Asia Pacific

Indian company UPL is making a return to the international syndicated loan market after a break of nearly 10 years with a $200m borrowing.

South Korea’s Kookmin Bank has selected four banks to run a potential return to the covered bond market, but a source at the issuer said that due to unfavourable market conditions, there’s a possibility that the deal will not materialise.

CIMB has let go 32 staff in Hong Kong, mostly in investment banking and equities, as the Malaysian lender continues its three year cost-cutting drive that began in 2015.

The Province of British Columbia (BC) is set to price its debut Panda bond on Thursday, January 21. The up to Rmb3bn ($457m) three year offering is being marketed at a range of 2.6%-3.0%, several sources have told GlobalRMB.

Development Bank of the Philippines (DBP) has opened a $300m three year loan to retail participants, having picked the mandated lead arrangers and bookrunners in mid 2015.

China’s central bank drew a lot of criticism this week for its decision to intervene in the offshore renminbi market. But David Bloom global head of foreign exchange strategy at HSBC, says the People’s Bank of China was correct in trying to stop the CNH depreciation.

Baker & McKenzie.Wong & Leow has strengthened its DCM franchise by hiring Pallavi Gopinath Aney in Singapore.

Indian data service provider Tata Communications is understood to be in talks with lenders for a loan of $250m.

Indian company Cadila Healthcare is gearing up for a Rp50bn ($741.1m) qualified institutional placement after the country’s Foreign Investment Promotion Board gave it the go ahead this week.

Chinese peer-to-peer lender Lufax is calling on banks to pitch for its $5bn listing in Hong Kong, expected to be the city’s largest float in 2016.

STIC Investment sold down a W121bn ($99.5m) block in South Korean defence firm LIG Nex1 on Thursday, with the trade proving irresistible to investors amid ongoing geopolitical tensions in the country.

Hong Kong’s Hsin Chong Construction Group managed to get a difficult $150m bond away this week, braving volatile markets with a two-day execution and private bank backing.