Asia Pacific

Indonesia is set to introduce new tax breaks for real estate investment trusts and could push through other reforms in a bid to get the asset class going. But even as local property owners have begun to mull plans to push their real estate into Reits, there are still kinks that need to be ironed out. John Loh reports.

Hong Kong-based commodities trader Noble Group is back in the market for a $1bn loan to refinance outstanding debt. But the company is paying up dearly for the fundraising as it battles scepticism around its sector and the state of its financials. Shruti Chaturvedi reports.

Eco World International has obtained approval from the Securities Commission Malaysia for its IPO, which is expected to raise $500m by the middle of this year.

ONGC Videsh has sent out a request for proposals for a $1.268bn nine month loan facility, as the international arm of Oil and Natural Gas Corp seeks funds for the acquisition of a stake in oil fields in Russia.

The Asian primary dollar bond market had a strong start to the week with four deals hitting investors’ desks on the same day. The activity has boosted hopes for a robust second quarter following a subdued first three months that saw Chinese volumes plummet, writes Narae Kim.

Credit Suisse has named former Macquarie banker Cheun Hon Ho as its new southeast Asia ECM head.

Sunshine Life Insurance Corp has launched a roadshow to test appetite for what would be its debut international bond, while Beijing Automotive Group is mulling a deal of up to Rmb15bn ($2.3bn).

The Reserve Bank of India has rolled back some rule changes governing international borrowings by non-bank financial companies (NBFCs) and infrastructure firms, allowing issuers to access the foreign currency offshore debt market once again.

Singapore’s PSA International braved a crowded market on Tuesday to make a return to dollar bonds after a six year absence. The rarity of the name worked in the issuer’s favour, allowing it to meet its key pricing objective.

The Korea Exchange (KRX) has been busy this year, setting up specialist groups and a new marketing department to promote its bourse to international issuers. KRX’s senior manager for the global marketing department, Jae Hwa Oh, told Jonathan Breen that the goal, among others, is to make South Korea a financial hub in Asia.

HSBC’s group chief executive Stuart Gulliver told clients at a forum in Hong Kong on Thursday that China deserves patience as it attempts its economic transition, adding that he expects Mainland authorities to keep their word on RMB stability.

OUE Hospitality Trust’s S$238.6m ($175.7m) rights issue has been a big success, with shareholders signing up for 1.4x the shares on offer, according to a company filing.