Asia Pacific

Singapore’s sovereign wealth fund GIC has bagged Bt9.1bn ($290.7m) after offloading its position in Thai property developer Land & Houses, according to a source close to the deal.

Chinese components manufacturer Impro Precision Industries has opened books for its HK$1.1bn ($140.49m) IPO after receiving Hong Kong Stock Exchange approval for its float.

Philippine National Bank (PNB) has announced the offer price for its stock rights offering.

Tata Capital Housing Finance has launched a $75m debut borrowing into the market, as another subsidiary of the Tata Group also seeks a separate maiden facility.

Indonesia Eximbank has launched a $900m dual-tranche borrowing into general syndication.

Property developer China Jinmao Holdings Group priced a $250m deal last week, including $145m of new money, as part of an exchange offer that had a participation rate lower than 20%.

Huatai Securities, the Chinese brokerage, has set a price for the sale of global depositary receipts on the London Stock Exchange, the first deal under the new London-Shanghai Connect programme.

Budweiser Brewing Company Apac, the Asia Pacific arm of Belgian brewer AB InBev, has put the wheels in motion for a float of up to $10bn on the Hong Kong Stock Exchange.

Indian mortgage lender Housing Development Finance Corp has completed a block sale of 31m shares, or a 4.2% stake, in Gruh Finance to rake in Rp8.9bn ($129.34m).

Philippine company International Container Terminal Services has closed its €260m borrowing after changing the use of proceeds.

In this round-up, US president Donald Trump warned of higher tariffs should his Chinese counterpart not meet him at G20, UBS’s chief economist employed questionable language when discussing the rise of Chinese consumer prices, and total exports edged up in May while exports to the US fell again.

As the crisis at Baoshang Bank and Bank of Jinzhou continues to brew, Hong Kong-listed Guangzhou Rural Commercial Bank priced a $1.43bn Basel III-compliant additional tier one (AT1) note at a level that was well inside where similarly rated small Chinese lenders were trading in the secondary market.