Asia Pacific

Fosun International scored an additional $600m from a tap of its $800m 5.25% 2022s last Friday, making it the largest Chinese high yield non-property deal in almost three years.

As the perceived European political risk reduced following the results of the first round of French elections, Asian debt markets opened on Monday to a deal from India's HPCL-Mittal Energy (HMEL).

Syndication of a HK$7.991bn ($1.027bn) loan for a subsidiary of Hong Kong conglomerate Goldin Financial Holdings is set to wrap up soon, with the money to be used to develop a residential complex in the city’s Kowloon area.

With the world’s largest asset manager saying it backs the inclusion of A-shares in MSCI indices, the result now looks inevitable. However, the result is likely to be high on symbolism and little else and highlights the challenge for firms as they balance the demand for China exposure with the need to keep their integrity intact.

Indonesia-listed Sarana Menara Nusantara is set for a liquidity event after a group of shareholders put a large chunk of stock for sale to raise Rph5.6tr ($422m).

Telecom infrastructure provider Tower Bersama Infrastructure has tied up a $200m loan with its relationship banks on a club basis, with several participants booking the borrowing through their Indonesian subsidiaries.

In this round-up of news you may have missed over the weekend, People’s Bank of China (PBoC) plans to roll out more SDR-denominated products, State Administration of Foreign Exchange (Safe) says capital flows stabilised in the first quarter of 2017, and JP Morgan is named top foreign asset manager for 2016.

Taiwanese semiconductor manufacturer GlobalWafers Co has raised $469.2m from a sale of Global Depository Shares, which it plans to to use for repaying loans from its acquisition of SunEdison Semiconductor in 2016.

BlackRock has backed MSCI to include A-shares in its benchmark index, a former State Administration of Foreign Exchange (Safe) official says China should open its onshore renminbi market, and Standard Chartered says capital outflows reach a new low in March.

Want Want China Finance and China SCE Property sold $500m and $300m of notes respectively on Thursday, as both hit the market before the expected rush investment grade names next week.

China Merchants Port Holdings (CMP) successfully raised Rmb2.5bn ($363.4m) from a five year Panda bond on the interbank market on Thursday. The company is presenting the trade as a Silk Road bond, even though all of the proceeds will be used onshore.

China Huarong Asset Management Co on Thursday concluded a $3.4bn-equivalent six-tranche offering featuring US dollars and Singapore dollars. The transaction broke new ground for the issuer, and the company is one step closer in narrowing the gap between its curve and that of some of its Chinese peers.