Asia Pacific

After a four month ban, IPOs are back on the table in China. But it appears some lessons have been learnt, with the rules being tweaked to prevent a repeat of this summer’s sell-off. The changes will ensure a less volatile secondary market and sets the stage for the country to adopt a market-driven regime for A-share listings next year, writes John Loh.

ICBC New York returned to the dollar bond market one year after its debut with a $1bn dual-tranche offering on November 5. While the deal was popular with Asian accounts, interest from the US was lukewarm because of the issuer’s aggressive pricing tactic.

Deutsche Bank on Thursday priced its latest Samurai deal well wide of its last effort as investors continued to digest its restructuring, while wild swings in the basis swap between yen and dollars buffet other potential issuers in the format.

Julius Baer became the first foreign bank to issue a Singapore dollar-denominated additional tier one (AT1) this week. By doing so, the Swiss lender has joined a growing number of banks that are satisfying their capital needs through the country’s bond market, writes Rev Hui.

Bank of East Asia (BEA) has proposed to buy back its outstanding Basel III additional tier one notes for cash and plans to issue a new offering as part of the lender’s liability management practice.

Wenzhou Kangning Hospital started guiding investors to the top of the range of its HK$681m ($88m) Hong Kong IPO on Thursday morning, thanks to books being oversubscribed across the price range.

Beijing Hualian Group has received positive but cautious market feedback for the listing of its real estate investment trust in Singapore, which could raise around S$300m ($211m).

Housing Development Finance Corp (HDFC) and India Infrastructure Finance Company (IIFCL) are on track to issue offshore rupee-denominated bonds, or Masala bonds. With no such notes issued by an Indian borrower so far, market participants are eager for the first offering to come to fruition.

People often say life is a rollercoaster and it’s your choice to scream or enjoy the ride. This holds particularly true for those in finance.

Iris World Enterprises, an affiliate of Taiwan's Foxconn Technology Group, has picked three banks for its $300m borrowing.

BMW is preparing for its second Chinese auto ABS of the year and is, once again, relying on a popular four-tranche, fixed rate/floating rate structure that it introduced to the market five months ago.

Standard Chartered’s former head of debt capital markets for Hong Kong, Peter Szekely, has moved to a new position at Australia and New Zealand Bank.