Asia Pacific

Taiwanese company Quanta Computer is firming up the mandated lead arranger and bookrunner group for a loan of $400m, four months after winding up a much larger borrowing via subsidiary Quanta International.

The days of the renminbi as a stable currency with high investment yields are gone, but this is good in the long run for banks that want to have a healthier CNH balance sheet, says Andrew Fung, executive director and head of global banking and markets at Hang Seng Bank.

South Korean bond issuers have garnered a reputation for squeezing investors for every penny possible with aggressively-priced transactions. Investors may be critical of their tactics but the market needs to recognise the savviness of this strategy.

Four banks have launched a €600m ($673m) financing for China National Chemical Corp (ChemChina) into general syndication, after bringing on board two lenders during the senior phase.

Hengtou Securities has covered books for its HK$1.69bn ($218.07m) IPO in Hong Kong, with the leads looking to close and price the trade slightly earlier than scheduled.

Ascendas Real Estate Investment Trust (Reit) attracted strong demand for its S$300m ($210m) subordinated perpetual bond, with institutional investors drawn to its credit rating and good name.

Real estate developer Country Garden Holdings is readying itself to become the first Chinese issuer to sell a sukuk, announcing on October 5 its intention to print an Islamic bond based on the shariah principle of Murabahah.

Australia-listed gold miner Kingsgate Consolidated expects to delay the IPO of its subsidiary in Thailand due to unfavourable market conditions, even as it fends off accusations of corruption dogging its Thai unit.

The renminbi became the fourth most used currency for payments in August, overtaking the yen with a share of 2.79% of global payments, beating the Japanese currency by a small margin of 0.03%, Swift said in an October 6 report.

Hong Kong Exchanges and Clearing has backed down from an earlier proposal to allow weighted voting rights (WVRs) for companies seeking a listing on the bourse, bowing to pressure from the city’s securities regulator.

Aaron Russell-Davison has left his role as Standard Chartered’s head of debt capital markets, his move coinciding with the bank reorganising its capital markets operations, according to sources close to the situation.

ING has appointed a new director to its syndicated finance team in Asia Pacific, replacing a banker who has moved to a new department within the firm.