Asia Pacific

Malaysia’s CIMB is understood to have rejigged its equity capital markets operations, with Patrick Tan named the new head of ECM and syndicate for Asia, according to sources.

Indonesia is making a renewed push to list its myriad state-owned enterprises in a bid to relieve pressure on public finances. But those plans could yet be scuppered by a host of issues, not least of which is domestic politics.

While nursing a whiskey at the China Club this week, I couldn’t help but notice a group of bankers crowded around some tables in the corner. While they typically wouldn’t catch my eye, what drew my attention was that they all had a tipple in their hands but seemed too busy muttering expletives to drink anything.

Bank of America Merrill Lynch is moving back to a co-head structure for its Asia Pacific global corporate and investment banking unit, with Elif Bilgi Zapparoli promoted to the role, according to a memo seen by GlobalCapital Asia.

Doosan Group sold the third Asian block of the year this week and, in an unusual approach, opted for a private placement. If markets remain volatile, bankers predict many more of the region’s blocks may follow suit. Jonathan Breen reports.

January kicked off with China front and centre as the upheaval in its stock market caused indices across the globe to tumble. South and southeast Asia did not escape unscathed but the chances are that when markets stabilise, investors will be eager for equity issuance from the region.

The Securities Association of China (SAC) has released further guidelines on underwriting and allocation for IPOs, in line with the new rules issued by the China Securities Regulatory Commission (CSRC).

Korea Midland Power Co (Komipo) bagged $300m from new 5.5 year notes that were four times subscribed on January 13. The Aa2/AA-/AA- rated borrower offered investors something of a safe haven play amid the recent volatility, with strong demand allowing the issuer to print the new bond with little premium.

Asia’s primary dollar bond market has seesawed since the start of the year, with paralysis one day and a flood of deals the next. This has caused market participants to scramble to come up with different strategies to navigate the market, writes Narae Kim.

STIC Investment launched a W121bn ($99.5m) sale of shares in Korean defence company LIG Nex1 on Thursday evening, confident they could cover the block with domestic investors.

Hong Kong Airlines had to navigate a crowded primary market on January 13 to price its first dollar bond and raise $180m in the process.

Volatility in Chinese equity and foreign exchange markets is spooking investors but the cheaper RMB and more reasonable valuations for A-shares might provide an ideal entry point for investment into the Mainland.