Asia Pacific

Hutchison China MediTech pocketed $300m this week after executing a follow-on offering of its Nasdaq-listed American Depository Shares, increasing the deal size as it went.

Indian state-owned company Power Finance Corp (PFC), which sent a request for proposals for a $300m five year facility earlier this month, has hired three banks to supply the funds.

Singapore’s Reit issuers had a busy week, with Keppel-KBS US Real Estate Investment Trust off to a good start on its $448m IPO and Mapletree Industrial Trust raising S$155.7m ($114.5m) from an overnight placement.

Reliance Nippon Life Asset Management was inundated with orders for its Rp15.4bn ($236.3m) IPO this week, with books covered 4.21 times on Wednesday, the first day of a three day bookbuild.

Deutsche Bank has hired a senior executive from a rival to lead its technology, media, and telecom investment banking efforts in Asia Pacific.

The People’s Republic of China opened books on Thursday for its highly anticipated $2bn bond, its first issuance in the offshore dollar market in more than a decade.

Hainan Airlines Holding Co sold another short dated bond on Thursday as the company deals with the consequences of the Chinese regulator’s offshore sale approval process.

Korean Housing and Finance Corporation (KHFC) has opened order books in dollars, Muenchener Hypothekenbank (MuHyp) is set to price a small Swiss Franc deal and Piraeus Bank has finalised terms for its floating rate bond that was mainly placed with supranationals.

China Grand Automotive Services Co redeemed itself in the offshore bond market on Tuesday, grabbing $400m from a much smoother deal than its December debut.

The Export-Import Bank of Korea (Kexim) sold a $2bn deal on Tuesday that looked almost identical to the issuer’s January trade.

China Literature’s IPO in Hong Kong, set to raise up to HK$8.3bn ($1.1bn), has been hotly received by investors. Books were well oversubscribed with no price sensitivity at the range given, said a banker at one of the leads.

Tus-Sound Environmental Resources Co, a waste recycling company from China, is eyeing a $300m maximum size three year bond, which will be its debut in the offshore market.