Asia Pacific
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In this round-up, the AIIB gets ready for its first annual meeting as the president explains how the bank will work, the spread widens between offshore and onshore renminbi and Zimbabwe seeks trade settlement agreement. Plus, a recap of GlobalRMB’s top stories this week. -
Hong Kong based Sun Hung Kai has announced the minimum yield for an exchange offer that will switch bondholders out of the firm’s 2017 notes into newer ones due 2021.
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China Online Education Group is planning a US IPO of up to $100m and has filed a draft prospectus with the US Securities and Exchange Commission (SEC).
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Lenders are waiting for an update on PetroVietnam Exploration Production Corp’s request to waive a covenant on a borrowing sealed in 2012.
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DBS has seen one departure each in its loans teams in Singapore and Hong Kong, according to sources.
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Japan’s approach to total loss absorbing capacity (TLAC), issued last month, leaves the option of government support if one of its megabanks gets into trouble open, reflecting the remarkably different experience to Europe and the US that Japan’s banking sector had in the 2008/9 financial crisis.
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After the European Commission blocked Hutchison 3G’s £10.25bn bid for O2, banks may push for different fee structures in future M&A deals, according to one senior loans banker.
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The Philippines’ tough-talking new president may be ruffling feathers with his firebrand public persona but bankers and market watchers have mostly brushed this off and said the country is poised to see a resumption in primary equity and debt issuance. But the leader’s thinking on the economy remains a wild card, writes John Loh.
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Three banks have seen changes to their loan syndication teams in Asia following departures and internal moves.
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Chinese tutoring service provider TAL Education is looking to raise $200m from an overseas syndicated loan in its first visit to the market.
