Asia Pacific

Alkem Laboratories, a drug manufacturer, has lodged its preliminary prospectus with India’s regulator for a listing that could raise some $200m. The trade will be led by two local and two international banks.

The RMB globalisation index (RGI) published monthly by Standard Chartered (StanChart) fell by 2.8% in June from a month earlier. The key reason for the drop was lower FX turnover, but ongoing liberalisations should support the market in the coming months.

This November would mark three years since Australia’s Westpac strengthened its foray into India, with the opening of a branch in Mumbai. With an eight year presence in India under its belt, the bank is keen to develop relationships and offer more of its capabilities in trade finance, structured commodity finance and other products.

HSBC has taken a knife to its forecast of volumes of offshore renminbi bonds and certificate of deposits for the year, as attractive costs of onshore funding steal the limelight from dim sum issuance.

India threw a lifeline to its state-owned banks last week by pledging to inject more capital into its ailing lenders. While the move gives the banks a short-term reprieve, their ability to tap equity capital markets remains hampered by some deep-seated issues, say market participants.

Depo Auto Parts Industrial has parked for an NT$7bn ($224.5m) five year financing, with one bank in the driver’s seat.

Nanjing Xinjiekou Department Store, a subsidiary of Nanjing Cenbest, has announced its plan to issue offshore bonds in order to acquire China Cord Blood Corporation (CCBC)’s China business.

The proposed listing of CRCC High-Tech Equipment Corp on the Hong Kong Stock Exchange (HKEx) is gaining steam after the Kunming-based company filed its A-1 on August 6.

China's authorities are moving quickly on two sets of new guidelines, on Panda bonds and green bonds, and could be in a position to release them as early as September. A green Panda bond could follow, GlobalRMB has learned from several sources close to Chinese decision-makers.

The Reserve Bank of India (RBI) has opened discussions on the creation of a framework for foreign investor limitations on Indian bonds. The framework could allow for an increase in the current foreign investment quota, says DBS.

In this round-up, RMB indicators rose in Hong Kong across deposits, trade settlement and clearing, HKEx saw a 66% month on month increase in USD/CNH futures, Macau's RMB deposits and trade settlement were also up, and China and Angola will use their national currencies for trade settlement.

The London Stock Exchange Group (LSEG) has made RMB products available across its platforms and is pushing for the currency to become just one more option available to its clients. But product innovation will only proceed as quickly as Chinese regulators' desire to open up, according to LSEG's director of international development.