Asia Pacific

AVI Japan Opportunity Fund, a new activist investment fund focused on undervalued cash-rich and over-capitalised Japanese equities, is set to begin trading on the London Stock Exchange on Tuesday, after the company priced its IPO.

Ion Investments has launched a block sale of South Korea-listed Celltrion stock, targeting proceeds of up to W865bn ($764.6m).

Indian electricity utility firm Tata Power has launched a $245m refinancing loan into general syndication after mandating five banks last month.

The International Finance Corp (IFC) has committed $150m to a green bond issued by China Banking Corp, supporting the Philippines’ efforts in fighting climate change.

Thailand Future Fund took full advantage of a wealth of domestic demand for its IPO, pricing the Bt44.7bn ($1.37bn) transaction at the top of expectations, according to a banker on the deal.

China Singyes Solar Technologies Holdings’ defaults last week have pressured the secondary performance of other new energy names as well as the overall Chinese high yield industrial sector, as the market braces itself for more non-payment situations.

Qingdao Haier sealed the first D-share IPO in Frankfurt after pricing near the bottom of expectations, but managing to sell more shares to raise €278.3m.

China’s top financial regulators coordinated statements boost stocks, Japan and China to resume currency swap agreement, and MoF announces additional details on personal tax cuts.

Multilateral development banks are increasingly seeking creative ways to strengthen their arms by getting private capital to invest alongside them, magnifying their efforts. The International Finance Corp has long been one of the most active in this field, and thanks to a fund it launched five years ago, it last year achieved a co-investment ratio of over 100%.

The US Treasury declined to name China a currency manipulator in its latest report this week, contrary to expectations. But the last minute save did not prevent the renminbi from moving closer to the line in the sand with an exchange rate of seven per dollar.

The People’s Bank of China opened the gates to onshore triparty repo, the Ministry of Commerce reports healthy numbers for exports and investments for the first three quarters of 2018, and the Hong Kong Monetary Authority brought on-board a senior PBoC official on secondment.

Indonesia state-owned electricity company Perusahaan Listrik Negara (PLN) priced its first deal as a fully investment grade rated issuer on Thursday, tapping not only the dollar market but also euros for the first time.