Asia Pacific

Kotak Mahindra Bank’s board of directors will meet on Wednesday to determine the size and method for an equity capital fundraising plan that could be worth as much as $1bn.

Chinese property firm Country Garden Holdings Company is wooing lenders to a $140m loan to support its investments in two start-ups.

Citi has named Alex Cartel as a managing director and head of investment banking for Australia and New Zealand, hiring him from Deutsche Bank.

Kingsoft Cloud Holdings has launched a virtual pre-deal investor education process for its $100m Nasdaq IPO, according to a source close to the deal.

The National Association of Financial Market Institutional Investors (Nafmii) has made fresh efforts to reform the bond issuance process in China. It is giving some issuers more flexibility around their fundraising plans and the way they can execute deals.

In this round-up, China’s economy shrinks for the first time since records started, exports and imports fall in March but rebound from recent lows, and the State Council will further develop the country’s capital markets.

In this round-up, China’s ambassador to the US said the two countries have been working towards implementing the trade agreement reached in January, and the UK’s foreign secretary said hard questions need to be asked about the Covid-19 pandemic.

China National Travel Service Group Corp (CNT) raised $900m from a dual-tranche bond on Thursday, making it the first Chinese state-owned enterprise to come to the market in more than a month.

Chinese local government financing vehicle (LGFV) Qinghai Provincial Investment Group Co has missed a coupon payment on a dollar bond yet again as its financial troubles continue.

Chinese chemical company EcoGreen International Group has returned to the offshore loan market after a three year break for $150m.

Stockor Ng, a former DBS loans banker, started his new job at China Citic Bank International this week, GlobalCapital Asia understands.

Neil Tu, a vice president on CICC’s equity syndicate team, left the Chinese investment bank this week.