Asia Pacific

Shinhan Bank was forced to pay a new issue premium (NIP) to complete its Basel III-compliant tier two deal on Monday, like most other issuers in recent weeks. But the South Korean borrower still managed to price its bond tighter than expected.

Indian state-owned Mangalore Refinery & Petrochemicals is looking to meet its free float requirements with a possible Rp27bn ($410m) equity raise.

Bandhan Bank is set to price its Rp44.7bn ($685.7m) IPO in India at the top of the indicative range following a blowout response, making it the country’s largest float on record by a bank.

UBS is keeping the equity blocks market busy in Asia, launching two deals consecutively in the Philippines and Hong Kong — both as sole bookrunner.

Taiwanese financial conglomerate Shin Kong Financial Holding Co is planning a domestic rights offering, an issuance of global depository receipts (GDR), or a combination of the two to raise capital.

GCL New Energy is opting to use a club route for a $150m loan, mandating Credit Suisse as the sole mandated lead arranger and bookrunner, according to sources.

China’s Qinghai Provincial Investment Group Co was forced to pay up around 75bp in new issue premium to complete a $250m bond on Friday, as investors voiced their scepticism about the low rated issuer.

China’s Gangtai Group Co and Yango Group Co both sold bonds with 1.5 year tenors at the end of last week, catering to the Asian buy-side’s demand for short duration. Their transactions have raised expectations of more short-term issuance from high yield companies.

China’s OneSmart International Education Group opened books for its $211.9m IPO of American Depository Shares (ADS) on Monday.

While underwriters in the international markets tend to have an important role in price discovery and distribution, some of China’s onshore banks are trying something different and are acting nothing like underwriters.

Baidu-backed video streaming platform iQiyi kicked off bookbuilding for its $2.38bn US listing on Monday and was covered quickly.

Credit Suisse has named Sergio Morita as Ashish Sharma’s replacement to helm the loan syndications desk in Asia Pacific, according to an internal memo seen by GlobalCapital Asia.