Asia Pacific

The Masala bond market finally sprang into life this week as Housing Development Finance Corp sealed the first offshore rupee deal from an Indian corporate. With a benchmark now set and the currency one of the better performers this year, market watchers said the door has opened for peers to follow. Rashmi Kumar reports.

Tencent is sounding out banks for yet another multibillion dollar borrowing, this time to back its acquisition of mobile game maker Supercell. The Chinese technology company is used to getting an easy ride in the loan market, where it has raised $6.89bn since December. But the structure for the latest deal means it will have to pay up to lure banks, writes Shruti Chaturvedi.

Indian equity capital market volumes may be down on last year, but there is no dearth of IPOs. The animal spirits are clearly present in the country as confidence grows in new companies, which are coming in greater numbers to tap both foreign interest and a resurgent domestic investor base. Jonathan Breen and John Loh report.

Singapore’s Olam International found eager investors for its $500m perpetual trade on Thursday, showing that it has successfully regained the market’s confidence following a change in shareholding structure driven by a short seller report.

Kunlun Energy Co printed a Rmb3.35bn ($500.99m) convertible bond this week that was settled in US dollars, but came with a rare rating that soothed fears about the renminbi's possible depreciation.

The Securities Commission Malaysia (SC) has released a consultation paper seeking public feedback to improve its guidelines on real estate investment trusts (Reits), it said on Thursday.

South Korea’s GS Engineering & Construction Corp made its first appearance in the dollar convertible bond market in over two years, raising $150m from its return.

The Brics New Development Bank (NDB) is gearing up for its debut capital market appearance and is expected to price a renminbi denominated green bond on Monday. The trade is just the start of its funding ambitions, as the supranational seeks an international rating to tap G3 markets, its chief financial officer told GlobalRMB. Paolo Danese reports.

Baoxin Auto Group has opened up three more levels of participation for its $550m dual-tranche financing after launching the senior phase a month ago.

Hong Kong’s Regal Hotels International Holdings executed a swift dollar trade this week, getting in and out of the market in just three days. Despite being unrated and with few comparables offering guidance, the firm managed to slash pricing by 30bp and found plenty of support.

Simon Galvin has left Goldman Sachs to join Deutsche Bank as head of ECM syndicate Asia, filling a role left vacant since March, according to sources close to the move.

Credit Suisse has made three senior hires in its China investment banking and capital markets (IBCM) team, in the latest expansion of its onshore presence.