Asia Pacific

The Indian government is setting aside Rp229.15bn ($3.42bn) in additional funds for the 2016-2017 fiscal year to recapitalise its state-owned banks, according to a Ministry of Finance announcement.

ONGC Videsh made an opportunistic move on Tuesday, taking advantage of abundant market liquidity to achieve what some considered an aggressively priced bond. But with expectations high that the window for issuance is short lived, more credits from the high beta country will keep knocking on investors’ doors.

Just a few weeks apart, announcements were recently made by the Stock Exchange of Hong Kong (HKEX) and Singapore’s SGX respectively about changes to front line regulatory functions they perform. The approaches under these proposals couldn’t have been more different, writes Philippe Espinasse.

A subsidiary of Malaysian upstream oil and gas company UMW Oil & Gas Corp has approached the syndicated loan market for a $150m fundraising.

Commodities trader Trafigura is expected to launch its annual Asia-focused syndicated loan shortly, with the firm having sent invitations for roadshows in the region.

Export-Import Bank of India is set to meet and update investors in Asia, the Middle East and the United States ahead of a proposed 144A trade.

China gave the first sign that it has started phase two of the renminbi cross-border interbank payment system (CIPS) with Bank of China Hong Kong (BOCHK) becoming the first offshore direct participant last week.

Softbank, the Japanese technology and telecoms group, has taken a ¥1tr ($9.5bn) loan for its £24bn acquisition of Arm Holdings, the UK firm which designs mobile phone chips. The loan could be syndicated to non-Japanese banks if the refinancing strategy requires it, said one senior banker.

Lead managers on the bond for Kazakhstani crude oil company Tengizchevroil (TCO) on Tuesday confirmed that the deal would be a $1bn 10 year note.

Housing Development Finance Corp added some flavour to the debt market last week, selling the first Masala bond from an Indian corporate. The deal broke new ground, opening a new fundraising channel for the country's borrowers. But it also raises questions about the long-term development of the asset class.

The Securities and Exchange Board of India has issued a consultation paper on real estate investment trusts (Reits) that eases some restrictions, in a bid to get the asset class off the ground.

The Singapore Exchange (SGX) said following a post-mortem into its longest trading disruption last week that it is yet to find out why its backup system failed to kick in after a hardware malfunction.