Asia Pacific

China Minsheng Investment’s (CMI) $300m offering on July 16 resonated well with the combination of robust anchor demand, a standby letter of credit (SBLC) and juicy yields proving a winning recipe.

Chinese automobile dealer Zhongsheng Group Holdings is considering increasing the size of its $150m loan to accommodate excess demand. The deal offers all-ins close to 400bp and juicy pricing was instrumental in bringing in banks.

Structured finance analytics provider Intex Solutions has set up an office in Shanghai as it looks to meet the demands of China’s emerging securitisation market.

The Republic of Zambia and Georgian firm Rustavi Azot kicked off roadshows this week, providing hope that a reopening of the CEEMEA sovereign and corporate markets — courtesy of Kazakhstan and Naspers — maintains momentum.

CEEMEA borrowers pounced on a clear window this week and paid for it with premiums as high as 50bp. But while everyone talks about the size of the concessions, it’s worth noting that issuers showed the maturity to accept them.

The bursting of China’s stock market bubble last week rattled investors, with Asian bourses feeling a contagion effect from the mainland’s collapse. As indices begin to steady, ECM bankers in Hong Kong are adamant the market is open for business, but discussions with potential issuers on pricing and timing are taking centre stage, writes Rashmi Kumar.

Primary deals are once again flowing in Asia ex-Japan amid a gradual untangling of the Greek debt crisis and an improving Chinese equities market. But even with the worst apparently behind them, market participants in the region are predicting issuance to be stop-start and dominated by investment grade credits as they prepare for the second half of the year, writes Rev Hui.

The return of one of China’s big four banks next week has put the market in a state of eager anticipation, with Bank of Communications (BoCom) set to go on the road for an additional tier one (AT1) preference share offering that could be as large as $2.46bn.

Chinese wealth management service provider Jupai Holdings priced its $53m IPO on the New York Stock Exchange at the bottom end of guidance on July 16, as its selling shareholders reined in the number of secondary shares on offer.

The first dollar bond to emerge from China following the Greek debt agreement proved to be a hit, with Shanghai Construction Group (SCG) attracting an eight-times covered book for a $400m offering.

Xinjiang Goldwind Science & Technology went live this week with what will be China’s first green bond. The trailblazer drew plenty of attention, with more deals expected both on and offshore once the country’s green bond regulations are finalised later this year.

The pipeline for offshore Indian loan syndications is showing signs of life, with opportunistic corporate refinancings and more borrowing by housing finance companies pushing dealflow. Bankers expect the second half of the year to be busier than a very quiet first six months, writes Shruti Chaturvedi.