Asia Pacific

Malaysia’s Press Metal Aluminium has raised a $300m dual-tranche financing to support its acquisition of Bintan Alumina Indonesia (BAI).

The People’s Bank of China kept the one year medium lending facility (MLF) rate unchanged on Monday, contrary to market expectations.

Yes Bank has written down Rp84.15bn ($1.14bn) of its Basel III compliant additional tier one bonds, becoming the first Indian bank to have its AT1 notes bailed in. The move, together with capital injection from a group of banks led by State Bank of India, is expected to give a much-needed boost to the beleaguered firm’s capital ratio.

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.