Asia Pacific

Banks have submitted their proposals to Malaysian telecommunications company Axiata Group, which is seeking $800m from the loan market for refinancing.

The liquidity crisis at two Chinese dollar bond defaulters, Peking University Founder Group Co and Kangde Xin Composite Material Group Co, has deepened further amid more non-payments.

Asian equity indices were a sea of red on Monday, wiping out the gains from last Friday following the announcements of US and European stimulus packages. Primary market deal flow is almost non-existent, but bankers continue to pitch for business.

Hengan International has sold a second Panda bond linked to combatting the Covid-19 pandemic, with 10% of the deal proceeds earmarked for buying raw materials used to produce face masks.

In this round-up, the reserve requirement ratio cut in China went into effect on Monday, the country’s industrial output declined sharply in the first two months of the year, and the State Administration of Foreign Exchange lifted the cap on outstanding foreign debt of Chinese issuers.

In this round-up, the central bank will lower banks' reserve requirement ratio on Monday, Chinese president Xi Jinping made his first visit to epicentre Wuhan since Covid-19 began, and the central bank and securities regulator promised more bond market reform.

Singapore hard disk drive company MMI International is looking to amend and extend an old loan ahead of a looming maturity, as it faces pressure on its financials.

Deutsche Bank has hired Alexandra Yang from Nomura to lead its China sponsor coverage team.

Property developer New World China Land has closed a HK$6.85bn ($880m) loan, attracting nine participants during syndication.

A handful of Indian listings that had been expected by the end of March have been pushed back after a traumatic week for domestic and global markets.

Beijing Hyundai and Volkswagen took advantage of the flush liquidity in China’s ABS market to print tight deals on Thursday, adding to the flurry of onshore auto loan ABS issuance this week.

China Construction Bank Corp has raised Rmb1bn from an offshore renminbi (CNH) bond that was sold through its Astana arm. The branch only started operating six months ago, after it was set up to strengthen ties between China and Kazakhstan, a country part of the Belt and Road Initiative.