Asia Pacific

PBoC downsized its open market operations in what some say reflects liquidity improvements from its other measures. After some initial paying 1-year NDIRS reversed course on emerging receiving interest and the short-end of the curve steepened accordingly, writes Deirdre Yeung of Total Derivatives.

Industrial and Commercial Bank of China (ICBC) opened books on Tuesday for a dollar tier two offering, taking advantage of the last issuance window before this week’s Federal Reserve meeting. The issuer is replicating the bullet structure used by Bank of China in its 2014 offering, a deal which saw a blowout response.

Chinese property developer Gemdale Corp is in the market to buy back $500m worth of bonds as the company seeks to optimise its capital structure.

The Taiwanese equities market is set for a huge increase in volumes following Delta Electronics’ announcement that it has obtained board approval to issue a maximum of 170.67m new shares.

The Ontario Teachers’ Pension Plan (Teachers’) has appointed Nicole Musicco to helm its Hong Kong operations in a newly created position. The move demonstrates the growing importance of the Asia Pacific region for the fund, which invests across asset classes.

Chinese state-owned enterprises (SOEs) are set for a shake-up following the release of guidelines to reform their management.

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) is understood to have increased the size of its borrowing to $200m — double the launch size.

Interglobe Aviation, the holding company of Indian budget carrier IndiGo, and Coffee Day Enterprises are looking to launch their IPOs in October, in deals that could raise a combined Rp36.5bn ($548.19m).

Goldman Sachs has lost a senior coverage banker following the resignation of the managing director of its China Industrials Group (CIG).

The trading arm of China’s Tewoo Group is raising a $100m two year onshore loan, with the amortiser offering banks an additional incentive for early commitments.

Easing liquidity conditions supported offers in the very short end of the CNY swap curve on Monday. This drove some disinversion momentum in the 1s/2s NDIRS curve slope that sources expect to continue, writes Deirdre Yeung of Total Derivatives.

Hong Kong conglomerate Swire Pacific is looking to find long-dated appetite with a new 10 year bond in US dollars.