Asia Pacific

Indian property lender Aavas Financiers has set the terms for its IPO as it reaches for up to Rp17.34bn ($239.5m) in total proceeds.

Mainland real estate developer Sunshine 100 China Holdings has raised HK$750m ($95.6m) from a five year convertible bond.

Goldman Sachs has named a new head of the financial institutions group in Asia Pacific ex-Japan, and a new co-chairman for global FIG.

The African Development Bank has become the first supranational bank to use a securitization sold to private investors to free up balance sheet capacity. The deal, four years in the making, demonstrates a new technique that could expand development banks’ firepower to promote development.

The African Development Bank’s $1bn synthetic securitization is not its first risk transfer transaction, and will not be its last. The bank has marked itself out as a leader in this sphere, though the effort to get such techniques to work is also highly collaborative.

The European Commission has unveiled a portfolio of financial guarantee transactions it is doing to support development in Africa and regions bordering the EU. Among them are two programmes conducted by the African Development Bank, including its new synthetic securitisation.

Assets allocated to US exchange traded products and funds hit a record high in August, after assets left the space when volatility returned to US markets in February.

Chinese local government financing vehicles are under immense pressure, with the ratings of 11 LGFVs downgraded last week. But the focus for now is on the upcoming redemption of Qinghai Provincial Investment Group’s $300m bond next week — key to investor confidence in the sector.

The African Development Bank is preparing to launch a Panda bond programme, following the inclusion of the renminbi in the valuation basket of the issuer’s reporting currency.

The Indian government has put in place new initiatives to attract capital and curb the country’s expanding deficit, including easing fundraising through overseas bonds and loans, which market watchers say are small but important steps.

Shareholders of Hangzhou Lianluo Interactive Information Technology have approved its plan to list Newegg, a consumer electronics retailing website, in the US.

China Everbright International raised HK$10bn ($1.3bn) from a rights offering last week, with the cash call oversubscribed by shareholders.