Asia Pacific

The Chinese securitization market is set for a big boost with Postal Savings Bank of China scheduled to launch the country’s first internationally rated residential mortgage-backed securitization (RMBS) on Thursday.

China is working hard to delivering on the promise of creating a multicurrency, global monetary system despite the difficulties in challenging the dollar’s status, according to an annual report by the think tank Official Monetary and Financial Institutions Forum (OMFIF) published on June 30.

Nomura has added a pair of bankers to its Asia ex-Japan equity capital markets team, according to sources familiar with the matter.

Two entities of China’s Chonqing municipality — the Nan’an district financing vehicle and the Chonqing Grain Group — have mandated banks for potential deals while Huai’an’s local government financing vehicle is also seeking a new bond.

South Korea has amended regulations to adopt perpetual maturities for additional tier one bonds, in line with a request from the Bank for International Settlements.

Bank of China is planning to issue a multi-currency international green bond, in what will be China’s second offshore financial green offering.

China-based EC World Real Estate Investment Trust has fixed the price range for its Singapore IPO to raise as much as S$365.97m ($272.7m), according to a draft prospectus filed with the city-state’s regulator.

Home building materials maker China Lesso Group has approached the loan market for a $300m borrowing, some two years after sealing its debut syndicated facility.

Chinese tutoring service provider TAL Education has raised $400m from its maiden syndicated loan, doubling the deal from the launch size of $200m after receiving ample support from domestic banks.

CNY swaps have been bid on firmer data and the view that rates are too low. 5-year paying interest has been evident and the 1s/5s NDIRS curve slope is considered too flat. Meanwhile, Bank of China is planning to issue Green bonds, writes Deirdre Yeung of Total Derivatives.

Malaysia’s MRCB-Quill Real Estate Investment Trust is looking to raise MR427m ($106m) through an equity placement in the fourth quarter of this year to part-fund the acquisition of an office tower in the capital.

Yihai International Holding launched its Hong Kong IPO last Thursday to raise HK$$889.2m ($114.6m), with the company choosing to go it alone without the aid of cornerstone investors.