Asia Pacific

New Hope International has wrapped up syndication of a $100m facility that came with a guarantee from its parent, Chinese agribusiness New Hope Group.

Flat Glass Group Co priced its Hong Kong IPO at the bottom of an indicative range on November 19, raising HK$945m ($122m) as investors gave the solar glass maker a lukewarm response.

Mercuria Energy has wound up its latest multi-tranche loan at an increased size of $1.1bn. The shorter one year portion proved popular among lenders, but a three year tranche ended up being scaled back.

Korean Air Lines has raised $300m from a hybrid bond that came with a guarantee from the Export-Import Bank of Korea (Kexim). But the issuer’s credit fundamentals posed a challenge, with investors split over finding the best comparable for the notes.

China Construction Bank (Asia) has priced a two year dim sum amid a market sentiment that is less than favourable for dim sum issuance. However like other recent deals from state-owned banks, this latest trade was driven more by diplomacy than funding needs.

Birla Carbon, part of India’s Aditya Birla Group, has opened its $925m refinancing into general syndication via five mandated lead arrangers and bookrunners.

Chinese water treatment firm Citic Envirotech has printed its first dollar bond, raising $175m from a trade that was designed to take advantage of Asian private banks’ increasing need for yield.

Fiat’s Indian arm has approached lenders for a $250m loan to fund projects in the country. The deal is one of the few offshore fresh money borrowings from India this year.

In this round-up, new RMB mini metals contracts coming on HKEx, Singapore Exchange and EBS to launch CNH block futures, Turkey renewed its RMB swap line, and Morgan Stanley said one of its funds will start trading via the Shanghai-Hong Kong Stock Connect link.

The Republic of Indonesia has picked 10 banks for a 2016 bond panel and mandated four of them to work on a dollar offering that could raise up to $4bn.

Tohoku Electric Power, Japan’s fourth largest electricity company, raised ¥120bn ($972m) to build new power stations on Tuesday, with a pair of negative yield convertible bonds, sold outside Japan.

The Asia ex-Japan bond market is set for a busy few weeks as issuers decide between pushing out deals now and postponing their fundraisings until 2016. Sovereigns and bank capital trades are part of the pipeline but with Thanksgiving holiday and a potential rate rise looming, timing has become critical, writes Narae Kim.