Asia Pacific

Xinhu Zhongbao Co became the latest dollar issuer to benefit from a conducive market backdrop this week, pricing a $700m bond — the largest high yield property transaction in recent times.

The upcoming launch of the second phase of China's cross-border interbank payment system (CIPS) is understood to be delaying the launch of clearing activities in the recently established New York RMB hub, GlobalRMB has learned.

Panda bonds are poised to make a rare appearance on the Shenzhen Stock Exchange, with red chip firm Shenzhen International Holdings announcing on Wednesday that its Rmb5bn ($727m) programme has been approved by the China Securities Regulatory Commission.

United Overseas Bank issued a euro covered bond flat to its curve and WL Bank priced at the tightest spread of the year, suggesting slowing supply is exacerbating a squeeze on investors. UOB was also set to issue its first dollar-denominated covered bond.

The Hong Kong government stretched its Islamic finance benchmark and ambitions on Tuesday, securing a $1bn 10 year deal with the first dollar sovereign sukuk of the year.

South Korea’s Lotte Chemical Corp has netted W215.0bn ($187.9m) after pricing a block sale of treasury shares near the middle of guidance, according to a term sheet seen by GlobalCapital Asia.

Citic snatched $1.25bn from an aggressively priced dual-tranche transaction on Tuesday, its second bond outing since a restructuring that saw it gain investment grade status.

Korea Development Bank (KDB) has become the latest name from South Korea to join the debt issuance party, sealing a triple tranche offering with two floating rate tranches, and finding $4bn of demand for its deal.

Minsheng Financial Leasing has returned to the debt market for a $200m offshore loan that is led by three mandated lead arrangers and bookrunners.

HSBC’s equity capital markets head for India has left the bank, GlobalCapital Asia understands.

China Lodging Group has enlisted a single bank to help it arrange a $500m financing for the acquisition of hotels in the Mainland.

The Indian government kicked off a two-day bookbuild on Wednesday to sell 5% of its stake in Bharat Electronics worth Rp16.8bn ($250.9m).