Asia Pacific

Asia might be the world’s fastest growing region, but it no longer has the magnetic draw for global investment banks that it did before the financial crisis. Some banks are pulling back, cutting clients, business lines, or withdrawing from the region altogether. Meanwhile, other firms, equally troubled at home, have doubled down on Asian investment banking.

India’s state-owned enterprises have yet to make their move into offshore rupee debt, with high prices and withholding tax problems putting them off. Opportunities, however, may be waiting further down the credit curve where dynamic domestic corporations, hungry for rupee funding from any source, might be the first to take the plunge.

Citi has named Amol Gupte as its country officer for Singapore and head of Asean, succeeding Michael Zink who will be retiring.

China Aircraft Leasing issued its first dollar bond on Thursday, sealing $300m from an offering that was notable for the stark difference in response in the primary and secondary markets.

Indian state-owned hydropower producer NHPC has wrapped up its Rp27bn ($406.4m) offer for sale, which saw a quick flood of demand from institutional investors but a weak response from retail buyers.

Indonesian company Trans Media has received a covenant waiver from lenders on a $500m loan raised in 2014.

Chinese technology group Huawei Investment & Holding left nothing to chance with its $2bn bond return. It paid up to compensate for the size of the deal and to soothe investor concerns over the poor secondary performances of other recent deals.

Allocations are out for a $430m five year loan for Baring Private Equity Asia’s acquisition of cosmetics packaging company HCP Global.

State Grid Corp of China is set to go on the road next week to gauge interest for a dual-currency bond, as it seeks to raise funds in dollars and euros.

Mitsubishi UFJ Financial Group (MUFG) has made two senior appointments to its securities business, naming Dong Nam to the newly created position of deputy CEO and Yasutaka Suehiro as head of Asia and CEO.

In this round-up, London overtakes Singapore as an RMB hub, foreign ownership of onshore RMB assets picks up, QDII products see further growth, and the US and China plan June economic meeting. Plus, a recap of our top stories this week.

Indonesian power producer Cikarang Listrindo started pre-deal investor education for its $300m-$400m IPO on Thursday and is expected to open books by mid-May.