Southeast Asia

Standard Chartered’s Renminbi Globalisation Index fell to a 39-month low in May as the offshore renminbi (CNH) liquidity pool shrinks. But the bank said the index figures do not yet reflect China’s recent efforts to internationalise the renminbi, such the launch of Bond Connect.

B. Grimm Power raised Bt10.4bn ($305.9m) last Friday after pricing its Thailand IPO near the top of expectations, amid a recovery for stocks in the utility sector.

Indonesian automobile finance company Mandiri Tunas Finance (MTF) has received a strong response for its debut offshore syndication, and is doubling the loan size to $200m.

Fixed income dollar accounts will soon have the opportunity to buy new names from China’s financial sector and southeast Asia's coal mining industry, with three debut issuers set to roadshow in Asia, Europe and the US next week.

Deutsche Bank Singapore is tapping the syndicated loan market for a $100m-$150m fundraising, and recently sent out a draft term sheet to potential lenders, said bankers.

Standard Chartered has appointed a former Deutsche Bank banker as its new global head of financial markets sales, effective next Monday.

The launch of Bond Connect and MSCI’s A-share inclusion are prompting global investors to rebalance their portfolios towards renminbi bonds and equities. But although investors enjoy a handful of hedging tools in fixed income, they are hoping for more equity derivatives before adding A-share exposure.

Lotte Chemical Titan sealed the largest Malaysian IPO in nearly five years this week, raising MR3.8bn ($884.0m). But the deal was anything but pretty. After a bungled first attempt at building a book, the issuer was forced to return with a smaller offering and lower price range. Jonathan Breen and John Loh report.

Metallurgical Corporation of China (MCC), China National Chemical Corporation and Thailand’s PTT Exploration and Production are out in the market, gauging appetite for their respective bonds.

Malaysia-based Lotte Chemical Titan Holding has sealed its MR3.8bn ($884.0m) IPO at the bottom of guidance after reopening the deal on Monday at a lower price range and smaller size.

Malaysian petrochemical firm Lotte Chemical Titan Holding has relaunched its up to MR5.9bn ($1.4bn) IPO and is taking orders for a day, slashing the price range and offering size to secure additional long-only investors.

In this week’s round-up, the China Securities Regulatory Commission (CSRC) considers launching A-share related derivatives in Hong Kong after MSCI’s inclusion, Citi launches two onshore bond indices, and the Chinese premier says M&A by foreign companies is welcome in the Mainland.