Asia Pacific

In what was hailed as a momentous, perhaps record breaking, week in high yield finance, Japanese telecoms operator SoftBank took the crown by raising the year’s biggest Asian offshore high yield deal, writes Victor Jimenez.

The Chinese stock market’s rapid plunge into bear territory this month has brought unexpected gains for the equity capital markets of another large emerging economy — India. ECM bankers in that country have started to see a big uptick in interest from international investors eager to park their funds in a safe haven, writes Rashmi Kumar.

Bank of Communications managed to pull off a super-aggressive trade this week, pricing its $2.45bn additional tier one (AT1) offering in line with its larger peers Bank of China (BoC) and Industrial and Commercial Bank of China (ICBC). The key to that impressive feat was taking advantage of an investor base that had been starved of bank capital paper as well as higher yielding products, writes Rev Hui.

CICC in limelight for $1bn — LIG Nex1 gets IPO nod — Pakistan preps for State Life sale — San Miguel brews $739m

The Republic of Indonesia returned to the euro market on July 23 as it looks to extend its curve with a new 10 year offering.

CICC has filed its long-awaited IPO with the Hong Kong Stock Exchange, with the Chinese investment bank eyeing $1bn in proceeds. The trade is slated to launch at the end of September via leads ABC International and CICC, but interest is already building.

DBP hunts for funds — Oxley out with S$110m — LK Machinery seeks HK$600m

Bharti Airtel is reported to be eyeing a $1bn syndicated loan to fund its acquisition of telecoms spectrum in India. Bankers are hoping the deal is not the last from the country’s telco majors, which have so far failed to come offshore for funding since the spectrum auction earlier this year, writes Shruti Chaturvedi.

Xinjiang Goldwind Science & Technology ventured into uncharted territory on July 16 issuing the maiden green bond by a Chinese issuer. While the deal is expected to be the first of many, investors were largely indifferent to the trade’s green credentials.

Thai Union Frozen Products Public Company opened books for a Bt12.72bn ($371m) preferential public offering on July 20, following non-deal roadshows that brought positive feedback from the investor community.

China Railway Signal & Communications Corp (CRSC) started investor education for its $2bn Hong Kong IPO on Monday, July 20, becoming the first issuer brave enough to proceed with its equity-raising plans following the mainland stock market’s dramatic collapse earlier this month.

Central China Securities Co is placing out new H-shares in a deal expected to raise HK$2.53bn ($327m). The trade makes it the first Chinese broker to tap equity investors for funds since China’s stock market meltdown sent the region into a tailspin earlier this month.