Northeast Asia

Malaysia’s CIMB Group and China Galaxy Securities Co said they are in talks to form a 50:50 joint venture for their stockbroking operations.

Doosan Bobcat and its IPO advisers were left red-faced after the company was forced to pull its W2.4tr ($2.2bn) float in South Korea last week. The deal is making a quick comeback and the leads have done what they can to turn the situation around. But the incident serves as an object lesson in how not to do an IPO.

China Resources Pharmaceutical Group is proving a hit with global investors, as its HK$15.7bn ($2.0bn) Hong Kong IPO is heavily oversubscribed, according to a banker at one of the leads.

Korea National Oil Corp priced a dual-tranche offering on Monday, selling a 10 year portion at a tighter spread than a five year, according to bankers.

Chinese ABS buyers are gearing themselves up for a rare visit from Toyota. The company’s China auto leasing arm is poised to launch a Rmb3bn ($445m) offering this week following a more than two year absence.

Industrial and Commercial Bank of China’s New York branch decided to scrap a 10 year portion of a dual-trancher on Monday, as mismatch on pricing led to investors shunning the tenor in favour of a five year.

Credit Suisse has hired Edwin Yeung from HSBC to set up a new US and European credit electronic trading desk in Hong Kong.

Chinese automotive component supplier Xin Point Holdings is looking to go public in Hong Kong, having filed for approval with the city's stock exchange.

China Universal Leasing, which had initially invited banks to a Rmb1bn ($150.5m) onshore loan, is considering boosting the size of the facility following a good response during syndication.

Keppel DC Reit Management has kicked open a rights issue worth up to S$279.5m ($201.4m), while Zhuguang Holdings Group Co has launched a HK$1.4bn ($180.4m) offering — both to fund acquisitions.

China Great Wall International Holdings III and Bank of Communications Financial Leasing Co are preparing to hit the road for their respective senior unsecured dollar offerings.

Huai’an Traffic Holding and Yuzhou Properties Company are set to become the newest names to test liquidity in the international bond market, kicking open their deals on Tuesday morning.