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Sumitomo Mitsui Banking Corp is arranging debt to support the purchase of Malaysia's OYL Industries by Daikin Industries, the Japanese air conditioner maker, bankers said this week. The deal values OYL at ¥232bn ($2.1bn) in one of the largest recent foreign acquisitions in Malaysia. Daikin said it will first buy 45% of OYL, using cash reserves and bank loans. It will make a tender offer to the buy the rest of the shares in July or later.

Barclays Capital and Commonwealth Bank of Australia this week priced a A$350m ($263.4m) securitisation of Australian non-conforming mortgages for Pepper Homeloans.

Led by the Republics of the Philippines and Indonesia, Asian bonds continued to sell off this week, amid severe volatility that forced bookrunners to put several new issues on ice until conditions stabilised.

Philippine government bonds began to crash late last week, but early this week they slipped into freefall as retail investors sold their holdings. Selling was concentrated at the short end of the curve, where two and three year Treasury bill yields rose between 200bp and 250bp, reaching a high of nearly 10% on Tuesday, according to one bonds banker in Manila.

Thai oil company PTT's spin-off and IPO of Rayong Refinery finished as planned despite the recent sell-offs across the world's bourses and the long-running political uncertainties in the country.

Kittiratt Na-Ranong, the head of Thailand's stock exchange, resigned on Wednesday after Thai Beverages, Thailand's biggest brewer and distiller, that same day raised S$1.369bn ($865m) on the Singapore Stock Exchange. Kittirat Na-Ranong's resignation came as he honorably took personal responsibility for the failure to give the deal approval in Thailand.

Commitments have begun rolling in on the $2.6bn three and seven year loan for PSA International, the port operator controlled by Singapore's Temasek Holdings. Barclays Capital, DBS Bank and Royal Bank of Scotland, as mandated lead arrangers, have received commitments from a number of banks and expect to close sub-underwriting at the start of next week. Given the number of institutions that have already joined, bankers said the deal is already oversubscribed in sub-underwriting, but a general syndication is still likely to follow.

Private equity firms in South Korea are competing for control of Daewoo Engineering and Construction Co, the restructured building company, and a preferred bidder is likely to be announced next month.

Despite equity prices falling around the world, Bank of China priced its IPO on Wednesday only slightly below the peak of its offer range, after massive demand from institutional, retail and strategic investors.