Asia Pacific

Bank of China (BoC) plans to play to its strengths by deploying its balance sheet and providing liquidity to parched investors. With syndicate and trading operations in place, it has hired Tim Skeet as head of Western European origination.

Sixteen banks have made the most concerted effort yet at defining how to do scenario analysis on climate change — the core risk management exercise called for by the Task Force on Climate-Related Financial Disclosures.

How risky is it to lend money to a coal-fired power plant or an oil company? OK for another five years, perhaps — but how much longer can they carry on in the face of climate change? So far, banks have largely ducked questions like these. But from next year, more and more of them will be giving some kind of answer in their annual reports.

The International Organization of Securities Commissions on Thursday scolded central counterparties for not doing enough to implement policies to ensure their stability.

Hong Kong Exchanges and Clearing on Thursday said it had selected Roland Chai to be the group’s risk officer. He will start in his new position on June 1.

There are two phrases that don’t often go together in the capital markets: ‘13% yield’ and ‘two year bond’. But that eye-watering funding cost was just what China’s Hydoo International Holding paid on its latest exchange offer, marking the highest yield for a dollar bond since 2015. Bankers think there will be plenty more where that came from, writes Addison Gong.

Indonesia’s Federal International Finance raised $300m from its first dollar bond on Wednesday, managing to tighten pricing marginally despite investor pushback.

Morgan Stanley’s private equity arm raised W230.4bn ($214.3m) from an overnight sell down in South Korea’s Hyundai Rotem on Wednesday.

Indian conglomerate Larsen & Toubro kicked off the listing of its infrastructure investment trust (InvIt) this week, pushing a novel private placement structure. Market participants predict that with the sponsor’s strong credentials, a desire for safe assets and a bigger investor pool, the deal could be the boost InvIts have been waiting for. Jonathan Breen reports.

Xiaomi Corp set its $10bn IPO in motion this week with an initial filing to the Hong Kong Stock Exchange. The move is a big win for the city, as the Chinese smartphone maker will be the first high-profile issuer to make use of Hong Kong’s new listing rules that allow founders to control a company with weighted voting rights (WVR). John Loh reports.

David Lim has rejoined Credit Suisse in the newly created position of vice-chairman for private banking, southeast Asia, effective next week.

India’s Reliance Jio Infocomm has launched the biggest Samurai loan from an Asian company into general syndication, as it looks to leverage on Japanese onshore liquidity.