DBS

Postal Savings Bank of China and its potential HK$62.7bn ($8.1bn) IPO got off to a roaring start due to hedge fund demand. Oversubscribed on day one, it is on track to be the world’s largest IPO in two years. But an order book so far dominated by regional names is about to get a lot more global as management leaves Hong Kong for roadshows in the UK and US. Jonathan Breen reports.

A cautious tone beset the FIG market this week, as borrowers took their feet of the pedals ahead of the US Federal Open Market Committee’s policy meeting next week.

BOC Aviation is out with a $1bn borrowing, opening the dual tranche deal into general syndication on Tuesday, according to bankers.

Prosperity Real Estate Investment Trust opened a HK$1.95bn ($251.51m) borrowing into general syndication on Tuesday to raise fresh funds for an acquisition in Hong Kong.

Reliance Sibur Elastomers, a subsidiary of India’s Reliance Industries, has bagged a $330m term loan with a 10 year tenor, marking one of the longest dollar loans in Asia ex-Japan in almost a decade.

DBS Bank in Singapore has mandated leads for a roadshow to market its first euro-denominated covered bond, and the second from a Singaporean lender in euros.

Frasers Hospitality Real Estate Investment Trust has launched a rights issue to raise up to S$266m ($195.1m), according to a filing with the Singapore Exchange.

In one of the busiest days recently for Asian debt capital markets, investors gobbled up $2.2bn worth of issuance on Thursday — all from Chinese names.

A unit of the Yuexiu Group is in the market for a HK$2.3bn ($296.7m) loan, which has launched into general syndication under DBS as sole mandated lead arranger and bookrunner, said sources.

ICBC (Singapore) and Haikou Meilan International Airport sold well-digested dim sum bonds on Thursday, managing to find decent demand despite a challenging funding environment.

Olam International returned with a $150m tap of its existing notes this week, managing to find strong demand from fund managers despite ending up with only a modest order book.

Fixed income investors had plenty digest on Thursday with a total of seven Chinese issuers vying for attention. The majority are eyeing dollars but two names are venturing into offshore renminbi.