Asia Pacific

Credit Suisse has brought in Mark Uy to lead coverage of investment banking and capital markets in the Philippines, according to a source familiar with the matter.

FIG bond bankers are worried, as one put it, that “the steam is coming out of the Kangaroo market” after Thursday’s additional tier 1 (AT1) deal from Société Générale failed to reach the heights of deals from UBS and BNP Paribas earlier in the summer.

Investors were given a double dose of green paper from the Philippines this week, as Rizal Commercial Banking Corp (RCBC) rolled out a $300m sustainability bond a day after Bank of the Philippine Islands (BPI) sealed a green deal.

Shenzhen Jiangtong Leasing Financial, a subsidiary of Jiangxi Copper Corp, is tapping the loan market for the first time for a $100m borrowing.

BNP Paribas and Deutsche Bank have become the first two foreign banks to receive approvals to underwrite all bonds from non-financial corporations in the Chinese interbank market. While the new licence will expand their underwriting scope in the mainland, it is unlikely to make a big dent to their DCM businesses, or challenge state-owned banks’ dominance. Rebecca Feng reports.

AllHome Corp has begun pre-deal investor education for its IPO in the Philippines. The firm is targeting as much as Ps20.7bn ($398.8m).

Equity capital markets are abuzz in Hong Kong as issuers rush to take advantage of the first window to list since business closed for the summer. Among them, consumer finance company Home Credit and China’s Bank of Guizhou are each targeting $1bn listings.

China’s Xtep International Holdings and Suning Financial Services have closed their respective offshore borrowings.

The Chinese regulators are looking to give the country’s secondary loan market a boost by encouraging banks to use one of their platforms to trade deals. While secondary loan trading has become easier, there are still many hurdles to overcome, say experts.

Aluminium Corporation of China (Chinalco) made a grand market return on Wednesday, sealing a $750m perpetual bond on the back of a book that reached $8bn at its peak.

Chinese city commercial bank Bank of Jinzhou plans to cancel coupon payments on its dollar additional tier one bonds for a year, the first such case from a mainland lender. The “shock” move from the beleaguered firm could shake investors’ risk appetite for bank capital deals from the country, writes Morgan Davis.

Shanghai International Port Group (SIPG) has made a quick follow-up to its dollar market debut, rolling out a new dual-tranche deal less than two months after it sold its maiden bonds.