Asia Pacific

Ranhill Holdings has finally sealed its IPO of MR386.78m ($93.76m) at the bottom of the range after delaying the pricing decision from Tuesday and dropping the secondary offering.

Jiayuan International Group raised HK$1.12bn ($144.16m) from its Hong Kong IPO after selling shares at the top of the marketing range, in a deal driven mainly by Chinese investors.

The People’s Bank of China (PBoC) has issued the most detailed outlook so far on what it sees as its foreign exchange policy going forward. Meanwhile, the stabilisation of the onshore RMB (CNY) rate against the dollar means that there is more optimism in the outlook for the currency.

In this round-up: Hong Kong cross-border trade settlement fell again at the start of the year, RMB deposits were steady in Hong Kong but falling in Singapore, Brics New Development Bank will set up in Shanghai, and PBoC said a swap line with Bank of Russia had been activated. Plus, a recap of our top stories this week.

Ping An Real Estate Capital has set out for a $200m loan that comes with an unspecified greenshoe option.

South Korea’s Shinhan Bank has mandated five banks for its bank capital debut in the international bond market.

Union Medical Healthcare is due to close books on its HK$951m ($122m) IPO in Hong Kong on Friday evening, with pricing expected over the weekend, according to a source close to the transaction.

Ford Motor Credit Company made its debut in the Singapore dollar bond market this week with a S$350m ($251m) transaction that investors were more than happy to put their money into.

Crédit Agricole has received a bond underwriting licence from Taiwan’s Financial Supervisory Commission (FSC). The country presents a great opportunity for global issuers in dollars but it could be some time before renminbi issuance revives.

Russian gas company Gazprom has raised €2bn ($2.2bn) from Bank of China, marking its largest fundraising directly from a single financial institution and its first bilateral loan from a Chinese lender.

Korea Resources Corp (KoRes) is set to make its first appearance this year in the international bond market, having mandated four banks to work on a dollar offering.

Netmarble, the South Korean computer and mobile game developer, has mandated two international and two local firms for an IPO that could raise as much as W2tr ($1.6bn) this year.