Southeast Asia

Aluminum Corp of China, Peking University Founder Group, Beijing Enterprises Holdings and Singapore’s Oxley Holdings all walked away with new bonds on Wednesday, wrapping up a blockbuster issuance week ahead of Easter.

HSBC has lost its head of Singapore dollar bond origination, according to sources.

The Singapore Exchange (SGX) and Shanghai Pudong Development Bank (SPDB) signed a memorandum of understanding (MOU) on Wednesday aimed at strengthening cross-border capital market access.

Khazanah Nasional is looking to hire banks for its return to the equity-linked market via an exchangeable sukuk, just eight months after its last issue.

The senior syndication phase for a $400m loan for Malaysian lender CIMB is close to completion, with three banks joining mandated lead arranger and bookrunner Standard Chartered.

The slightly softer tone in the Asian markets on Tuesday did not deter issuers from flocking to the debt market, with as many as eight borrowers bagging new bonds. And the momentum continued on Wednesday, with a handful of firms opening their transactions.

Thailand’s B. Grimm Power is likely to launch its $350m-$400m IPO in May due to logistical delays, according to bankers on the trade.

Asset managers are looking to buy a piece of a $405m loan that is being restructured for Royal Industries, according to bankers on the deal. The Indonesian palm oil seller proposed the restructuring after failing to pay its first and second instalments.

Khazanah Nasional is sounding out banks for a potential exchangeable sukuk some eight months after it last sold bonds in the format.

Singapore’s green bond market officially opened last week, with CDL Properties pricing a S$100m ($71.3m) two year, raising hopes that more issuers from the country will follow suit. But Singapore needs to encourage them.

Philippine lender China Banking Corp will offer shares in its Ps15bn ($302m) rights issue at Ps31 apiece, following a sharp rally in its stock price.

The State Administration of Foreign Exchange (Safe) reports rise in foreign reserves, China Insurance Regulatory Commission (CIRC) chief is under investigation over misconduct, and no formal agreement emerges following Xi Jinping’s meeting with Donald Trump.