Northeast Asia

ING Bank has obtained a securities branch license from the Financial Services Commission of South Korea, giving it the ability to broker debt capital market and alternative investment deals for clients.

NagaCorp, which operates the only licensed casino in Cambodia's capital, has launched a top-up placement that could raise up to HK$832m ($107m), ending a three year absence from the equity market.

Just a day after DBS sealed a $750m deal from a Basel III compliant additional tier one note, the bank capital market has seen some fresh action with United Overseas Bank eyeing a tier two offering.

China has pushed hard for a greater role for the IMF special drawing rights (SDR) since the global financial crisis. But while the SDR may help the renminbi internationalisation strategy it will not help overthrow the dollar as the de facto world currency, according to Benjamin Cohen, professor of international political economy at the University of California Santa Barbara (UCSB).

Two Chinese high yield names made their mark on Tuesday, with Road King Infrastructure bagging $500m and Haikou Meilan International Airport netting $200m from its first G3 bond offering.

Chongqing Western Modern Logistics Industry Zone Development Construction raised $500m from bond investors on Tuesday, with generous initial price guidance allowing the issuer to tighten by as much as 30bp.

The Central American Bank for Economic Integration (Cabei) ventured into Taiwan’s Formosa bond market for the third consecutive year, raising Rmb700m ($105m) from a three year note.

Manganese producer Asia Minerals has approached the syndicated loan market for a $61m two tranche borrowing.

Haikou Meilan International Airport Company launched its inaugural dollar bond on Tuesday, with initial price guidance set in the 5.35% area.

The World Bank has announced the price guidance for its upcoming Mulan bond.

ING Bank has named Erik Versavel as the new chief representative for Mongolia from September 15 as the former country head takes on a new role at the Dutch lender.

Incompatible accounting standards could soon be a thing of the past for foreign issuers looking to tap into China’s onshore bond market with the World Bank’s upcoming SDR trade providing a template on how to get around this long standing issue.