Asia Pacific

IPO investors have one less deal to buy this autumn after Kazakhstan fintech firm Kaspi decided against proceeding with its London listing on Monday, because of volatile markets and disagreements about valuation.

Investors are growing more comfortable with Kazakhstan following a $344m trade in Halyk Savings Bank last week, and sources are hopeful the momentum will carry on through to next year as the country’s privatisation wave continues.

Corporate, FIG and SSA issuers placed floating rate notes this week, pegged to Euribor, Sonia and Libor. With so many issuers coming to market, bankers are interested to see which other borrowers 'take advantage of the liquidity'.

An undisclosed institutional investor has bagged MR663.6m ($158.5m) from offloading its entire position in Malaysian plantation company Kuala Lumpur Kepong.

Investors gobbled up Adani Green Energy’s rare Indian project-linked bond on Thursday, seizing the opportunity to buy non-Chinese paper. The company’s transaction was also helped along by its new investment grade rating.

Chinese biotechnology firm Innovent Biologics has raised HK$2.39bn ($304.3m) after selling a chunk of stock through a top-up placement.

Standard Chartered has hired Linda Gu as an associate director in its loan syndication team, according to a source close to the situation.

Chailease International Finance Corp has closed its third offshore loan of the year, finding demand from 17 lenders for a $300m facility.

Crisis-hit countries that go through a painful debt restructuring programme as part of a bailout enjoy much steeper cuts in their medium-term debt, according to an independent analysis of International Monetary Fund rescue programmes.

Banque Fédérative du Crédit Mutuel returned for its annual visit to the yen market this week to sell its largest ever Samurai.

Kaspi.kz, the largest payments and e-commerce company in Kazakhstan, announced on Monday that it would proceed with an IPO on the London Stock Exchange (LSE) after filing a registration document last week.

Holding Group Almex, the investment vehicle owned by Dinara Kulibaeva and her husband Timur Kulibayev, closed books on a 10% stake in Halyk Bank on Thursday, sold via a marketed sale of global depositary receipts in London and Astana.