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Global and Chinese banks are keenly awaiting the term sheet for a Bank of China-led syndicated loan facility to back the acquisition of the LED component and automotive lighting business of Philips by private equity investors.

Taiwan’s United Microelectronics Corp (UMC) made full use of a strong rally in the market and its solid credentials to set aggressive terms for a convertible bond offering a negative yield, raising $600m in the largest equity linked issue in Asia ex-Japan so far this year.

Hong Kong listed Fosun International has allocated its latest borrowing among 22 lenders. Banks are eager to establish a relationship with Fosun, which is snapping up assets across continents. Their interest led the Chinese company to increase its loan to $800m from $500m.

Sembcorp Industries attracted strong demand for its S$600m ($454m) subordinated perpetual bond, with investors drawn to the credit thanks to its government link and the juicy coupon on offer. The deal ranks as the second largest bond in the Singapore dollar market this year, and is the market's second perp of the year year.

India’s Reliance Utilities and Power has upped the size of its borrowing to $300m from $225m for the final allocations. The facility saw Middle Eastern, European and Indian lenders come in for the big tickets.

Indonesia’s tumbling equity market has claimed its first victim in Solusi Tunas Pratama (STP), which was forced to drop its Rph3.91tr ($302.24m) share sale despite attracting decent interest from investors.

Some bankers have this week questioned rival teams’ claims of a strong second quarter pipeline of insurance tier two, while 2015 Solvency II compliant tier one supply is also being doubted.

BFI Finance $75m facility launches — Kulim Indonesia arm in market for $110m — Haitong’s leasing unit out for $80m

The Korea Exchange (KRX) has eased rules for listing and delisting real estate investment trusts (Reits) in a bid to make the asset class more palatable to investors, writes John Loh.

Archroma, the Swiss colour and speciality chemicals company, is sounding out early bird lenders for a $404m loan that will fund an acquisition and refinance debt.

Banco Popolare, which missed a window to print tier two before its first quarter results, has emerged from blackout with an increased common equity tier one ratio.

Traders say they are optimistic that approaching Greece debt talks and the iTraxx index May options expiring next week will help return direction to the credit market, which has been locked in the thrall of the Bund blowout since the end of April.