Asia Pacific

India’s banking sector has long been in trouble. However, while a few banks can appeal to the equity capital markets to restore their capital levels — and their reputations — this won’t be easy or cheap.

Equity investors have welcomed rumours that Japanese conglomerate Softbank is exploring a potential IPO for Arm, the UK semiconductor and software designer, and are hoping that the company might return to the London Stock Exchange.

South Korea’s NongHyup Bank (NH Bank) added to the flow of Covid-19 linked bonds from Asia on Monday. It raised $500m from a five year social bond.

The Asia Pacific Loan Market Association is encouraging banks to look at ways to move towards a new lending benchmark as Libor transition looms. It has published a guide for lenders in the region.

Dollar bonds sold by Bank of Communications and Industrial and Commercial Bank of China widened in the aftermarket on Tuesday after both firms took a tight approach to pricing.

A recent surge in dollar bond supply tempered enthusiasm among investors for Vista Land & Lifescapes’ $200m outing.

Chinese high yield names continued to flow into the offshore market this week. Property developer RiseSun Real Estate Development Co took $250m from a 364-day bond, and financial firm Tongchuangjiuding Investment Management Group Co raised $300m.

Indian solar power company SB Energy pulled its planned dollar bond late on Monday after grappling with a soft market backdrop and investor demand for a juicy premium.

The Shenzhen Stock Exchange (SZSE) has waved through the first three IPOs on the ChiNext board under the new registration-based system, just one month after the reform was implemented.

The China Securities Regulatory Commission has kicked off its annual rating process of domestic securities houses after updating several grading metrics and adding two bonus criteria.

Troubled Chinese coffee chain Luckin Coffee has appointed a new chairman of the board after founder Lu Zhengyao was voted out of the position by shareholders.

Cifi Holdings (Group) Co sold its first green bond on Monday, raising $300m from a deal that received $2.25bn of investor order at its peak.