Asia Pacific

China Railway Group raised $500m effortlessly from its first dollar bond in more than two years, taking advantage of its link to the central government and an issuer-friendly environment to price the new note through its existing curve.

KWG Property Holding sealed its third appearance in the onshore bond market this year with a Rmb2bn ($299m) private placement on Thursday. But unlike its previous deals, which were sold by its onshore subsidiary, the latest offering was a direct issuance from the Cayman Islands-incorporated firm.

Indian mortgage lender HDFC has allocated its $375m loan among 17 banks, introducing a smaller ticket level after launching general syndication to accommodate some lenders’ requests.

In the immediate aftermath of the Brexit vote, London’s loss of its status as leading RMB hub in Europe seemed highly likely, a turn of events that left China and the UK to figure out how to move forward from the “golden era” they had on just ushered in. But a more nuanced picture is now starting to emerge.

Commonwealth Bank of Australia drew more demand than any other euro denominated Australian covered bond in over three years when it issued a €1.25bn 10 year this week.

Moody’s has devised a systematic way to incorporate environmental risks into its ratings, and now offers special Green Bond Assessment grades. Michel Madelain, vice-chairman of Moody’s, tells Jon Hay green bonds cannot do all the heavy lifting for the green transition — conventional financing will have to help too.

Rating agency Standard & Poor’s said this week that global credit markets are poised either for a "slow burn" of deteriorating market conditions or something even worse: a credit exit, or "Crexit" — where a major economic or political shock triggers a shutdown of global markets altogether.

There was a common thread in two new proposals by Malaysian and Indian regulators to reform their respective real estate investment trust regimes. Both countries are looking to increase Reit exposure to under construction or greenfield properties — moves that could give a much-needed boost to the asset class. John Loh reports.

The recent success of Indian borrowers in the offshore bond market has sparked talk of a revival in issuance from the nation. While abundant market liquidity and the low yielding environment are a boon for issuers in the high beta country, the window is expected to be short lived, writes Narae Kim.

A secondary sell-down in shares of South Korea’s LIG Nex1 is seeing a hot reception in the market, with the block expected to price at the top of the range to raise W90.5bn ($79.1m).

Kazakhstani crude oil company Tengizchevroil (TCO) pulled in pricing 50bp from initial guidance on Wednesday to print its $1bn 2026s only 10bp over the Kazakhstan sovereign, according to a bookrunner on the deal.

VPBank Finance, the consumer finance arm of state-owned Vietnam Prosperity Bank, is accessing the debt market for a $100m loan backed by accounts receivable.