Asia Pacific

The Asia expat world is small, and in Hong Kong it is even smaller. Small enough that you often bump into someone you know at the supermarket. So it is not surprising that often people just want to enjoy some anonymity.

FIT Hon Teng opened books this week for its potential HK$3.0bn ($384.3m) IPO and found investors scrambling to get in.

Chinese property developer Modern Land (China) Co is making a comeback to the international green bond market, opening books for a short-term trade on Thursday morning.

The RMB regained its position as the sixth most used currency for payments globally in May, beating the Swiss franc to the title by a very narrow margin, according to Swift's RMB tracker. The Chinese currency accounted for 1.61% of all payments last month.

The entry of A-shares into MSCI’s emerging market index was quickly dismissed by China bears as a non-event, given the tiny weighting Chinese equities will have in the index. But sceptics should learn from history that small weightings often make a big difference to RMB internationalisation — and MSCI’s A-share inclusion might just be an example of that.

The Asian Development Bank (ADB) has given yet another boost to the Masala bond market, raising Rp14bn ($217m) from its third offshore-rupee linked note of the year.

Shandong Ruyi Technology Group Co rattled over multiple speed bumps on its way to a $200m bond on Tuesday, having to navigate picky investors as well as concerns around cross-guarantee of bonds in China’s domestic market.

Hong Kong conglomerate Swire Pacific closed a $300m seven year bond on Tuesday, opting for a tight price over size with the debt-raising.

India’s Au Small Finance Bank has begun a three day bookbuild for its Rp19.1bn ($295.6m) IPO, with leads not worried by it being placed on the central bank’s caution list for foreign shareholding.

Melco Resorts Finance added $350m to its existing 2025 bonds on Tuesday, managing to capture the interest of some Asian investors that had previously shunned the credit.

B.Grimm Power Public has begun the roadshow for its up to Bt11.8bn ($350m) IPO on the Stock Exchange of Thailand (SET).

FIT Hon Teng, a subsidiary of Taiwanese electronics manufacturer Hon Hai, has opened books for its all primary IPO on the Hong Kong Stock Exchange, with a price range that could value the company at up to $2.6bn.