Alibaba Health Information Technology navigated concerns around its lofty valuations to pull off Hong Kong’s largest primary follow-on in five years, raising HK$10bn ($1.29bn) after boosting the size of the deal. The transaction closed with a bulging book, showing that demand for the healthcare sector is yet to peak. Jonathan Breen reports.
The resilience of China’s property market amid the Covid-19 pandemic is paying off for many of the country’s bond issuers, which have been able to reprice their secondary curves owing to strong investor support, writes Morgan Davis.
Holders of Chinese property developer Tahoe Group’s onshore bonds had to face up to two defaults from the company this week, as uncertainty looms over whether a tie-up with its peer China Vanke Co will eventually go ahead. Addison Gong reports.
Agricultural Development Bank of China’s Rmb4.3bn ($618m) dim sum bond this week brought in a record number of investors from outside of Asia, a senior treasury official told GlobalCapital China.
Investors threw their weight behind Housing Development Finance Corp's Rp140bn ($1.87bn) fundraising this week.
CMB Financial Leasing Co returned with five year and 10 year dual-tranche bonds on Wednesday, selling the first decade bond from a Chinese FIG credit in more than a month as costs for longer-dated notes fall.
Dollar bonds sold by a number of Philippine issuers in the past two months have dipped in the secondary market, as a combination of too much supply too quickly and tight pricing puts pressure on the deals.
Hong Kong-listed Shanghai Henlius Biotech has won approval from the Mainland securities regulator to sell a chunk of new shares.
The Vietnam subsidiary of Taiwanese leasing and financing firm Chailease Finance Co has boosted its loan size to $60m.
Hong Kong-listed Shanghai Henlius Biotech has won approval from the Mainland securities regulator to sell a chunk of new shares.
Coventry Building Society (CBS) is racing to price Economic Master Issuer 2020–1, with the help of arrangers HSBC and Lloyds, to meet the huge demand for the deal, which is a hybrid between a master trust structure and a standalone RMBS — the first of its kind. The transaction, set to herald the next step in master issuer structures, is an innovation which could open the door to more financial institutions committing to long-term RMBS programmes, writes Tom Brown.
In this round up, China records a trade surplus in July that exceeds expectations by a large margin, the central bank reviews the monetary policy from the second quarter and sets a direction for the rest of the year, and the finance minister says more than half of the proceeds from China’s Rmb1tr Covid-19 themed ‘special treasury bonds’ are already in use.
Social distancing, wearing masks in public, bars and restaurants shutting down en masse: the coronavirus is a gift to those trying to avoid people.
GC
