Asia Pacific

United Asia Finance has launched a HK$600m ($77m) four year fundraising into syndication. The Sun Hung Kai-backed company is offering a high all-in compared to the sub-100bp being paid by other Hong Kong blue chip names.

In this round-up, PBoC sets a volatile fix for USD/CNY suggesting it has changed its methodology again, JP Morgan AM gets approval for a new MRF product, BlackRock boosts holdings in Chinese ADRs by 500% and Safe plans more RMB convertibility schemes in FTZs. Plus, a recap of the top GlobalRMB stories this week.

Five banks have opened into senior syndication a $455.75m facility that will back Baring Private Equity Asia’s proposed acquisition of Singapore-based Interplex Holdings.

The question of where next for the renminbi continues to be the subject of fevered speculation and speculators as China spends billions to support the currency. The most likely scenario is that China will do more to curb capital outflows, but there is a growing possibility it could allow a free float of the currency, according to the senior investment team at Nikko Asset Management.

China’s first revolving auto ABS successfully priced this week with SAIC-GMAC Automotive Finance bagging Rmb3bn ($456m) from the landmark Rongteng 2016-1 Retail Auto Mortgage Loan Securitization.

A senior syndicate member of UBS's Asia debt capital markets team has left the firm.

Macquarie issued its inaugural covered bond on Thursday, meeting a strong reception with the five year €500m paper twice subscribed by investors. Westpac has also opened books on a $1.35bn deal, as Fitch said it expects Australian covered bond issuance to rise this year.

Singapore Exchange (SGX) is looking to make changes to rules governing futures trading on the exchange, as well as clearing derivatives and a number of other contract specifications.

In a boost for share sales in Indian state-owned firms, the country’s securities regulator has refined the rules for offer for sale (OFS), reducing the risks that have plagued such sell-downs in the past. Market participants lauded the move, but with stock prices still shaky, deal volumes are unlikely to rise quickly, writes John Loh.

With Mitsubishi UFJ Financial Group set to issue Asia's first bond to meet total loss-absorbing capacity (TLAC) requirements by the end of this month, market participants are trying to gauge its impact. It will set a benchmark in Asia but many banks from other parts of the region still have a long way to go before they will be ready to sell the new form of capital. Narae Kim reports.

Indonesia-based power producer Cikarang Listrindo is planning to launch the country's largest IPO for almost a year.

Hong Kong’s MTR Corp has a reputation for recalibrating pricing in the region’s syndicated loan market and its latest HK$15bn ($1.9bn) dual-tranche facility is no different. The company has returned to the market after a gap of nearly 10 years, but its long absence is unlikely to pose a challenge, writes Shruti Chaturvedi.