Asia Pacific

Pacific Basin Shipping has closed its HK$1.2bn ($150.6m) rights issue with a hefty 10x oversubscription, the company said in a filing with the Hong Kong exchange.

The People’s Bank of China said on Tuesday it is contemplating the ‘orderly participation’ of commercial banks to trade in the offshore renminbi market. On paper, the proposed move seems to be a further opening up of its FX market. However, market participants say Beijing’s true aim is to exert greater influence on the CNH and maintain the stability of the renminbi.

Rici Healthcare Holdings kicked off pre-marketing for its up to $200m listing in Hong Kong on Thursday, according to bankers.

Indonesian motorcycle credit company Federal International Finance (FIF) has roped in nine lenders to supply a $200m three year loan on a club basis.

I can think of some bulge bracket MDs who I’m sure have dreamt of dishing out a spot of corporal punishment to discipline wayward juniors. For them, however, the idea is just that — an idea that would never see the light of day.

CP Pokphand, part of Thai firm Charoen Pokphand Group, has raised a $600m loan to repay outstanding debt.

Cemex Holdings Philippines, an affiliate of Mexican cement giant Cemex, has kicked off bookbuilding for its Ps24.4bn ($526.3m) listing, with the offering generously covered, according to a source with knowledge of the situation.

Poland is looking to join the club of Panda bond issuers, having signed up Bank of China to lead its transaction. But the sovereign plans to swap the renminbi proceeds back into euros as it has little need for the Chinese currency.

Bank of America Merrill Lynch has created a new debt solutions unit in Asia Pacific and has named two bankers to run it.

China Development Bank Financial Leasing Co has launched its Hong Kong IPO, covering the HK$7.6bn ($980m) float at the low end of guidance. But it has only managed to do so with mainland cornerstone investors propping up nearly 80% of the deal.

Markets watchers in Asia said they were optimistic, as GlobalCapital Asia went to press on Thursday, that next week would be a return to business as usual, given their widespread expectations that the UK would choose to remain in the European Union. But some warned that, irrespective of the outcome, currency risks could spill over to other asset classes, adversely affecting bonds and equities.

Lifestyle International Holdings has returned to the loan market for a HK$8bn ($1bn) fundraising after a gap of nearly five years. The borrower, which operates the well-known Sogo department stores, has opted for a syndication instead of a club deal, with the rarity element of its name helping find to attract interest. Shruti Chaturvedi reports.