HSBC

OSIM International has issued the first convertible bond from Singapore in 12 months in what has been a sparse year for issuance out of southeast Asia. That rarity value, combined with the strong performance of the borrower’s previous CB, generated strong demand that allowed the borrower to increase the deal size to S$170m ($136m). But the borrower still preferred quality over volume.

The sovereign, supranational and agency sector shot out of its summer snooze on Wednesday, as the first benchmark sized deals in more than three weeks drew bulging books and bankers tipped more mandates to hit screens later in the day. Investors with cash to put to work, a lower level of upcoming SSA supply than the last few years and unexpectedly dovish comments by the European Central Bank president late last week were all contributing to a heavily bid market, said SSA bankers.

Insurance conglomerate China Taiping is meeting investors this week for a subordinated perpetual offering. If the deal goes ahead, Taiping will be the first ever Asian insurance company to issue a dollar perpetual hybrid.

Asia’s largest real estate investment trust Link Reit priced its debut $500m international bond on Tuesday and came flat to through its rivals’ curves. With Asian investors back at their desks, bankers had no concerns about August illiquidity and pushed ahead with the trade.

India looks set to add as much as Rp180bn ($2.97bn) to its coffers after mandating five banks to arrange a 5% stake sale in the country’s second largest listed entity – Oil and Natural Gas Corporation (ONGC).

HSBC has promoted Andy Grisdale to chief of staff for commercial banking in Asia Pacific with Mahbub Rahman moving into his old role as head of commercial banking HSBC Malaysia.

Asia’s largest real estate investment trust Link Reit has opened guidance on its debut dollar bond. The borrower has been active in the Hong Kong dollar private placement market but has never before tapped the dollar market.

Three more lenders have joined the $650m club loan for Indonesian gas distribution company Perusahaan Gas Negara (PGN). Allocations for the fundraising are likely to be issued by this week, said bankers.

India’s Yes Bank is expected to launch its $275m fundraising that is split into one, two and three year portions and is available to banks for participation in two currencies, later Friday.

Yingde Gases Investment took advantage of strong technical demand for Asian high yield to price a deal capped at $250m on Thursday. Scarcity value – both in terms of size and sector – also buoyed investor support for the bond which had an order book 10 times subscribed.

CapitaLand made a return to the capital markets on Thursday and priced a S$500m ($400m) 10 year. The bond is the largest single tranche Singapore dollar corporate bond this year and wraps up a busy couple of weeks for that market.

CMB Financial Leasing, a subsidiary of China Merchants Bank, has netted a loan of $295m, nearly double its target of $150m, as 14 lenders came into the deal. It saw a good response from Taiwanese banks, which were drawn to the comfortable three year tenor and generous all-ins.