Asia Pacific

Hong Kong’s primary equity capital market is in trouble. The city was the top global IPO destination by volume last year — a title it also held from 2009 to 2011. But the market is in the midst of change with disgruntled investors and restrictions on capital outflows from China set to start hitting business. With no fix in sight, the worst is only yet to come.

Shui On Land secured a $500m four year bullet on Monday from an order book more than six times subscribed, showing the continued interest from investors in Chinese property names for the right price.

A growing list of fund managers are seeking access to China's interbank bond market (CIBM), with the likely inclusion of RMB bonds in global indices adding urgency for active and passive investors.

Industrial Bank of Korea (IBK) has become the latest issuer from the country to venture offshore, opting for a Reg S only format to speed up execution.

A stable market backdrop and the rarity of Thai credits allowed Siam Commercial Bank (SCB) to price its $400m bond tighter than its peers.

Astra Sedaya Finance is speaking to banks for a fresh money borrowing of up to $150m. The discussions for the new loan come just one month after the company signed a $200m deal targeting Japanese lenders.

Shanghai Paipaidai Financial Information Service, which operates Chinese peer-to-peer lender Ppdai.com, is eyeing a $200m listing in the US.

Fujian Zhanglong Group Co is tapping its three year notes sold at the end of 2016, taking advantage of one of the last issuance windows before the Lunar New Year.

Neerg Energy is set to become the second Indian corporate to sell a dollar green bond, having hired six firms to arrange meetings with global accounts on Tuesday.

Malaysia’s UMW Oil & Gas Corp (UMW-OG) has proposed to raise MR1.8bn ($405.9m) in a renounceable rights issue to smooth the way for a corporate exercise.

JP Morgan has boosted its China team with a new senior hire to its emerging markets economic research unit.

Metals and mining company Vedanta Resources jumped back into the international market on Tuesday with a 5.5 year transaction, hoping to secure a dollar deal before markets become quiet for the Chinese New Year holidays.