Asia Pacific

The Asia ex-Japan G3 bond market saw a slew of issuers from a variety of backgrounds hit the market on Thursday, with borrowers from Greater China as well as Indonesia venturing offshore.

Korea East West Power Co (EWP) is pursuing a new dollar deal, marking its return to the debt market after nearly three years.

Nomura’s chairman of investment banking for Asia ex-Japan Yang Zhizhong has left the firm after nearly nine years, according to a source familiar with the matter.

Credit Guarantee & Investment Facility (CGIF) and infrastructure consulting firm Surbana Jurong are joining up to boost the use of local currency bonds in funding greenfield infrastructure projects in southeast Asia.

The renminbi fell behind the Swiss franc in terms of share of global payments in April, according to SWIFT’s RMB tracker. The Chinese currency is now the seventh most used global payment currency, accounting for only 1.6% of all payments.

Market watchers expect spreads on Chinese bonds to widen in the near term because of Moody's downgrade of the sovereign, but there is little concern that the country’s offshore debt issuers will be hit hard.

South Korea’s SEBT Investment has sold a second block in Daewoo Engineering & Construction Co in as many months, raising W177.6bn ($157.9m).

China Construction Bank sold its first floating rate bond in 20 years this week, pricing in line with its peers while also printing one of the largest deals since 2014. Its rarity value and a quiet primary market worked in its favour.

Lotte Chemical Titan, the Malaysia-based arm of South Korean conglomerate Lotte Group, has fixed a ceiling price for its MR5.9bn ($1.4bn) IPO.

Korea Gas Corporation is getting ready to gauge investor interest for a new dollar bond, and will kick off a roadshow in Europe in June.

China Citic Bank International issued its first Panda bond this week, pricing a Rmb3bn ($437m) three year. The proceeds will remain onshore, but it is understood the deal will help meet the borrower’s funding needs for both the mainland and Hong Kong.

Internet and mobile platform company Sea, formerly known as Garena Interactive Holding, is planning a US IPO, according to a source familiar with the matter.