Asia Pacific

QBE sold $500m of additional tier one debt in the dollar market this week, as it sought to shield itself from the financial impact of the coronavirus pandemic.

The China Securities Regulatory Commission and the National Development and Reform Commission have jointly announced a long-awaited pilot programme for real estate investment trusts to promote economic growth. The trial allows the listing of Reits backed by infrastructure projects.

Citi has promoted Prosenjit Saha as head of loan sales for Asia Pacific, a newly created position at the bank.

The Asian dollar bond market is set for a quiet week for issuance because of public holidays across a number of countries and as investors continue to battle volatility induced by Covid-19 and renewed US-China trade tensions.

Citi has made two senior appointments to its corporate banking business in Asia Pacific.

Indian conglomerate Reliance Industries is planning a jumbo rights issue of Rp531.2bn ($7.01bn).

In this round-up, China says it will hold its most high-profile political meeting in May after a two-month delay due to the Covid-19 pandemic, both the official and Caixin manufacturing Purchasing Managers’ Index (PMI) slide in April, and the successor to failed Baoshang Bank launches.

Luxshare Precision, a Chinese designer of cable assemblies, has launched a $500m loan into syndication, hiking up the margin on offer due to changing market conditions caused by Covid-19.

Central China New Life, a property management company, has launched marketing for its Hong Kong IPO as it aims to raise up to HK$2.16bn ($278.6m). The Mainland-based firm has begun virtual meetings with investors as the threat of Covid-19 continues to prevent any hopes of physical meetings.

The German state of North Rhine-Westphalia made its first visit to the offshore renminbi market earlier this week, continuing this year’s SSA dim sum shopping spree.

Singapore-based integrated energy company Puma Energy has raised a $310.5m revolving credit facility from a consortium of international lenders.

Equity collars rarely make a public appearance in Asia’s capital markets. but Citi has shone a light on the product, after using a block trade to hedge its position in a collar it had structured for a high net worth client. Bankers think the deal will drive more demand for the structure. Jonathan Breen reports.