Asia Pacific

Banks competing for a role on China Tower’s planned $10bn IPO in Hong Kong have tried to elbow each other out by lowballing sponsor fees, with one US bank even offering to charge nothing to be a sponsor.

The private equity majority owners of Indian IT company Mphasis raised $500m on Tuesday from a five year non-call two deal, despite it having a structure that is quite unfriendly to bondholders.

Once troubled Chinese property developer Kaisa Group Holdings, which launched an exchange offer last week, has released minimum yields on the four sets of new fixed rate notes that will replace its outstanding variable rate senior bonds.

Tejas Networks launched its Rp7.8bn ($120.8m) India IPO on Wednesday with Abu Dhabi Investment Authority as the largest anchor investor.

Domestic data in China is mostly in line with market expectations. However, mild losses in equities has prompted some receiving at the shorter end of the CNY NDIRS curve, driving a bull steepening move to the belly of the curve, writes Deirdre Yeung of Total Derivatives.

Chinese firm Essence International Financial Holdings has approached lenders for a HK$1bn ($128m) borrowing.

Min Xin Holdings’ rights issue to raise HK$827m ($107m) was severely undersubscribed, forcing its major shareholder to take up the remaining stock.

China Everbright Bank Hong Kong has hired Zoie Teng from Shanghai Pudong Development Bank for a newly created position.

There is a lot of market interest in One Belt One Road, but there is little understanding of how OBOR’s financing will work, said Hong Kong’s secretary for financial services and the treasury KC Chan, who reckons the city will play a key role in bridging the knowledge gap.

Chicago-headquartered Kirkland & Ellis has poached a lawyer with 15 years of experience for its corporate practice in Hong Kong.

State-owned hydropower company China Three Gorges Corp is marketing its maiden international green bond denominated in euros. The firm raised Rmb6bn ($900m) from an onshore green outing two years ago.

The upcoming Bond Connect has generated a lot of interest, but not all market participants are pleased with China’s latest attempt to entice foreign investors, with some seeing the new scheme as a confusing addition to an already complex investment landscape.