Asia Pacific

Banks bidding for a spot on the Indian government’s Rp36.9bn ($549.1m) sell down in NMDC have been told to match the Rp1 fee proposed by Citi or risk losing out, according to sources.

Investors have a rare investment proposition on their hands with Singapore sovereign investment arm Temasek Holdings launching its $1.1bn Astrea III securitization on Friday, a transaction backed with cashflows generated by private equity funds.

Zhongrong International Trust managed to raise $500m this week by compensating investors for its weak fundamentals with a juicy premium over its outstanding bond. But what also helped the deal was a lack of high yield supply from China, reckon bankers.

Much of the debate around MSCI’s decision to not add A-shares has focused on China’s need to reduce its capital controls. But with Beijing unlikely to let go of the reins anytime soon and MSCI strident in its need for reform, the two sides have reached an impossible impasse unless a compromise can be made.

The South Korean government is looking to list six power generation subsidiaries of Korea Electric Power Corp from 2017.

State Bank of India has allocated its latest $500m borrowing, finding demand from eight new lenders during syndication.

In this round-up, South Korea’s RMB deposits drop to near-zero, South African rand starts direct trading with RMB, and BlackRock launches its first US-listed physical A-shares fund. Plus, a recap of GlobalRMB’s coverage this week.

China’s Orient Securities Co is planning to launch bookbuilding for its IPO on Monday and could raise about $1bn, according to sources close to the deal.

China Minsheng Bank has added a new member to its loan syndications team in Hong Kong.

Chinese taxi hailing service Didi Chuxing has raised an impressive $7.3bn from equity and debt investors, including $2.5bn through a syndicated loan.

The Indian government has decided to offload a 10% stake in Housing and Urban Development Corp (Hudco) via an IPO.

China Development Bank sold a $1bn bond on Thursday, wrapping up its third offshore outing of the year. Thanks to its quasi-sovereign status as well as savviness in timing, the policy bank managed to catch an opportune window for issuance.