Asia Pacific

Just two Asian borrowers visited the international debt market on Monday, raising nearly a combined $800m ahead of the public holiday on May 1.

Fitch has downgraded Tewoo Group, a Chinese state-owned commodities trader, by six notches, citing the company’s weak liquidity and high leverage. The Tianjin government’s financial ability to support its related entities was also brought into question.

Semiconductor Manufacturing International Corporation (SMIC), a Shanghai-based chipmaker, returned to the Panda market on Monday with two 180-day notes, raising Rmb1.5bn ($223m) in total.

Duiba Group has completed its second attempt at listing on the Hong Kong Stock Exchange.

MUFG has named veteran Taiwanese banker Randy Hung to run its Taipei-based global corporate banking team.

Indonesia’s Chandra Sakit Utama Leasing (CSUL) has launched a $75m offshore loan into general syndication.

Indomobil Finance Indonesia has paid up for its offshore loan return for a new $100m three year borrowing.

Manulife US Real Estate Investment Trust (Reit) has concluded its placement of new units on the Singapore Exchange.

Boutique investment bank Alantra has made new hires across its offices in Europe, Asia and the US.

Philippine oil company Petron has received a strong response for its return to the offshore loan market, increasing the size of its deal to $800m.

Indonesian palm oil producer Perkebunan Nusantara III has launched its debut offshore borrowing into general syndication.

Huatai Securities has taken a further step to selling shares in an indirect subsidiary, AssetMark Financial Holdings, after filing initial paperwork for the US listing.