Asia Pacific

For all of the concern surrounding China’s economy, Latin America’s precious new flow of funding is unlikely to dry up any time soon

Singapore’s PSA International broke its six year absence from the bond market in style on Tuesday, raising $500m in a deal that met its objective of pricing inside the curve of the closest comparable.

Mizuho Financial Group has raised $4bn from a triple-tranche bond to meet its total loss-absorbing capacity (TLAC) requirements. All three Japanese global systemically important banks have now issued such notes this year and market participants said investors and issuers are warming up to the product.

Loss-making commodities trader Noble Group has launched a richly priced $1bn one year refinancing into general syndication.

The broad liberalisation of access to the China interbank bond market (CIBM) announced in February has been given the thumbs up, but hedge funds keen to have a more direct route into the Chinese market face a complex landscape, with the country’s regulators still treating the industry with suspicion.

China Renaissance has named Andrew MacInnes as CEO of its US arm, as the boutique investment bank steps up its overseas ambitions and grows its equity distribution capabilities stateside.

Fosun Industrial is close to signing a syndicated loan at a smaller size of $500m, more than six months after the trade launched.

Guosen Securities (HK) Financial Holdings Company has received a capital injection of HK$300m ($38.67m) from its parent Guosen Securities, according to an announcement on April 2.

Korea National Oil Corp (KNOC) navigated a crowded primary market on Tuesday to seal a $1bn dual-tranche bond. Thanks to the credit’s safe-haven status, onshore investors piled in, allowing the firm to price the deal flat to its existing curves.

Global Medical Real Estate Investment Trust, owned by Hong Kong-listed ZH International Holdings, is aiming to list on the New York Stock Exchange in a deal that could net $100m.

Nameson Holdings priced its HK$600m ($77m) Hong Kong IPO near the middle of the range on Wednesday, but bankers still said that conditions are still not ideal for equity capital markets.

Olam International returned to the international bond market on Tuesday after an absence of nearly two years with a popular $300m trade that drew good participation from private banks and institutional accounts.