DBS

Hong Kong-listed Chong Hing Bank is bringing a rights issue to investors as it seeks to bolster its capital position. The lender plans to issue one rights share for every two existing shares, which will raise HK$3.71bn ($478.64m).

Chinese automobile dealer Zhongsheng Group Holdings has increased the size of its borrowing to $250m from the launch of $150m, raking in plenty of demand from lenders during general syndication. The borrower decided to diversify the set of currencies to include euros and Hong Kong dollars, as it wanted to limit its US dollar exposure in a depreciating renminbi environment.

The Singapore IPO market finally has something to look forward to, after a quiet year to date, thanks to Jiangxi Jiangling Chassis, which filed its preliminary prospectus on August 12.

San Miguel Corporation’s SMC Global Power Holdings Corp has mandated eight banks as the company hopes to return to the dollar bond market with perpetual subordinated notes.

A $550m borrowing for Bank Rakyat Indonesia’s (BRI), which is due to be prefunded by a club of 11 banks, is expected to go into general syndication. Lenders are waiting for Bank Indonesia approval and are targeting signing by the end of August, with the first drawdown in the first week of September.

The Reserve Bank of India (RBI) has opened discussions on the creation of a framework for foreign investor limitations on Indian bonds. The framework could allow for an increase in the current foreign investment quota, says DBS.

Louis Dreyfus Commodities Asia has sealed its $400m three year revolver, with a group of 38 banks. The loan, which was signed at the end of July, attracted mostly the company’s relationship banks, said a banker at one of the leads.

DBS managed to surprise much of the market last week when it picked dollars for the first covered bond issue out of Singapore. If the Lion City is serious about establishing a covered bond market, euros need to be the currency of choice.

Peking University Founder Group (Founder Group) made a quick return to the offshore bond market on August 3 with a $185m tap to its maiden issue from May.