Asia Pacific

The Republic of Indonesia turned to the bond market on Monday to fund its Covid-19 relief efforts, raising $4.3bn from a triple-tranche deal. Investor demand for long-dated tenors encouraged the country to offer a 50 year note as part of the trade, making it a first for Asian sovereigns.

More than 100 charities and other organisations are urging that developing countries' debt payments be cancelled this year. They have called for interest and principal payments to be withheld from public and private sector lenders.

Adani Transmission has raised a further $90m US private placement, according to market sources, after it became earlier this year the first Indian company to raise debt in the market since 2007.

The People’s Bank of China announced the much-anticipated cut to the reserve requirement ratio (RRR) by 100bp for small and medium-sized banks last Friday. But in a surprise move, the central bank also dug out an old tool to appease the market after hopes were shattered on a lower benchmark deposit rate.

Bank Rakyat Indonesia is planning a return to the offshore loan market. It is inviting banks to bid for a new deal.

Chinese biopharmaceutical firm Akesobio has got the greenlight from the Hong Kong Stock Exchange for its IPO, which is expected to raise $200m to $300m, according to a source familiar with the matter.

In this round-up, China announces a reserve requirement ratio cut for small banks and a reduction on the interest rate for excess reserves, Bank of Jinzhou will sell some of its assets at a steep discount and the Chinese securities regulator condemns Nasdaq-listed Luckin Coffee for faking its sales record.

JP Morgan Asset Management is set to become the first foreign asset manager to fully own a Chinese fund management company, after its onshore partner agreed to exit their 15-year-old joint venture.

Hong Kong-listed Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co has won approval from Shanghai’s bourse to list shares on the Star board.

The Republic of Indonesia announced a triple-tranche bond sale on Monday morning, starting the week in Asia on a positive note. Bankers are watching investors’ response to the deal closely as more issuers line up new transactions.

Toronto-Dominion Bank launched the first Australian dollar covered bond of the year on Thursday night, issuing in good size at a similar spread to where it recently issued its dollar covered bond.

In this round-up, the Mainland is keeping a close eye on people who did not show any symptoms but still tested positive to Covid-19 and the country said medical supplies that do not meet domestic standards will not be exported.