Asia Pacific

The Bond Connect will likely make its debut on July 3, Tae Yoo, head of client business development at the Hong Kong Exchange, told an industry event on Tuesday. While a full blueprint for the scheme is yet to be provided, what is clear is that Bond Connect investors will not have access to the onshore hedging market.

Shares in Hong Kong International Construction Investment Management Group, the property development and machinery leasing unit of Chinese conglomerate HNA Group, closed 2.3% higher on Tuesday after the company wrapped up its fully underwritten HK$9.2bn ($1.2bn) rights issue.

Standard Chartered has added to its M&A capabilities in southeast Asia by hiring a new managing director.

Industrial and Commercial Bank of China’s Hong Kong branch made a quick return to the floating rate bond market, raising $700m from a dual-tranche outing on Monday. The lender was focusing more on price over size, with its five year proving to be investors’ sweet spot, according to bankers.

South Korea’s Posco this week offloaded its entire stake in shipbuilder Hyundai Heavy Industries, raising W190.9bn ($167.9m) on the back of a booming stock price.

High-end solar panel maker REC Solar has tasted success with its first Asian syndicated loan attracting enough demand for it to raise $330m after exercising a $25m greenshoe.

Road King Infrastructure grabbed $300m on Monday from the sale of its second fixed for life perpetual bond this year, taking advantage of investors’ eagerness for yield.

The Luxembourg Stock Exchange (LuxSE) has signed an agreement with the Shanghai Stock Exchange (SSE) to launch a green bond index that will provide synchronous quotes in China and Europe.

ANZ has hired Sonny Lin as the new head of markets for Taiwan, poaching him from Standard Chartered.

Brightoil Petroleum (Holdings) is marketing its maiden international bond, while Gome Electrical Appliances Holdings is taking bids for a tap of notes printed earlier this year. China Gold International Resources Corp, meanwhile, is meeting investors later this week for its second offshore outing.

The Export-Import Bank of Korea returned to DCM on Tuesday for a floating rate dollar Formosa deal, a few weeks after Kookmin Bank broke open the market for a new batch of issuers from the country.

Maxis, the Malaysian telecoms company, has raised MR1.6bn ($390m) to cut debt and finance expansion, having priced the capital increase on Monday evening at a 6.1% discount.