Asia Pacific

China’s FX watchdog tells corporates to prepare for more volatility in the RMB exchange rate, the chief of China Banking Regulatory Commission (CBRC) criticises illegal activities in the banking sector, and a domestic Chinese credit rating agency moves US sovereign rating as a result of the recent tax cut.

South Korean firm SK Biopharmaceuticals Co has sent a request for proposals to foreign banks and securities firms as it looks for candidates to lead its IPO, according to a source familiar with the matter.

Thai firm Canopus International has raised $200m from a bond exchangeable into shares of Indorama Ventures, the first zero coupon exchangeable with a Thailand-listed underlying stock.

Indian state-owned Rites has filed a draft prospectus for an IPO through a syndicate of local bookrunners.

TMH Telecom Public Co will list on the Yangon Stock Exchange in Myanmar next week, having held an IPO that included a chunk of primary shares — the first flotation in the country with new stock.

Shanghai Pharmaceuticals Holding Co raised HK$3.1bn ($396.6m) through an H-share placement on Thursday, its biggest follow-on offering yet.

A $300m five year facility for Indian state-owned company Power Finance Corp (PFC), which mandated three banks for the loan in October, is now open to retail participation.

Metropolitan Bank & Trust Co’s board of directors has given the go-ahead for a rights issue that could raise up to Ps60bn ($1.18bn), according to an exchange filing on Thursday.

Hong Kong-listed Sinopec Oilfield Service Corp has hired CICC, Citic CLSA Securities, Deutsche Bank and Guotai Junan to help raise up to HK$6.3bn ($805.7m) in new equity.

Germany's domestic central bank said this week that it would start buying renminbi assets. Andreas Dombret, a member of the board at the Bundesbank, indicated to GlobalRMB that the central bank — like others in the developed markets — would follow the European Central Bank’s small initial allocation to the currency.

Mitsubishi UFJ Financial Group is the latest Japanese bank to market a green bond in euros, with a five year senior trade. Proceeds are earmarked for renewable energy projects.

Axis Bank’s presence in the top group of a recent loan for Oman’s Bank Sohar has once again put the focus on Indian lenders’ efforts to expand their overseas balance sheets. Banks from the south Asian country see FIG deals as a safe gateway to business in unfamiliar geographies — and are keen to step up their game. Shruti Chaturvedi reports.