Asia Pacific

JP Morgan has become the first non-Chinese financial institution to get an official renminbi clearing bank licence, joining Bank of China's New York branch as the second such firm in the US, the People’s Bank of China said on February 13.

Singapore is set to host its first IPO from Bangladesh, with Summit Power looking to hit screens in early March, said bankers close to the deal.

Morgan Stanley has appointed Simon Herrmann as head of Asia Pacific financial institutions group and Mohamed Atmani to head the region’s financial sponsors group, according to internal memos seen by GlobalCapital Asia.

Chinese smartphone and laptop maker Lenovo Group has approached lenders in the offshore loan market for a $1bn fundraising.

South Korea’s Ministry of Strategy and Finance (MOSF) has decided to suspend its plan to lower the threshold for capital gains tax on foreign shareholders of local stock.

Ronshine China Holdings became the only Asian issuer to sell a dollar bond this week in the run-up to Chinese New Year. But the company ended up bagging a mere $100m from its tap, despite rumours it was eyeing as much as $225m.

After a buoyant January, emerging markets took a hit this month, with volatility leading to the biggest outflows seen in more than a year. But this is likely to be just a short-term blip.

Vingroup is considering the spin-off and listing of its residential business Vinhomes in a deal that could be worth around $1bn, according to a source familiar with the matter.

India’s GMR Infrastructure has mandated three banks for the spin-off and listing of its airports unit, according to sources close to the matter.

Jiangxi Bank has filed a draft prospectus for its Hong Kong IPO, with the Chinese lender appointing two firms as sponsors.

The Export-Import Bank of Korea (Kexim) printed in Swiss francs on Monday. That was a sign, said bankers in Zurich, that the market is more resilient than others in times of broader volatility, and could welcome more emerging market names in the coming months.

The Export-Import Bank of Korea (Kexim) is plotting its return to the dollar bond market in the first half of this year, but the policy bank has reduced its overall funding target.