Asia Pacific

India’s largest ever leveraged buyout loan, tied to Blackstone’s stake purchase in IT services company Mphasis, is in the market, after inviting a wide group of banks to participate in general syndication.

Hong Kong’s stock exchange has rejected an IPO application from Aim Vaccine, a leading Chinese vaccine maker. The deal is being sponsored by China Securities, CICC, Goldman Sachs and Macquarie.

Pharmaceutical ingredients manufacturer Glenmark Life Sciences is set to launch a Rp15.1bn ($202.6m) IPO on Tuesday.

Increased concerns about the impact and spread of the Covid-19 virus, as well as China property bond volatility, dented the dollar bond market in Asia last week, leading to significant widening in the high yield sector.

In this round-up, onshore securities houses receive their 2021 annual rating, the central bank requires pre-reporting from non-bank payment firms to go public, and the private education industry in China faces tough new regulations.

ANZ New Zealand is preparing to issue a tier two bond, marking its first foray into the format.

Star Health and Allied Insurance filed a draft IPO prospectus with India’s securities regulator this week, become a rare private sector insurer to head for a listing.

South Korean car rental company Lotte Rental has launched the roadshow for its IPO, looking for up to W850.9bn ($739.2m) in proceeds.

China Telecom Corp has got the nod from the Chinese securities regulator for a Shanghai listing which, if launched in the second half, could set the record for the largest IPO in the world this year.

Shandong Iron and Steel Group Co raked in $500m this week, as investors welcomed the long-term prospects of the Chinese company.

Ping An Real Estate Co raised a total of $600m from two tranches of green bonds on Thursday, capping a strong week for sustainability related transactions in Asia.

Citi has named Rahul Saraf as head of investment banking for India, effective on Wednesday.