Asia Pacific

Chinese sportswear manufacturer 361 Degrees International is looking to make its maiden appearance in the dollar bond market, having mandated one bank to work on the proposed issuance.

Debt capital market bankers have long preached that diversifying into the US investor base is the next stage of development for Chinese issuers. But with recent transactions failing to resonate with stateside accounts, Chinese names should give up on US investors for now.

Japan’s Nippon Steel & Sumitomo Metal Corp (NSSMC) is planning to sell more than a third of its shareholding in South Korean steelmaker Posco.

Goldman Sachs has sold the largest offshore renminbi deal of the year, raising slightly more than Rmb1.3bn ($199m) from a Formosa bond on Tuesday.

IFC and ADM Capital have launched a new platform that aims to syndicate lending to sound but financially stressed companies in Asia, filling a gap in lending to small and medium-sized enterprises.

Indonesia’s Pertamina is planning a $1bn five year borrowing that includes a greenshoe option and has sent out a request for proposals to banks, according to bankers close to the situation.

Short-end CNY swaps have been offered and the curve has been steepening as the stronger yuan and improved liquidity conditions have supported receiving interest in the 1-2 year maturities, writes Deirdre Yeung of Total Derivatives.

Canada’s Manulife Financial Corp and Singapore’s Mapletree Logistics Trust have added their names to the growing list of issuers accessing the Singapore dollar market for subordinated debt. And thanks to the comeback of private banks in the country, more issuers — both foreign and local — are expected to follow suit, reckon syndicate bankers.

China Three Gorges Corp (CTG) is mulling a return to the dollar bond market and will be meeting investors to gauge demand starting Wednesday.

India’s Laurus Labs is planning a Rp10bn ($149.2m) IPO this year and has picked three banks to lead the deal, according to a source close to the transaction.

The Indian government has sent out a second request for proposals for bids from banks to run Cochin Shipyard’s IPO, after a disagreement on fees following the first attempt.

Industrial and Commercial Bank of China sealed a new $500m three year bond via its Hong Kong unit on Monday, less than two weeks after its Singapore branch scooped up $800m. Although the issuer checked all the boxes, demand from Chinese onshore accounts was weak given the recent flurry of financial names in the market.