Asia Pacific

Victory City Co has approached the syndicated loan market for a HK$2.388bn ($308m) fundraising that has seven bookrunners at the helm.

TUS Holdings managed to raise $400m from its debut international bond this week, with anchor orders and private banks driving demand.

Hong Kong property developer Lai Sun Development (LSD) is seeking HK$924.3m ($119m) by way of a rights issue, announcing a one-for-two offering on Tuesday.

China is likely to see the volume of global payments denominated in RMB rise to match its weight in the global economy, according to Esmond Lee, executive director, financial infrastructure, at the Hong Kong Monetary Authority.

Investor demand for Asian debt was put to the test this week when Singapore's Stats ChipPac executed the region’s first non-Chinese high yield bond in more than three months.

As the world's largest consumer of commodities, China is trying hard to make the RMB a bigger player in those markets. But while the long term strategy makes plenty of sense, its short term implementation faces a number of headwinds, despite the Hong Kong Exchange Group’s (HKEx) best intentions.

UBS is planning to swap senior members of its China onshore and offshore teams as it looks to further strengthen its mainland business, according to an internal memo seen by GlobalCapital Asia.

Yanzhou Coal Mining (Yancoal) has announced plans to buy back a portion of its existing bonds following a pair of downgrades due to a weaker credit profile and declining thermal coal prices.

Videocon Industries is looking to switch bondholders out of a $200m 6.75% convertible bond maturing in December via an exchange offer of cash and the issuance of a new CB.

Asia’s debt market saw a busy Tuesday with a trio of issuers, SP PowerAssets, Stats ChipPac and TUS Holdings, venturing out for dollars.

Zhuhai Huafa Group (Zhuhai Huafa), a company closely involved with urban planning and development, is set to return to the dim sum bond market with a three year offering in the near future, GlobalRMB has learned.

Commentary around the one year anniversary of the Shanghai-Hong Kong Stock Connect seems pretty unanimous in suggesting the scheme has failed to achieve its goals. However, if one looks at past Chinese experiments in capital account liberalisation, the Stock Connect’s early performance should neither surprise nor disappoint.