Asia Pacific

Indian state-owned companies Power Finance Corp (PFC) and Rural Electrification Corp (REC) have sent out requests for proposals for loans worth a collective $520m. The invitations come close on the heels of the Reserve Bank of India’s announcement of a new framework to regulate overseas borrowings.

The October 2015 launch of the cross-border interbank payment system (CIPS) opened the door to creating a global RMB payment infrastructure. But, for now, the limited number of participants involved dampens the new infrastructure's potential impact.

Yingda International Leasing is making its debut in the Hong Kong and US dollar loan markets with a $200m dual-currency facility as it looks to increase its visibility among international lenders.

High yield investors are facing a unique proposition with Jiangsu NewHeadLine (NHL) opening books to a three year dollar bond on January 6, in what would be a rare high yielding credit that is linked to a local Chinese municipal government.

Hong Kong real estate giant Swire Properties and the Korea Development Bank have launched the first investment grade bonds from Asia for 2016, opening books for dollar-denominated transactions on January 6.

A $600m loan for the upstream oil and gas arm of Perusahaan Gas Negara (PGN) has seen commitments worth $100m come in so far.

The Asian block market started with a jolt this week as Hanwha Techwin Co was forced to trim a W282.1bn ($235m) sale in Korea Aerospace Industries. The deal stumbled during bookbuilding after a separate sale in the company was marketed to the same investors at the same time, setting a negative tone for future block trades in South Korea.

Hong Kong-listed China SCE Property has completed a $400m fundraising via four mandated lead arrangers and bookrunners.

Manulife US Real Estate Investment Trust (Reit) is reviving its plans to list in Singapore after shelving an IPO in 2015, and is aiming to launch in the first half of this year, according to a source close to the deal.

Standard & Poor’s has put the credit rating of Chinese mall developer Renhe Commercial Holdings on negative watch after one of the company's subsidiaries breached covenants on a syndicated loan. The breach could prompt banks to demand an early repayment, which the firm might find tough to meet.

A W364.50bn ($309.64m) block has been launched in aircraft parts maker Korea Aerospace Industries, with vendor Hanwha Techwin Co looking to pare down its stake.

India’s stock market regulator has published a consultation paper on real estate investment trusts (Reits) while Singapore’s financial regulatory authority has firmed up rules governing the asset class.