Asia Pacific

Moody’s upgraded the government of Mongolia’s long-term issuer and senior unsecured ratings to B3 from Caa1 on Thursday.

Export-Import Bank of India has tapped five banks for a new dollar bond. Meetings with fixed income investors in Asia, Europe and the US kicked off on Thursday.

State-owned Vietnam National Oil and Gas Group (PetroVietnam) has raised D5.6tr ($244.3m) from the IPO of subsidiary Binh Son Refining and Petrochemical Company — nearly $100m more than anticipated.

The Republic of the Philippines is marketing Asia’s first sovereign bond of the year, taking bids for a 10 year SEC-registered deal on Thursday.

Promoting RMB internationalisation is necessary for China to safeguard its national security, Anthony Leung, chairman and CEO of Nan Fung Group and former financial secretary of Hong Kong, told the Asian Financial Forum on January 16.

China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) sold their first dollar bonds on Tuesday, successfully completing transactions that were stymied just two months ago.

Bank of the Philippine Islands is preparing to issue a chunk of new stock through a rights offer, with a view to raise up to Ps50bn ($985.5m).

Kakao Corp, the South Korean mobile messaging platform, launched a Global Depositary Receipts offering of $1bn to the market on Wednesday.

Luxury auto dealership China ZhengTong Auto Services has wrapped up its latest borrowing at $380m.

Sunny Optical Technology (Group) Company priced a tight debut bond on Tuesday, with the notes tightening a further 15bp in secondary, showing the strength of demand for the technology sector. But despite the rally, pricing was considered spot-on by market participants.

South Korea’s Woori Bank sealed a $300m floating rate Formosa bond on Tuesday.

Chinese corn oil manufacturer Shandong Sanxing Group Company and real estate developer Cifi Holdings (Group) Co raised a combined $500m on Tuesday, adding to the growing momentum in the Asia bond market.