Asia Pacific

Indonesian coal company Toba Bara Sejahtra culled its debut dollar bond on Monday, as turbulent markets and new domestic rules around caps on coal prices put investors in risk-off mode.

China has brought its banking and insurance watchdogs under one roof, a move in line with its plans to consolidate government departments. The People’s Bank of China is set to gain an even broader mandate as a result of the change.

ANZ has hired Richard Dawson as the new head of loans and specialised finance, international, according to a Tuesday announcement.

As he heads towards the exit, Zhou Xiaochuan, the governor of the People’s Bank of China, is not only handing over the baton of RMB internationalisation to his successor, but to market participants as well. He also insisted the central bank will not let risk prevention get in the way of further reform.

Philippine real estate developer DoubleDragon Properties Corp is looking to raise Ps7.5bn ($144m) through a follow-on offering of shares.

China Boqi Environmental Holdings has raised HK$605.2m ($77.2m) after pricing its IPO at the bottom of guidance, according to a source close to the deal.

Four Asian issuers began marketing dollar deals on Monday, as a number of others started testing buy-side appetite through roadshows. But borrowers will have to temper their expectations on size and price, faced with a choppy market backdrop.

China Eastern Airlines Corp has raised ¥50bn ($468m) in Tokyo’s Pro-Bond market, breaking new ground in Japan with a standby letter of credit (SBLC) structure. Some bankers reckon the deal could be the first of many to come.

A $200m borrowing for Citic Pacific has been allocated among six Taiwanese banks, with sole lead Fubon Bank keeping most of the loan on its books.

Far East Horizon has closed its largest syndicated loan at just over $1bn, after banks jumped onboard the fundraising.

Chinese conglomerate Sinochem Group has invited banks to pitch for a role on a Hong Kong IPO of one of its subsidiaries, according to a banker with a firm pitching for the deal.

Amy Tan has been promoted to head of debt capital markets origination for Asia ex-Japan at JP Morgan, effective immediately.