Asia Pacific

Onshore DCM bankers are having a busy week in the Panda bond market. Two returning issuers have lined up onshore transactions this week, as they seek to profit from looser liquidity and falling yields in China.

Clifford Capital is seeking $458m this week from its debut project finance collateralized loan obligation cash flow securitization, to be issued through a newly established special purpose company Bayfront Infrastructure Capital.

Lodha Developers may hit screens with its Rp50bn ($732m) IPO in India next month as the lead banks wait for markets to calm down.

Huarong Investment Stock Corp has returned to the loan market for a HK$3bn ($382m) dual currency borrowing, offering similar terms as last year.

David Zhu, a former loan syndications banker at Deutsche Bank, has joined ICBC International, GlobalCapital Asia understands.

The decision of China’s exchanges to bar mainland investors from dual-class stocks may not seem like much in the grand scheme of things, but it is the darkest moment for China's market reform path since the infamous summer of 2015.

IT service provider Lotte Data Communication is on track to raise W127.7bn ($113.5m) after pricing its IPO close to the bottom of guidance.

Renhe Commercial Holdings’ HK$2.2bn ($274.3m) rights issue was slightly undersubscribed, forcing its major shareholder to pick up the slack.

E-House China Enterprise Holdings has priced its Hong Kong IPO at the bottom of expectations, raising HK$4.6bn ($591m) at a single-digit valuation.

Chinese start-up Pinduoduo, a challenger to e-commerce giant Alibaba Group, has launched bookbuilding for an up to $1.63bn IPO of American Depository Shares.

Cango, a Chinese online marketplace for vehicle sales, has started bookbuilding for its $150m IPO on the New York Stock Exchange.

Citi has named Prosenjit Saha as head of loan sales for ASEAN and India, a newly created position to boost the bank’s loan business in the regions.