Asia Pacific

Thailand’s Star Petroleum Refining successfully wrapped up its Bt13bn ($365m) IPO on Thursday. But while the trade was oversubscribed, it decided not to go ahead with an increase and greenshoe option.

Korea Development Bank (KDB) returned to the Singapore dollar bond market on November 26, bagging S$200m ($142m) from a three year deal. The offering marks the Korean policy bank’s third offshore outing in just one week, following deals in Australian dollars and offshore renminbi.

Chinese conglomerate HNA Group ventured into the dollar bond market on Thanksgiving and managed to raise $250m from a two times covered book.

Morgan Stanley has made a series of high level changes to its business with Eric Ma taking the helm as vice-chairman for southeast Asia, according to an internal memo seen by GlobalCapital Asia.

SinoPac Securities has signed a $120m three year bullet loan, netting commitments from a group of roughly 15 lenders.

In this round-up, ANZ launches free trade units in the Shanghai FTZ, RMB deposits drop in Macau and Taiwan, ECB and PBoC complete testing of swap line, JP Morgan starts RMB money market fund transfer solution, and China might begin a RMB fund in collaboration with CEE countries. Plus, a recap of our top stories this week.

The Singapore dollar market is welcomed another new participant this week as French lender BNP Paribas launched its a debut tier two trade at an attractive level

United Overseas Bank in Singapore came one step closer to issuing the country’s second covered bond when it published an offering circular on Monday.

Intel, the US technology company, raised A$800m ($578.44m) in its debut Kangaroo deal on Tuesday afternoon, drawing strong demand from Asian investors.

The investment banking arm of RHB Banking Group is tweaking its strategy to boost its presence outside Malaysia, and plans to build on its transaction and commercial banking relationships to win market share. Rashmi Kumar reports.

Bank of East Asia (BEA) executed a landmark trade this week, completing Asia’s first dollar liability management exercise into a Basel III instrument. With old style bank capital instruments losing capital value, market observers hope there will be more such transactions, writes Rev Hui.

Baosteel Hong Kong Investment Co sold a $500m exchangeable bond this week at terms that were aggressive even at the bottom end. Bankers clashed over whether the mandate process, conducted like an accelerated bookbuild, was good for the market, writes John Loh.