Asia Pacific

Bank of Communications (BoCom) Financial Leasing braved a cautious market on Tuesday August 18 to price a dual tranche trade. The borrower succeeded in making its debut in euros, while strong demand allowed the dollar tranche to come inside its existing curve.

Shanghai Pudong Development Bank and Ping An Bank have been picked as underwriters and mandated lead arrangers to a $1.1bn loan for the take-private of New York-listed Wuxi PharmaTech.

Lotte Group has kicked off the first phase of listing its hotel arm on the South Korean stock exchange, sending out a request for proposals to banks on August 19.

Hong Kong conglomerate Chinney Alliance is one step closer to spinning off its foundation piling business – Chinney Kin Wing Holdings – having filed a listing application to the Hong Kong Stock Exchange (HKEx) on August 18.

Diva Hon has joined Bank of Communications International as an executive director in the equity capital markets team, after spending more than nine years with Citic CLSA Securities.

South Africa is experiencing a difficult week in credit markets, with credit default swaps that reference its debt hitting their widest point for two years.

After the uneasy calm that fell over equity markets following China’s devaluation of the renmimbi last week, investors got another rude shock on Tuesday when Shanghai stocks tumbled 6.2%, prompting bankers to mull over the possibility of pulled deals.

Canadian investors are not being put off by China's recent equity and currency volatility. CI Investment, the first Canada-based firm to have obtained a Renminbi Qualified Foreign Institutional Investor (RQFII) licence, has told GlobalRMB that the China is still attractive to those wanting to increase their international exposure.

Some market observers are concerned China’s first margin loan ABS could be sowing the seeds of a new crisis. But it's too early to condemn such a new product — and one that regulators will be watching closely.

John Wade, the head of syndicate and MTNs, Asia Pacific at Natixis will also head loan distribution in the region for the bank from September.

Tiphone Mobile Indonesia has hit the market for a dual currency financing of $184m, with four mandated lead arrangers and bookrunners. The leads have gone out to a limited number of banks for syndication.

The People's Bank of China (PBoC) injected a wave of cash into the Chinese financial system on Tuesday but short swaps remain bid on concerns about further yuan weakness. With the weak economic outlook expected to support receiving from the five year sector, sources predict more curve flattening momentum, writes Deirdre Yeung of Total Derivatives.