Asia Pacific

Indian conglomerate Larsen and Toubro is selling-down a batch of shares in subsidiary L&T Technology Services and is looking to raise at least Rp6.65bn ($96.2m).

Industrial and Commercial Bank of China (ICBC) hit two parts of the dollar curve on June 3, selling two tranches of floating rate notes worth $750m each.

The first results are emerging from the worldwide drive to get companies to think about how climate change is going to affect their businesses. Over 40% of the world’s biggest firms are now able to give an estimate of how much they expect to lose and gain. Collectively, they forecast twice as much upside as downside. But this may be optimistic, especially as the data are skewed to financial services.

PetroVietnam Gas has launched a $250m loan in general syndication, attracting one bank during senior.

Allen & Overy has appointed Pallavi Gopinath Aney as a capital markets partner to cover India and southeast Asia, according to an announcement from the firm.

Standard Chartered has poached James Cameron from HSBC, appointing him global head for power, utilities and infrastructure (PUI) and clean technology.

The Philippines’ Aboitiz Power Corp has launched into general syndication its $300m loan to back its acquisition of AC Energy.

Bank of Jinzhou’s outstanding additional tier one (AT1) dollar notes took a beating in the secondary trading after its auditors resigned, amid concerns about the asset quality of lower tier Mainland banks since the takeover of Baoshang Bank by Chinese authorities.

In this round up, the Ministry of Commerce (MoC) is planning to publish a list of ‘unreliable entities’, clearly echoing the US’s ‘entities list’, the State Council issued a white paper detailing China’s stance on trade tensions, and the People’s Bank of China (PBoC) said its takeover of Baoshang is a ‘one-off’.

Tang Zhenyi, the former chairman of CLSA, is set to start at Credit Suisse as the chief executive for China later this month.

Chinese private higher education provider JH Educational Technology has opened the book for its $98m offering on the Hong Kong Stock Exchange.

Deutsche Bahn arrived with its first Kangaroo since 2018 this week. The MTN follows a quartet of public SSA issues that arrived earlier this week.