Asia Pacific

Guangzhou Rural Commercial Bank Co’s HK$8.34bn ($1.07bn) Hong Kong IPO is covered after three Mainland investors lent their support as cornerstones.

Investors went crazy for WuXi Biologics’ HK$3.9bn ($500.4m) Hong Kong IPO, driving pricing to the top of expectations as hundreds of global accounts poured in.

The Reserve Bank of India has added restrictions to the issuance of rupee-denominated bonds, essentially cutting off the country's high yield issuers from the market.

There was not enough stock to go around when TPG Stallion sold the last of its equity in Li Ning Co this week. The HK$885.2m ($113.6m) fundraising not only priced at a small discount but also gained nearly 10% in secondary.

Chinese issuers Far East Horizon and Power Construction Corporation of China sealed perpetual non-call five year deals on Wednesday, feeding investor appetite for yield from high quality names.

The combination of One Belt One Road (OBOR) and Bond Connect will allow the renminbi to be used more widely as an investment and reserve currency, presenting a breakthrough for RMBi, said experts at the Hong Kong Exchange’s RMB fixed income and currency conference on Thursday.

Bond Connect will only provide northbound trading for the next few years, Charles Li, chief executive of the Hong Kong Exchange, has said.

Hong Kong’s FWD Group and AMTD Group Company have started taking orders for their respective unrated perpetual bonds. The former is seeking a zero coupon subordinated deal, while the latter is marketing a senior transaction — its second international offering.

Indian lender IndusInd Bank is planning to roll out a $300m syndication with four mandated lead arrangers and bookrunners next week.

Chinese high yield company Hilong Holding has mandated banks for a dollar bond.

Swedbank listed a new programme on the Tokyo Pro-Bond market on Wednesday, as the Swedish bank looks to dip its toes into ever more attractive yen funding.

Chinese developer Fantasia Holdings Group Co wrapped up an unrated short-term note on Tuesday, snapping up $350m for refinancing. Bonds with maturities of less than a year are increasingly being considered by Mainland issuers, given the barriers in getting regulatory approval to go offshore for fundraising.