Asia Pacific

The IPO of Dali Foods has become a talking point among bankers that admire what they reckon is the first true bookbuilt equity transaction in Hong Kong in a long time. Their enthusiasm is rightly placed and the company’s tactic is positive for the rest of the year’s pipeline.

Citi has made the changes to its Australia and New Zealand debt franchise, promoting James Arnold and Ian Campbell to lead the business.

Enterprises in countries along the Belt and Road (B&R) initiative are on divided on the RMB’s chance of becoming a truly international currency, a Bank of China (BoC) survey published this week found.

Birla Carbon, part of the India’s Aditya Birla Group, has shortlisted banks to supply a $925m dual-tranche facility that will replace a loan it borrowed in 2011.

National Bank of Australia issued a €750m seven year covered bond on Monday. The deal didn’t fly off the shelf, even though it offered a substantial premium to other bonds. The lack of ECB repo eligibility and slackening demand in the intermediate part of the curve was blamed.

Korea’s Asiana Airlines has swooped into the syndicated loan market for a $150m deal, picking two banks to run it.

The Financial Stability Board released the final term sheet for its Total Loss Absorbing Capacity (TLAC) proposals on Monday, projecting that compliance with the rules will cost the world’s biggest banks more than €1tr. Big banks in China, which were exempted from TLAC rules in last year's draft plan, have furthest to go.

India’s Jindal Steel & Power is understood to have asked banks to relax a covenant on a $400m borrowing sealed in April 2013.

China has decided to resume domestic listings following a ban of nearly four months, as the country’s stock markets regain some confidence following a dramatic summer rout. Alongside the reopening, China’s regulator has also announced changes to its IPO framework.

Singapore has received a new batch of initiatives to strengthen cross-border renminbi flows and capital market connectivity with China which will support greater use of the RMB outside the Mainland, says the Monetary Authority of Singapore (MAS) in a press release.

The Securities and Exchange Commission of Pakistan (SECP) has launched public consultations for three capital markets frameworks, focusing on bond pricing, securities brokers and know-your-customer information sharing.

Troubled Chinese property developer, Kaisa Group Holdings, is one step closer to striking an agreement with its offshore debt investors, announcing a new restructuring programme on November 6.