Indonesian mobile phone seller Tiphone Mobile Indonesia is restructuring its debt after failing to make payments on a loan, adding to a growing list of stressed businesses in the country. But what is worrying bankers more than the default itself is the lack of transparency from the borrower, writes Pan Yue.
China has opened an asset-backed commercial paper market, announcing new regulations and preparing five trial deals — three of which will be priced by the end of the week. Rebecca Feng reports.
Chinese online game developer NetEase had covered its HK$21.6bn ($2.8bn) secondary listing in Hong Kong multiple times over by the time GlobalCapital Asia went to press on Thursday. Investors have long awaited the company’s return from the US, pumping in orders as markets rallied despite numerous geopolitical headlines. Jonathan Breen reports.
China Vanke Co, one of the largest property developers in the mainland, will lower the coupon rate on a Rmb3bn ($422m) bond by 260bp after the July put date, becoming one of the latest issuers to take advantage of falling funding costs onshore. Addison Gong reports.
Asia’s loan market is slowly recovering from a near-shutdown due to Covid-19, with bankers predicting a busy couple of months ahead. But syndication will still be a challenge as lenders continue to remain risk-averse and selective on deals.
Chinese property developer Kaisa Group Holdings reset the price for all of its bonds on Wednesday when it sold a $300m sub-one year note.
China Pacific Insurance (Group) Co has won approval from the mainland securities regulator to move ahead with its stock offering on the London Stock Exchange.
Thailand’s PTT Exploration and Production Public Co (PTTEP) found strong support for its $500m seven year bond on Thursday, despite an aggressive price tightening during bookbuilding.
Reliance Industries raised Rp531.2bn ($7.04bn) this week from India’s largest ever rights issue and the company’s first primary equity offering for over 25 years.
China Aircraft Leasing Group Holdings is navigating difficult conditions in the syndications market for a $46m new money loan, as lenders step back from the pandemic-hit aviation industry.
China Aircraft Leasing Group Holdings is navigating difficult conditions in the syndications market for a $46m new money loan, as lenders step back from the pandemic-hit aviation industry.
Alantra is buffing its credit portfolio advisory team with the addition of Marcus Evans and Christos Stefanidis, who will join as managing directors in the UK and Greece. The credit portfolio advisory firm is also opening up offices in Latin America and China.
In this round-up, China says it will make the Hainan province a world-class “free trade port”, the May Caixin China general services purchasing managers index beat consensus by a large margin, and the central government will sell over Rmb100bn ($14bn) of treasury bonds next week.
Hong Kong’s bar scene caters to a broad range of clientele. Boorish expats drink in Lan Kwai Fong, huddling on street corners over cigarettes and pints of lager. Posh chancers turn to The Captain’s Bar, the Chinnery or Sevva. Creative types end up in temples of self-congratulation like Piqniq, Woobar or Feather Boa. But only the finest Bacchanalians find their way into one of Hong Kong’s hidden bars.
GC
