Northeast Asia

The speech by US vice president Mike Pence, delivered at the Hudson Institute on October 4, was the closest to a cogent China strategy formulated by the Trump administration since it took over the White House. Market participants should beware, as the picture those words paint is far from pretty.

The benchmarking arm of Intercontinental Exchange (ICE) opened an online portal on Wednesday that gives market participants information on alternative risk-free rates designed to replace the Ibors, as well as forward-looking term rates based on the sterling overnight index average (Sonia).

In this round-up, the People’s Bank of China announced a further cut to banks’ reserve requirement ratio (RRR) on Sunday, the Mainland’s foreign exchange reserves dipped in September, and China’s state council prepares measures to support foreign investment.

Trafigura, the Singaporean commodity trading company, issued its third Panda bond this year on September 28. As for its previous outings, the third tranche was placed in the interbank market as a three year private placement. Meanwhile, The Wharf Holdings and China Gas Holding also made their return to the market in the same month.

Hyundai Oilbank, a subsidiary of South Korean shipbuilding firm Hyundai Heavy Industries, is expected to delay its IPO until 2019, according to a banker working on the deal.

Studio City International Holdings launched its $359.4m New York Stock Exchange listing on Wednesday, in a deal heavily anchored by its controlling shareholders.

Better policy measures are needed as the mainland bond market connects with the rest of the world, Hong Kong Exchanges and Clearing (HKEX) said in an October 4 research paper.

Robust investor demand and reverse enquiry propelled Maoye International Holdings to make a rapid comeback to the bond market with a tap of its September issuance.

China’s Niu Technologies has launched bookbuilding for its $103.8m Nasdaq IPO, but despite plenty of pre-deal interest, sources don't expect the trade to be a blowout.

South African investment manager Investec has appointed a former HSBC exec to strengthen its China expansion.

Two prominent Asian markets approved dual-class securities this year, but the CFA Institute this week warned of a host of risks that the structure poses to investors.

Canaan, the world’s second largest maker of cryptocurrency mining equipment, is in a waiting game with the Hong Kong bourse for its IPO to be approved.