Asia Pacific

Sadbhav Infrastructure Project is likely to price its Rp4.9bn ($74m) IPO at the top of its indicative price range, according to bankers on the transaction.

Citic Capital Holdings has wrapped up its latest fundraising at HK$3bn ($387m), higher than the launch size of HK$1.80bn thanks to solid demand. The outcome was largely predicted by bankers as the company’s previous loan too was oversubscribed.

In this round-up, Russian bank VTB tightens co-operation with China Development Bank, latest Hong Kong and Singapore deposit data, the Azeri state oil fund reports first holdings of RMB in its foreign currency reserves, and Bank of China and China Construction Bank H1 2015 reports highlight progress in cross-border RMB business.

Lotte Group has shortlisted seven candidates for the proposed listing of its hotel chain business, having sent out a request for proposals last month.

The recent volatility experienced across global markets proved no obstacle to a RMBS trade from Commonwealth Bank of Australia. While the jittery market did force CBA to price at the investor-friendly end of guidance, the Australian bank managed to raise A$2bn ($1.4bn), double what it originally conveyed.

Indonesian property developer Surya Semesta Internusa (SSIA) has shelved plans for a possible US dollar bond due to the volatility in global markets.

Ye Chiu Group subsidiary, Harmony Group, has hit the market for a $150m loan led by a trio of banks. The Chinese aluminium recycler’s fundraising comes at a time when demand for industrial metals is slowing, but bankers reckon the company’s strong market position will help.

For the second time in a week, officials at the China Financial Futures Exchange last Friday implemented tougher rules for traders attempting to sell.

Yunnan Water Investment is set to issue maiden bonds in the offshore debt market alongside onshore notes. The company is considering a range of currencies for its international debut, including US dollars, euros and offshore renminbi (CNH).

The Export-Import Bank of Korea (Kexim) has returned to the Thai baht bond market after a gap of two years, with the hiatus helping it find strong pent-up demand. The issuer printed the largest single tranche trade from a foreign issuer in the currency, while also pricing tighter than its existing bonds.

When stress levels at work peak, it’s every banker's dream to quit working and travel around the globe. And last week, I was invited to the farewell drinks of a senior banker friend who had decided to do exactly that.

Singapore’s equity market appears jinxed this year following the failure of Jiangxi Jiangling Chassis’ S$49m ($34.8m) IPO, which would have been the first transaction to adopt the direct listing framework (DLF) with China. With the trade now in tatters, observers reckon it is time for the Lion City to rethink its IPO strategy, writes Rev Hui.