Asia Pacific

Indian pharmaceutical major Biocon, which approached the overseas loan market in July for a $200m loan, has seen five lenders join the syndicate.

In the confusing world of China’s investor access programmes, one thing regulators have made clear is that hedge funds are not welcome. The launch of the Shanghai-Hong Kong Stock Connect gave the industry access the mainland markets, but the recent stock market trouble has seen regulators take a much harder stance.

The Standard Chartered RMB Globalisation Index (RGI) rose 2.3% in July, on the previous month — its first positive result in four months — despite the stock market rout that has weighed on Chinese market sentiment, the bank said in a September 8 report.

RHB Capital has fixed the pricing for its rights offer to raise MR2.5bn ($581.5m), as the bank embarks on an internal restructuring and shores up capital to help meet Basel III requirements.

A lack of confidence in the renminbi will hurt demand for offshore renminbi bonds and decrease CNH liquidity, according to a new report by Dagong Global Credit Rating (Hong Kong), writes Daniel Monteiro.

Société Générale has appointed Laurent Morel as head of debt capital markets for Asia Pacific, taking over from Yves Jacob who has relocated to Paris.

Judy Hsu is taking over as Standard Chartered's chief executive for Singapore from October 1.

A $240m dividend recapitalisation loan for Asia Satellite Telecommunications' (AsiaSat) sponsor Carlyle has been allocated, with eight lenders joining during general syndication.

Barclays began marketing a multi-tranche Samurai trade on Monday, as some FIG bankers claimed European banks were still baulking at the new issue premiums being offered by US visitors to the euro market.

Prabhat Dairy limped over the finish line with its IPO, with the Indian producer of milk and dairy products pricing the deal at the bottom of the range after being forced to extend bookbuilding and drastically slashing price guidance.

Tata Steel’s attempt to reprice a portion of a $3.1bn loan sealed in 2014 has run into delays, which bankers are attributing to a lack of communication by the borrower as well as concerns about the steel sector. This has prompted some lenders to rethink what a reasonable cut on pricing would be.

India’s state banks will shoulder the heaviest burden in the industry’s challenge to raise $140bn of new capital over the next four years to meet Basel III regulations, according to Fitch. Public banks face steep medium-term obstacles such as poor balance sheet assets, falling capital generation capabilities and overdependence on state support, it said.