Asia Pacific

It’s been 13 years since China last sold a dollar bond. Since the news this summer that the Middle Kingdom was eyeing a return to the offshore debt market, bankers and investors have kept a close eye on any official news of the transaction. But as the end of the year nears, it appears as though China missed its mark for issuing an earth shattering bond.

Kazakhstan’s KazTransGas has opened books on a debut 10 year dollar benchmark trade with initial price thoughts that leads reckon is around 30bp back of its similarly rated state-run owner, KazMunayGas.

Geopolitical tensions around North Korea did not close the primary debt market this week, as Hyundai Motor Group’s US arm snapped up $1bn from a triple-tranche deal and Kookmin Bank priced a $500m trade on Monday.

Bharat Petroleum Corp’s offshore unit launched a $400m dual-tranche term loan into general syndication on Tuesday evening.

A group of seven Chinese companies have successfully registered with the National Development and Reform Commission (NDRC) to raise foreign currency bonds, according to an update on the regulator’s website on Tuesday.

ICICI Lombard General Insurance Co closed books for its IPO on Tuesday, with the Rp57bn ($886.4m) trade more than 250% subscribed.

Zai Lab, a Chinese biotechnology company, was set to price its IPO of American Depository Shares on Tuesday, expected to raise at least $105.9m.

Chinese property developer KWG Property Holding grabbed a modest $250m on Monday from a transaction sealed at an ultra-tight price.

In this new column, GlobalRMB will be speaking to investors from around the world about their views on RMB assets. In the first instalment, Swedish pension fund Andra speaks about its long-standing commitment to China’s equity market.

Goldman Sachs has promoted Ken Hitchner to chairman and chief executive officer of Asia Pacific ex-Japan, amid a rejig of its senior ranks in the region.

Singapore power company SP PowerAssets began marketing a rare dollar transaction on Tuesday morning, nearly two years after it last hit the offshore debt market.

Singapore real estate and business trusts have raised a healthy $2.9bn in equity this year, with market participants seeing no let-up in volumes as investors continue to chase for yield.