Southeast Asia

In this round-up, Singapore's RMB business continues to grow, China RMB cross border trade settlement jumped 25% in June, Taiwan's RMB deposits inch up in June, the Stock Connect's northbound quota is replenished by the A-share sell-off in July, and Malaysia settled 1.9% of its trade with China in RMB in the first month of launching a clearing bank.

The Republic of Indonesia printed its second ever bond in euros on July 23 as it continues to expand its funding sources in a bid to diversify away from dollars. While the sovereign made a conscious decision to pay up to achieve its aim, market participants are split whether the cost of diversification was worth it.

The first Singaporean real estate investment trust (Reit) to tap the equity market since Manulife US Reit pulled its S$569m ($426m) IPO this month was welcomed by investors with open arms, as Frasers Commercial Trust priced its block trade at the top.

Indonesian vehicle financing firm BFI Finance has wound up its three year loan at an increased size of $105m after 18 banks piled in. The deal was launched at $75m on May 11 and originally included a greenshoe that could take it up to $100m.

CICC in limelight for $1bn — LIG Nex1 gets IPO nod — Pakistan preps for State Life sale — San Miguel brews $739m

The Republic of Indonesia returned to the euro market on July 23 as it looks to extend its curve with a new 10 year offering.

CICC has filed its long-awaited IPO with the Hong Kong Stock Exchange, with the Chinese investment bank eyeing $1bn in proceeds. The trade is slated to launch at the end of September via leads ABC International and CICC, but interest is already building.

DBP hunts for funds — Oxley out with S$110m — LK Machinery seeks HK$600m

Thai Union Frozen Products Public Company opened books for a Bt12.72bn ($371m) preferential public offering on July 20, following non-deal roadshows that brought positive feedback from the investor community.

Central China Securities Co is placing out new H-shares in a deal expected to raise HK$2.53bn ($327m). The trade makes it the first Chinese broker to tap equity investors for funds since China’s stock market meltdown sent the region into a tailspin earlier this month.

Paul Chew, head of structured finance for RHB Bank Singapore has left the firm.

Thailand’s Security and Exchange Commission (SEC) has announced a new approval system that aims to make selling debt easier and more efficient.