Asia Pacific

Doosan Group jumped at an opportunity to exit from Korea Aerospace Industries this week, agreeing to a fixed price for its W305bn ($251.4m) block and offering an attractive discount of nearly 8%.

A second batch of six foreign central banks, agencies and supranational institutions have completed registration with the China foreign exchange trading system (CFETS), and gained access to China’s onshore FX market, the People’s Bank of China (PBoC) said in an announcement on January 12.

Indonesian car rental service provider Indorent has raised $100m from its debut international syndicated loan. The borrowing came with a greenshoe of $50m, which was not exercised.

A $1.775bn loan for ONGC Videsh, the international arm of India’s Oil and Natural Gas Corp, has gone into general syndication, offering incoming banks all-ins below 112bp.

India finally has a formal green bond framework after the Securities and Exchange Board of India (Sebi) approved a draft proposal released at the end of last year.

Chinese city commercial lender Bank of Tianjin is seeking $1bn from a potential IPO in Hong Kong this year, having filed a preliminary prospectus with the city’s stock exchange on January 12.

Vedanta Resources has launched a tender offer for a portion of its $1.25bn 5.5% convertible bonds due this year to be executed via a modified Dutch auction method, according to its dealer banks.

China's Evergrande Real Estate Group navigated cautious markets and a rating downgrade on Monday with a reverse enquiry-driven bond that came with a fixed price. Bankers on the deal said it was a win-win for both the issuer and investors, given the volatile conditions.

The CNH-CNY FX gap has narrowed sharply in the wake of Monday's HIBOR fixing spike. In CNY swaps, easing concerns about further yuan depreciation have dampened short-end paying interest and the 1s/5s curve slope has steepened slightly, by Deirdre Yeung of Total Derivatives.

There were dramatic moves in the offshore renminbi market on the morning of January 12 as the spread between onshore RMB (CNY) and offshore RMB (CNH) all but disappeared. And, in a radical development, the People’s Bank of China (PBoC) purchases of CNH in Hong Kong drove the overnight CNH Hong Kong interbank offered rate (CNH Hibor) to a record 66.8%.

Ping An Life Insurance Company of China started building books for its inaugural dollar bond on Tuesday, while South Korea’s Woori Bank and China Energy Reserve and Chemicals Group are also wooing investors for their respective dollar deals.

The Pakistan Stock Exchange (PSX) has finally taken off, with the country’s newly-unified bourse inaugurated on Monday after being in the works for the better part of a decade.