Asia Pacific

The Indian government has ridden to the rescue of its ailing state-owned banks, promising to plough more capital into them to help shore up their tier one ratios. But a capital boost is no answer to the myriad problems facing the country’s public sector lenders. India needs to take a more radical approach.

A pair of Korean policy banks have shown their savviness by opting for single tranche offshore renminbi trade bonds dual-listed as a dim sum and Formosa bond. Strong international credits should take this fairly new structure more seriously if they are looking for opportunities to save costs and secure new investor bases at the same time.

Guotai Junan’s Rmb500m ($80.6m) ABS has set a new landmark in China's securitization market, which has welcomed a raft of new asset classes this year. But while the opening up of a new funding channel for Chinese brokers has excited some market participants, others are worried it could deepen the country’s margin financing troubles.

The People's Bank of China (PBoC) has changed its daily exchange rate fixing methodology to make it more related to market levels, in a move that analysts saw as helping the renminbi's case for inclusion in the International Monetary Fund's SDR basket.

Yingda International Leasing, a company owned equally by General Electric and China’s State Grid Corp, is seeking an Rmb500m ($82m) three year loan in general syndication, with the help of two Taiwanese banks. The deal comes with a greenshoe allowing the bookrunners to double its size to Rmb1bn.

South China Financial Holdings has announced appointments to its senior management team. The new recruits will head the group’s three major business units comprising investment banking, wealth management and securities.

One bank has sent out invitations for a $200m refinancing being raised by Indian travel company Cox & Kings, according to two sources.

The State Bank of Pakistan (SBP) has put together a draft framework to identify, regulate and supervise its domestic systemically important banks (D-SIBs).

Korea South-East Power (Kosep) is set to make its first outing to the offshore bond market ahead of the redemption of an outstanding dollar bond in May 2016.

The International Monetary Fund (IMF) should take into consideration renminbi transactions involving Hong Kong when assessing the currency's international usage, the Hong Kong Monetary Authority (HKMA) has told GlobalRMB. The current treatment excludes such flows, but even partial inclusion could tip the scales for the RMB's eligibility for the IMF's Special Drawing Rights (SDR).

Indian toll road operator IL&FS Transportation Networks is seeking shareholder approval for an up to Rp10bn ($157m) fundraising to support its future growth plans.

Taiwanese electronics company Chicony Power Technology has hit the market for an NT$4bn ($128m) revolver, picking one bank to co-ordinate the transaction. The loan can be drawn in US dollars and Taiwanese dollars, depending on the borrower’s need, said a source.