 rating of the country.

There was no sign of a summer slowdown in Asia’s bond market last week with five deals pricing in one day. But that momentum has not carried over into this week as a public holiday takes out some of the heat. But any pause is likely to be temporary, say bankers.

Indonesia’s Pertamina is expected to launch its long awaited $1.5bn five year financing into general syndication this week, punctuating a quiet period for the southeast Asian loan market.

China’s Everbright Securities Co has cracked open books for a potential HK$9.0bn ($1.2bn) IPO — the second listing from a Chinese brokerage in 2016.

Indian construction firm Dilip Buildcon is set to bag Rp6.6bn ($98.9m) from pricing its IPO at the top of guidance. It attracted a horde of investors, finding some share reservations nearly 80x subscribed.

Louis Dreyfus Commodities Asia has wrapped up a $600m revolver after overwhelming demand allowed it to allocate the full greenshoe to banks, raising the total amount by $100m.