Asia Pacific

Coal miner Adaro Energy Indonesia is speaking to its relationship banks about refinancing existing debt, and is planning to send out a request for proposals next week.

China has taken a huge step forward with the liberalisation of its capital markets this week following the announcement that Bank of China Hong Kong (BOCHK) and HSBC have been approved by the People’s Bank of China (PBoC) to become the first foreign banks to issue Panda bonds.

Frédéric Lainé has left RBC Capital Markets after four years with the bank. The fixed income veteran is understood to be leaving the banking industry.

ReNew Power Ventures has become the second Indian corporate to issue a green bond, coming close on the heels of the maiden deal from the country. With a credit enhanced structure, the company was able to enjoy a substantial pricing benefit.

Korea National Oil Corp (KNOC) has made a successful return to the dollar bond market, with the recent sovereign credit rating upgrade allowing the borrower to enjoy a strong investor reception. Not only was it able to raise more than planned, but KNOC also priced the new bond inside its existing curve.

Philippines’ Rizal Commercial Banking Corp (RCBC) has signed a larger $280m loan with 18 lenders on board.

A $145m loan backing the Blackstone Group’s acquisition of the Indian business process outsourcing (BPO) operations of the Serco Group is likely to launch this week.

The Asia Securities Industry & Financial Markets Association (Asifma) has expressed its concerns over the widespread use of powers of attorney (POA) in Hong Kong IPOs.

Weichai Power has opened books for its debut offering which will also be the first under new Chinese rules for offshore bond issuance that were released last week.

Ashok Leyland is seeking to list its commercial vehicles financing arm, Hinduja Leyland Finance, in an IPO expected to raise around $100m, according to sources close to the transaction.

The People’s Bank of China (PBoC) has issued a set of rules for the renminbi Cross-border Interbank Payment System (CIPS) to the first batch of 19 participating banks. According to a copy of the document that GlobalRMB has obtained, the central bank released the rules on September 11 and they are to be applied imminently.

Two banks have launched a $700m three year borrowing for Fosun Industrial, an affiliate of Chinese conglomerate Fosun International.