Asia Pacific

A trio of Asian firms listing in the US have received stellar responses to their IPOs, with Qudian, Rise Education and Sea all getting the thumbs-up from investors.

Hong Kong will pursue the sale of a green bond next year, the city’s chief executive Carrie Lam announced in her first policy address this week.

An unnamed investor bagged MR489.3m ($116.1m) from the accelerated sale of shares in Malaysia’s Tenaga Nasional on Wednesday evening, after the deal priced at the tight end of the marketing range.

Citic Envirotech turned to the Singapore dollar market for a perpetual non-call three year bond this week, revising pricing 40bp from initial guidance. The company was helped by its deep roots in Singapore and its ownership by China’s Citic Group.

The Chinese Ministry of Finance (MoF) has begun mandating underwriters to issue two tranches of sovereign dollar bonds – the country’s first outing in the dollar market for more than a decade.

Indian Energy Exchange wrapped up its Rp10bn ($153.6m) IPO on Wednesday, closing more than two times subscribed. But it suffered a hiccup during bookbuilding after local regulators changed their stance on whether foreign investors could participate.

United Overseas Bank sold its first dollar-denominated AT1 bond this week, managing to widen its investor base after regular appearances in its domestic market.

Zhongsheng Group Holdings gave convertible bond investors a rare taste of sub-one year paper this week, replicating a structure that has gained popularity in the debt capital market for its ability to sidestep Chinese regulatory restrictions.

Don’t write an obituary for the dim sum bond market just yet. BOC Aviation and BMW showed there are still signs of life this week, pricing a pair of three year bonds that added variety to a market that clearly needs it.

Credit Suisse has expanded the responsibilities of two veteran bankers, naming one as the chairman of its Hong Kong operation and another as chief executive for Greater China.

Renewable energy firm China Singyes Solar Technologies Holdings’ new 364-day transaction saw a tight pricing on Wednesday, well inside its secondary curve.

There is little that can affect a veteran bond banker more than experiencing the joy of a debut issuer. Whether they’re happy with the funding costs, impressed by the deal size, or just basking in surprise that no-one took a closer look at their accounts, new issuers often bring a child-like innocence to the debt markets. Sometimes, however, they go too far.