Citi

Asia’s green debt market grew further this week with Axis Bank becoming the third Indian issuer to sell green bonds internationally. Although market participants expect more offshore FIG issuance from the country, there are internal and external headwinds to overcome.

ICBC continued its debt-raising spree on Monday, with the New York branch becoming the third of the lender’s units to sell a bond this month. But while the deal resonated well with Chinese bank treasuries, signs of investor fatigue are starting to appear.

Cikarang Listrindo could raise Rph6.3 ($464m) from its IPO, thanks to strong demand that has covered a potential 33% increase option, according to a source close to the deal.

Axis Bank is on track for its debut green bond, marking the third dollar green offering to be sold by an Indian borrower.

Property developer Frasers Centrepoint has begun investor education for a real estate investment trust IPO that could raise up to S$900m ($652.1m), according to a source close to the deal.

The Indian government has shortlisted five banks to pitch for lead roles in its sell-down of iron ore miner NMDC, in a deal that could raise Rp35.6bn ($527.5m) based on its market capitalisation, according to a notice from the Department of Disinvestment on Thursday.

China’s Midea Group is looking to gauge interest for its maiden outing to the international bond market, just days after announcing a multi-billion-euro acquisition in Germany.

Rating: Baa1/BBB+/A

The European Central Bank’s corporate sector purchase programme will distort CEE corporate bond prices, said bankers this week. And while issuers have so far been slow to react in bringing new deals to market, two CEE corporates printed successful euro denominated bonds this week.

Kuoni, the Swiss travel firm, finally allocated a €575m seven year cov-lite term loan ‘B’ at much wider pricing than original talk, and after a drawn out syndication process.

Indian pharmaceutical firm Laurus Labs is planning a Rp10bn ($148.7m) IPO this year and has lined up three banks to lead it, according to a source close to the deal.

Export-Import Bank of Korea (Kexim) set a new benchmark this week with what bankers say is the first triple tranche deal out of South Korea. The policy bank managed to bring high quality US investors into its three year notes, while also sealing tight pricing on the longer-dated portion.