Asia Pacific

China Forestry International Resources (CFIR) is struggling to obtain its lenders’ consent for a covenant waiver on a loan from 2017. The covenant was breached when CFIR’s state-owned parent, China Forestry Group, provided a guarantee for a $150m deal for another subsidiary launched in February.

The heads of two of the world’s leading global financial regulators have hailed the potential of financial technology to help lift people out of poverty by connecting them to the banking system. But both Agustín Carstens, General Manager of the Bank for International Settlements, and Christine Lagarde, the managing director of the International Monetary Fund, warned of potential risks.

Syndicate bankers are expecting Kangaroo issuance to wane as the Japanese market shuts down this weekend for an extended holiday and Australia’s inflation outlook worsens.

Nomura announced in its results on Thursday that its wholesale business made a loss both in the fourth quarter and in the year as a whole. The Japanese bank is looking to cut back the division.

Chinese local government debt issuance ramped up in the first quarter of 2019, with investors at home and abroad more enthusiastic about offshore bonds from local government financing vehicles (LGFVs). But they continue to be selective over which credits they buy — just as more deals are set to be launched, writes Addison Gong.

The Bank of the Lao PDR (BOL), Laos’s central bank, has relaunched a loan following a failed syndication late last year, but it is not clear how successful it will be second time around. Pan Yue reports.

Malaysian poultry producer Leong Hup International (LHI) has filed the prospectus for its coming IPO of up to MR1.2bn ($290m).

Mercedes-Benz Auto Finance pulled off its biggest auto loan ABS deal to date on Tuesday at its tightest price since 2017, despite a last minute regulatory probe into the originator. But the apparent success owed plenty to the lead underwriters’ co-ordinated efforts to keep the issuer happy and the primacy of credit ratings to international buyers, writes Rebecca Feng.

ARA Group has begun bookbuilding for its ARA US Hospitality Trust (ARA US) listing on the Singapore Stock Exchange. The deal represents the spin-off of US-based Hyatt branded hotels.

China Construction Bank sold a Rmb10.25bn ($1.53bn) four-tranche RMBS on Tuesday with an international rating.

There are many inaccurate pejorative stereotypes about investment bankers, but one I’ll gladly admit is true is that we are a snobbish bunch when it comes to travel.

Chinese plastic surgery social network So-Young International hit the road for its Nasdaq listing this week, eyeing proceeds of up to $179.4m.