Asia Pacific

The IPO of Lotte Chemical Titan Holding, the Malaysian arm of South Korean conglomerate Lotte Group, is due to price towards the bottom of its initial range, according to a banker on the deal.

Asian issuers flooded into the debt market on Tuesday, as seven credits battled for attention amid a somewhat positive tone in the market. Greenland Hong Kong Holdings grabbed $200m, while China Gold International Resources Corp nailed a $500m three year and Shimao Property Holdings sealed a tap.

China Huarong International Holdings has approached lenders for a $800m short-term fundraising, making it the third unit of parent China Huarong Asset Management Co to access liquidity in the syndicated loan market this year.

Aluminium giant Rusal hit the limelight in March when it became the first Russian corporate to issue a Panda bond. But Oleg Mukhamedshin, deputy chief executive, told GlobalRMB that high onshore yields are delaying the company’s return to the Panda market.

Inner Mongolia Energy Engineering Co is putting a Hong Kong IPO of up to $300m on the table for investors as it starts drumming up interest for the deal, according to a source familiar with the matter.

Lotte Vietnam Shopping has hit the international syndicated loan market for a $300m borrowing, with Standard Chartered at the helm.

Korea Development Bank (KDB) added a dash of variety to Asia’s green market on Tuesday with its inaugural $300m deal, finding support from a combination of dedicated green funds, as well as conventional investors. Typical of issuers from South Korea, the policy bank did not pay any new issue premium for its fundraising.

A busy Tuesday for dollar supply in Asia DCM is continuing unabated with a handful of launches and mandates, including one in euros, announced on Wednesday.

CDL Hospitality Trusts, a Singaporean real estate investment trust focusing on the hospitality sector, has kicked off a S$255.4m ($184m) rights issue to reduce leverage after announcing the purchase of the Pullman Hotel in Munich for €98.9m.

Hong Kong regulators on Tuesday decided that delta one warrants will not be classified as over-the-counter derivatives products, mirroring the actions of European Union authorities.

After mandating leads on Monday, market participants expected Bank of Queensland’s (BoQ) debut covered bond would emerge on Tuesday. The deal’s absence from a quiet market led to speculation of a minor teething problem with leads confirming the deal is still being being worked on.

Nomura confirmed that it has begun applying for a licence in Germany to operate a new Frankfurt-based entity, as a preparation for the UK’s exit from the European Union.