Asia Pacific

Oversea-Chinese Banking Corporation (OCBC) and NordLB have signalled their intention to exploit exceptionally strong covered bond market conditions and open order books for transactions on Thursday.

Singapore-based V3 Group, which operates in the luxury lifestyle and wellness markets, began pre-marketing a potential $400m Hong Kong IPO this week, said a banker close to the deal.

Far East Horizon has returned to the international loan market after a gap of two years for a $500m deal, and is paying a margin that is about half of what it offered last time.

The largest Indonesian IPO in years was dealt a blow when Garuda Maintenance Facility AeroAsia (GMF) was forced to take a knife to its Rph3.2tr ($245.5m) trade. The pipeline for new listings in the country is now in a state of flux, despite looking much brighter only a few months ago. John Loh reports.

US investors led the charge to CK Hutchison Holdings’ triple-tranche bond on Tuesday, with their strong, and unexpected, support pushing the final deal size beyond the issuer’s expectations.

Indonesian company Asia Pulp & Paper’s high profile default 16 years ago appears to be still fresh in the minds of investors. Its unit APP China Group sealed a modest $150m bond on Tuesday, but had to entice the buy-side with a juicy yield and a short tenor.

With strong demand right off the bat, Chinese firm RYB Education has broken through the top of guidance to raise a higher $144.3m from its US flotation, according to a source close to the deal.

A HK$2bn ($256m) three year maiden loan for China Forestry Group Corp has been received warmly by international banks, resulting in a huge oversubscription, said a banker.

Geo Energy Resources is making a second attempt at selling a dollar bond, two months after the Indonesian coal producer decided to cancel its transaction.

China Aircraft Leasing Group Holdings (CALC), which made its offshore loan market debut last year, has allotted its new $425m borrowing after bumping it up.

As the Belt and Road Initiative (BRI) opens up investment opportunities in emerging markets, it also exposes participants to high credit risks. But instead of seeking insurance coverage, some bankers are turning to securitization for an answer — a move that can lower risk and accelerate return on capital.

Chinese real estate developer Zhenro Properties Group has filed a draft prospectus with the Hong Kong Stock Exchange for an IPO that could raise up to $500m, according to a source familiar with the matter.