Asia Pacific

A $12.7bn jumbo loan to back China National Chemical Corp’s (ChemChina) acquisition of Syngenta has gone into senior syndication in Asia, with the borrower seeking a large minimum commitment.

CK Hutchison, the conglomerate with headquarters in Hong Kong, issued €2bn in the European corporate bond market on Tuesday, diversifying the market’s sources of non-European deal flow.

ArcelorMittal’s $3.015bn rights issue, as part of its $4bn debt cutting plan, was completed oversubscribed, the steelmaker said on Monday, despite the gloomy outlook for the European steel industry.

Korea Development Bank (KDB) announced plans on Tuesday to return to the Kauri market, with what would be its first note in the format since 2014.

ASB Finance opened books on Tuesday for the first New Zealand covered bond in euros this year. The New Zealand market is illiquid so fair value is hard to gauge, but the new issue concession was “juicy,” said a lead.

Four banks underwrote the $3bn prepayment facility for Swiss commodity trader Vitol to buy oil from Kazakhstan's KazMunaiGas (KMG).

It goes without saying that things have not gone according to plan for Asia’s equity capital markets this past quarter. The numbers are sobering and the reality is that ECM has seen some fundamental shifts as deal origination and execution become more non-traditional. But that does not have to be a bad thing.

Commodities trader Gunvor Singapore, which had been talking to banks since February about refinancing debt, has launched its latest $750m borrowing.

Chinese red-chip Sino Grandness Food Industry Group is planning to spin off its subsidiary Garden Fresh Group Holding via a float on the Hong Kong Stock Exchange.

Hong Kong’s Securities and Futures Commission has slapped Moody’s Investors Service with a HK$11m ($1.4m) fine for what the regulator says are shortcomings in a 2011 report on Chinese issuers published by the agency.

China’s monetary policy choices and economic reforms are increasingly front and centre for global decision makers, according to panellists speaking at the Credit Suisse Asian Investment Conference (AIC), which opened in Hong Kong on April 5.

Petronas' subsidiary Malaysia International Shipping Corp is in the process of putting together a club of banks to supply a $1bn bridge loan.