Asia Pacific

Chinese provincial government enterprise Yunnan Water Hong Kong Co has sailed in for a $150m three year loan with a greenshoe of the same size.

Index provider MSCI has surprised markets by once again delaying the inclusion of A-shares in its Emerging Markets index. While some progress has been made, China still has more work to do to tackle concerns around repatriation and restrictions on launching financial products linked to onshore exchanges, the firm said on June 14.

Recent allegations against Nomura about a syndicated loan that went bad has re-opened the debate on investment banks’ practice of minimal or zero holds versus commercial banks’ take-and-hold strategy. And the legal action initiated by Taiwanese banks shows there is a need for more transparency — even in secondary sell-downs.

China has registered the first foreign participant to its interbank bond market following its much publicised rule relaxation in February with UK asset manager Insight Investment first across the line on Monday.

Zhongrong International Trust has mandated banks for a Reg S dollar bond that could hit the market as early as this month.

Taiwan’s Giga Solar Materials has launched a $100m convertible bond with an option to increase the size by up to $25m.

Hyundai Mipo Dockyard Co is exiting from KCC Corp, launching a block deal on Tuesday evening worth up to W147bn ($126m).

Greentown Service Group is conducting investor education for its $150m-$200m IPO in Hong Kong until early next week.

A trio of issuers — China Huiyuan Juice Group, Hong Kong Airlines and Global Logistic Properties (GLP) — are preparing offerings in China’s Panda bond exchange market.

India’s Mahanagar Gas has finalised the marketing range for its Rp10.4bn ($154.7m) IPO that is set to launch later this month, according to a source with direct knowledge of the deal.

ABC Financial Leasing found a window on Monday to sell its maiden offshore bond ahead of what is expected to be a volatile second half of the week. Unsurprisingly, the deal was largely bought by onshore Chinese accounts, which helped the issuer achieve its fundraising goal.

The China Europe International Exchange (Ceinex) is working with stakeholders on a cross-continental Stock Connect initiative, in a competing bid to plans by the London Stock Exchange, Ceinex's CEO told GlobalRMB.