Asia Pacific

Industrial and Commercial Bank of China’s London branch has established a $10bn MTN programme, paving the way for the unit to issue its first international bond.

A fundraising for a unit of China National Chemical Corp is set to increase to €630m ($683.6m) from the launch size of €600m, after more than 10 banks piled into the syndicate.

China Nuclear Engineering Group Corporation (CNEC) is hoping to launch what will probably be the last dim sum bond of the year. However, the borrower is struggling to get the debut off the ground, as it is pushing to issue at a level that is much lower than market rates, several sources close to the deal have told GlobalRMB.

China Energy Engineering Corp’s HK$14bn ($1.81bn) Hong Kong IPO, which priced at the bottom of the range on Thursday, was comfortably covered even though retail investors failed to take up all the shares they were entitled to.

Tsinghua Unigroup had the Asia bond market to itself on December 3 when it made its dollar debut ahead of the European Central Bank’s stimulus package announcement. The lack of competition, combined with Tsinghua’s credit strength, resulted in a popular $800m trade that was close to four times subscribed.

Asia’s debt capital market is set to end the year on a bumper note, with China Construction Bank (CCB) poised to launch a dollar-denominated additional tier one trade next week.

A bank meeting for lenders interested in a $130m leveraged buyout loan for LVMH’s Asian investment arm has been postponed, according to sources.

In this round-up, Hong Kong sees sharp drop in RMB trade settlement in October, PBoC appoints Swiss RMB clearing bank, ICBC Singapore completes first CNH bond repo, CSRC looking at London Stock Connect feasibility, Macau set to introduce RMB clearing system, StanChart joins OTC Clear in Hong Kong. Plus, a recap of our top stories this week.

The Pakistan Stock Exchange (PSE) is set to launch on January 1 in a keenly-anticipated ceremony that will be attended by top government officials and foreign investors eyeing a stake in the soon-to-be unified bourse.

South Korea’s t-broad has finally filed a listing application with the Korea Exchange after first mandating banks a year ago. The IPO aims to raise up to W500bn ($436m) around February 2016.

The Securities and Exchange Board of India (Sebi) is one step closer to having a formal framework for its green bond market, having launched a public consultation this week.

Ford Motor Credit (FMC) made a rare appearance in the Australian dollar market on Thursday with a three year bond, as borrowers more familiar with the market hope for a stunning run of primary activity next year. Luka Dimitrov reports.