Asia Pacific

A year on from its initial effort to create a listing venue for the country’s start-ups, the Securities and Exchange Board of India (Sebi) is at it again. The regulator has relaxed the rules in its latest consultation, in a bid to get start-up listings off the ground. But unresolved issues mean this will be an uphill task, writes John Loh.

NTPC ventured into uncharted territory on Wednesday, issuing India’s maiden green bond denominated in offshore rupees. While the deal is expected to be the first of many, the development of the asset class depends on the stability of the currency and secondary market liquidity. Narae Kim reports.

A Chinese company-led consortium is set to use staple financing worth A$800m ($606.4m) to back its acquisition of a stake in Australia’s GenesisCare. The transaction has piqued the interest of loan market participants given how rarely the instrument is used in Asia, writes Shruti Chaturvedi.

China is exploring the possibilities for its small and medium enterprises (SMEs) to start borrowing in offshore renminbi as part of an ambitious five year plan to internationalise the sector.

The Province of Quebec (Aa2/A+/AA-) sold an A$80m ($61m) tap of its May 2026 Kanga bond on Wednesday.

HSBC’s Asia business accounted for a higher share of the bank’s earnings during the first half of the year, as the bank continues to develop its business in the region.

A $113m term loan to back Hong Kong-listed Aupu Group’s proposed take private has been allocated among seven banks, according to a source.

China is continuing its push for reforms to its FX market with the establishment of a self-regulating committee that authorities say will give market participants more sway over renminbi reference rates.

Postal Savings Bank of China’s mammoth $8bn-$10bn IPO in Hong Kong is a “once in a decade type deal” and investors already appear willing to pay a premium for a slice of the trade, say bankers.

Primary bond activity in Asia sprang back to life on Wednesday following a slow start to the week, with high yield issuance leading the way.

The South Korean regulator is looking to give securities firms a helping hand with their investment banking businesses, unveiling a series of measures on Tuesday.

Hong Kong conglomerate The Wharf (Holdings) is planning to make its first appearance in the interbank Panda bond market having filed an application to the National Association of Financial Market Institutional Investors (Nafmii) last month.