Asia Pacific

Fearful of missing out and, in the absence of competing credit supply, investors piled into six covered bonds on Tuesday with a combined value of more than €6bn.Royal Bank of Canada’s deal epitomised the state of investor frenzy as it was able to issue the largest deal of the year with a negative new issue premium.

Qatar National Bank has sold a Rmb500m ($73m) three year bond through Standard Chartered, continuing its ongoing presence in this market.

The Reserve Bank of India’s recent relaxation of rules governing offshore fundraising is set to give a fillip to dollar loan volumes from the country, bankers told GlobalCapital Asia this week.

The China Securities Regulatory Commission (CSRC) has cut the membership of its IPO review committee by two thirds, from 63 to 21. Of those 21, there are 12 new members.

Srei Infrastructure Finance has mothballed a plan to float its subsidiary Srei Equipment Finance as risk-off sentiment drives valuations down in India’s IPO market.

The Reserve Bank of India’s recent reforms to its external commercial borrowings (ECB) policy make for a simpler and looser process for firms raising debt offshore. But the central bank has also put up new roadblocks for issuers that could drastically affect their access to capital markets.

Asia’s offshore bond market has had a strong start to the year, moving past the doom and gloom that ended 2018. But there are already signs that the difficult conditions that defined last year may only be around the corner.

Philippine company International Container Terminal Services has turned to banks for a €260m ($296m) fundraising, breaking a hiatus of more than two years from the loan market.

In this round-up, China’s fourth quarter saw 6.4% GDP growth, Germany’s finance minister concluded a two-day visit in Beijing with 34 agreements, and cross-border payment services provider Swift took a first step to establish an onshore entity.

Chinese state-owned Shenwan Hongyuan Group and Hong Kong-based restaurant owner Tai Hing Group are preparing their IPOs for this year.

Kepei Education has raised HK$876.27m ($112m) after pricing its IPO at the mid-point of the indicative range, according to a banker.

Profit Reach International, an investment vehicle owned by Chinese billionaire businessman Shen Guojun, has returned to the loan market for a $550m refinancing.