Asia Pacific

Fosun International-backed insurer Ironshore is looking to raise some $100m via a US listing in a trade to feature only secondary shares, according to a filing with the US Securities and Exchange Commission.

DBS is establishing a securities business in Japan to help investors grappling with the low interest environment in the country earn better returns in the rest of Asia.

The government of Sri Lanka’s $300m three year borrowing has received a chunky commitment in syndication, according to a source.

Improved liquidity conditions have offset the weak yuan to support the short-end of the CNY curve while currency-related export optimism supports paying in the longer tenors. Sources expect further steepening from current levels, writes Deirdre Yeung of Total Derivatives.

India’s state divestment unit has sent out a request for proposals to appoint up to three banks for its sell down in National Buildings Construction Corp, which could fetch Rp22.65bn ($338.04m).

Pirelli’s €4.8bn refinancing loan has found strong demand, as roughly 20 banks will join it, and it was well oversubscribed. Some banks declined to participate, however, and one banker said the borrower was "taking the mickey" with the terms of the deal.

In this round-up, China eases rules on foreign investment in the free trade zones (FTZ) and OTC Clear receives approval to clear CNH cross currency swaps (CCS). Plus, a recap of GlobalRMB’s top stories this week.

Real estate developer Greenland Hong Kong sold a highly popular bond on Thursday, in a move that highlighted investors’ lack of concern about the issuer’s high leverage.

Oil India has extended the deadline for submission of bids for its request for proposals seeking a $650m loan with a $200m greenshoe, according to two bankers.

Mizuho has recently seen the departures of two bankers in its loans team in Singapore — one each from origination and distribution.

KB Asset PE Fund has raised W90.5bn ($79.1m) from an overnight sale of shares in South Korea’s LIG Nex1, in a deal that saw investors piling in to take advantage of one of the last chances of a block in the stock.

Bank of Tokyo-Mitsubishi UFJ (BTMU) has appointed Melina Concha as executive vice-president and head of global corporate banking for the Philippines as part of the Japanese firm’s strategy to deepen its presence in the region.