Asia Pacific

The subdued Hong Kong IPO market is finally getting a dose of action with a pair of issuers, IMAX China and Regina Miracle International, aiming to wrap up their debuts ahead of the upcoming Chinese Golden Week holidays.

The stock market has endured its worst summer in years, with the turmoil in China wiping out trillions in market value and causing ripples around the world. But a crucial window will open up for share sales in Asia once China concludes its Golden Week holidays in early October. Issuers should grab the opportunity to light a fire under equity capital markets.

Korea National Oil Corp (KNOC) opened books for a new ten year bond on Tuesday, in what will be its first debt sale of the year.

Rural Electrification Corp is seeking a new $150m five year loan and sent out a request for proposals (RFP) this week, marking a quick return to the debt market.

South Korea’s Hyundai Samho Heavy Industries is in the market to sell down all of its stake in steelmaker Posco, with the accelerated bookbuild expected to raise up to W232bn ($196m).

Mizuho has appointed a new head of debt syndicate for Asia Pacific, poaching him from rival Nomura.

Indian conglomerate Reliance Industries has picked a big group of banks for refinancing a $1.5bn loan raised three years ago.

Agricultural Bank of China (ABC) is planning a roadshow in September for the world’s first offshore renminbi green bond that will be part of a multi-tranche deal. The trade scheduled to price ahead of president Xi’s visit to London in October and is one of a number of upcoming Chinese bonds aimed at the UK.

Goldman Sachs has promoted Jonathan Penkin to the new roles of head of growth markets ECM and chairman of Asia ex-Japan ECM, according to an internal memo seen by GlobalCapital Asia.

Renewed confidence about CNY inclusion in the IMF's SDR has supported offered side interest in short-end CNY NDIRS today. A preference for the 3-year tenor has flattened the 1s/3s curve slope, writes Deirdre Yeung of Total Derivatives.

Yingda International Leasing, a company owned equally by General Electric and China’s State Grid Corp, has raised the size of its three year offshore borrowing to Rmb600m ($94m) from Rmb500m, partially exercising a greenshoe option.

Hengtao Securities has received listing approval from the Hong Kong Stock Exchange (HKEx) for its $200m IPO, but is yet to fix dates for marketing as issuers and bankers continue to take a watch-and-wait stance on the market.