Asia Pacific

Chinese premier Li Keqiang defended Beijing’s intervention in financial markets on Thursday, after a collapse in volumes at the China Financial Futures Exchange.

A falling euro/dollar basis swap has made dollar issuance for euro funding borrowers more attractive — but with a crucial US rate decision looming only a brave or foolish issuer would take the opportunity.

Intercontinental Exchange expects to launch its ICE Futures Singapore and ICE Clear Singapore platforms on November 17 with five new contracts.

Shanghai Pudong Development Bank Co (SPDB) roared into the market on Wednesday, finding huge success with its debut $500m deal. The issuer managed to find the perfect window to execute its trade, tightening pricing aggressively but still ending up with a quality book.

Asia’s dollar bond market finally sprang to life this week with a trio of investment grade names successfully pricing deals. Participants are now hoping that the market is open for business, but lingering volatility means trades will come with a bigger price tag, write Narae Kim and Rashmi Kumar.

China Securities (International) Finance Holding Company has opened books for its debut offshore bond, while Qingdao City Construction Investment (QCCI) is planning to issue a senior perp for its second international outing this year.

Hong Kong-based UMP Healthcare Holdings is seeking an IPO in the city, with the firm lodging a listing application with the stock exchange via sole sponsor JP Morgan.

Barclays looked away from euros on Friday as the bank priced a Samurai deal that made it the first bank to print yen denominated senior debt from the holdco level.

Korea Development Bank (KDB) staged a successful return to the international debt market on September 9, selling an SEC registered 10 year trade. The policy bank’s success is expected to encourage more Korean names to follow suit, but bankers are not necessarily expecting a rush of issuance.

Axis Bank has begun sounding out lenders for a $274m loan related to Indian pharmaceutical firm Strides Arcolab's recent acquisition in Australia.

Auto finance companies are taking the Chinese ABS market by storm this year with SAIC-GMAC adding to the surging volumes with a Rmb3bn ($471m) transaction this week. Even though pricing came just slightly above the middle of guidance, bankers on the trade said it was a level the company was more than happy to take.

Philippines’ Petron Corp, which recently amended covenants on a 2014 borrowing, has hit the market for a $550m refinancing that was funded in July.