Asia Pacific

Myanmar has welcomed its second ever listing with Myanmar Thilawa SEZ Holdings making its debut last Friday to a rousing reception, with its shares jumping by a third in the first two days and even hitting its daily trading limit. While impressive, the rally throws light on the problems ailing the budding stock market.

Equity and currency derivatives markets were ill-prepared for any major policy changes coming out of the G7 meeting this week, with prices reflecting low expectations of volatility. But even as the first day's session on Thursday passed without shocks, there was a growing sense that Friday could bring a bigger showdown.

Indian green power producer ReNew Power Ventures has set in motion plans for an IPO, sending out a request for proposals to lead the deal, according to a source that received the RFP.

The Indian government has shortlisted firms to pitch for leading roles on its sell-downs of National Fertilisers and Rashtriya Chemicals & Fertilisers, according to a notice on the Department of Divestment website.

China Orient Asset Management International is seeking a $200m three year loan that is now open to retail lenders.

China Development Bank has mandated leads to work on a dual-currency offering, while the Republic of Indonesia is set for a roadshow ahead of new euro-denominated notes.

Asia’s green debt market grew further this week with Axis Bank becoming the third Indian issuer to sell green bonds internationally. Although market participants expect more offshore FIG issuance from the country, there are internal and external headwinds to overcome.

Indiabulls Housing Finance has become the latest company in the sector from the country to access the syndicated loan market, launching a $125m deal.

Indonesia’s Medco Energi Internasional is planning a rights issue to raise Rph4.66tr ($349.59m), in a deal that could increase its share base by almost half, according to a company filing.

Longer CNY NDIRS have been leading a rally as Fed rate hike concerns support swap offers from the 5-year point. Sources say the 1s/10s curve is due a corrective steepening move. FX price action from Monday is said to reflect currency market intervention by the PBoC. ANZ and Nomura have issued dim sum bonds, writes Deirdre Yeung of Total Derivatives.

Jefferies has hired Vikas Khattar from HSBC as its head of capital markets for India and southeast Asia.

China Three Gorges Corp, CCB Leasing and 361 Degrees International are looking to take advantage of a tight window to get their dollar fundraisings out of the way ahead of a speech from Federal Reserve chairwoman Janet Yellen on Friday.