Asia Pacific

Mongolia is seeking up to $500m from its syndicated loan debut and has already received $250m of the funds.

Intercontinental Exchange has begun clearing the iTraxx Australia and Asia ex-Japan Investment Grade credit default swap indices, as well as six individual sovereign credits in the region.

Deals came thick and fast in Europe’s investment grade corporate bond market on Tuesday, but euphoria from the European Central Bank’s surprise decision to start buying the bonds does not mean investors are buying indiscriminately. Transurban Queensland had to pull a bond and some secondary spreads are widening.

Banks must make commitments to the $20bn tranche of ChemChina's Syngenta acquisition loan by March 22, according to a banker on the deal.

China’s reported intention to introduce a Tobin tax on foreign exchange transactions has provoked a somewhat typical rush of condemnation. However, some analysts are already pointing out that pros and cons might indeed balance each other out.

Thailand’s Securities and Exchange Commission (SEC) plans to bolster confidence in the country's capital markets with a set of new guidelines for institutional investors.

Mercedes-Benz Auto Finance is set to bring a landmark transaction to China next week with its inaugural Auto ABS, Silver Arrow China 2016-1. The Rmb2.5bn ($385m) is not only notable for being Mercedes’ first ABS outing in China, but is also the first in the country to spot a yield supplement over-collateralization (YSOC) feature.

Yingda International Leasing has made a successful debut in the dollar syndicated loan market, with more than $400m worth of commitments pouring in for its $200m facility.

Oil products storage and distribution firm Puma Energy has invited banks to attend a presentation in late March. The company last tapped syndicated loans for a $1.25bn triple trancher in May 2015.

A $700m outing proved to be another success for ICICI Bank this week, which made a strong return to the debt market amid a lack of supply from high quality Indian credits. The scarcity element of Indian names helped drum up robust demand especially from the US, allowing the lender to price its notes flat to its curve.

A recent succession of frontier market sovereign loans have given banks an opportunity to build relationships with these countries. Outwardly, some lenders may find it hard to stomach Mongolia, Pakistan and Sri Lanka risk. But a more nuanced view is needed. Getting in early will allow banks to be part of their development story.

A weaker PBoC renminbi fixing has fuelled a Chinese equity sell-off and backed some flattening momentum across the CNY NDIRS curve today. Meanwhile, China has renewed a currency swap agreement with Singapore, writes Deirdre Yeung of Total Derivatives.