Asia Pacific

Road King Infrastructure (RKI) is spinning off its expressway business in Hong Kong via an IPO that could fetch $500m in the third quarter, said sources close to the deal.

Mainland authorities have promised that the China-Hong Kong Bond Connect will launch this year. But several questions remain on how the scheme will handle price discovery and clearing, according to post-trade services provider DTCC, which is working with CFETS on its own onshore-offshore link.

Regal Hotels International Holdings locked in $225m on Thursday from a fixed-for-life perpetual non call five on the back of over $1bn of demand at its peak. While the issuer timed its deal well, it was not everyone’s cup of tea, said bankers.

China Jinmao Holdings is coming to the Panda bond market for the first time with Rmb2.5bn ($362.7m) worth of three year medium term notes, the company said in an April 6 announcement.

Indonesian developer Modernland Realty closed a modest $240m deal on Thursday, against a weaker market backdrop in Asia.

CT Corp company Trans Retail Indonesia has allocated its $575m borrowing among a group of 36 lenders.

India Power Corp has launched a two day offer for sale of secondary shares that could be worth Rp13.5bn ($209.6m), according to stock exchange data.

The renminbi fell on Friday at the Asia open as US president Donald Trump holds talks with China counterpart Xi Jinping, State Administration of Foreign Exchange (Safe) claims Mainland’s FX market is stable, and Stock Connect saw a 56% jump in turnover on the northbound channel in March.

CDL Properties has made a splash in the Singapore dollar debt market, selling the country’s first green bond, a S$100m ($71.3m) two year deal.

Yanzhou Coal Mining Company saw a very different outcome to its perpetual bond this week, managing to price through its theoretical fair value. In comparison, the borrower paid up three years ago for its last perp outing.

Everbright Financial Leasing Co is seeking a $200m three year facility through a single mandated lead arranger and bookrunner.

Hong Kong-listed National Arts Entertainment and Culture Group is preparing to spin off and list a pair of assets as a trust on the Singapore Exchange.