Asia Pacific

Mainland China’s sustainable bond market has gone from strength to strength recently, with issuers and investors finding new opportunities and embracing international standards.

ING is set to print the first Australian dollar covered bond of the year this week. Covered paper out of the region has remained scant over the last 12 months, but issuance is set to pick up as onshore lenders start to think about life after the end of the Reserve Bank of Australia's Term Funding Facility.

Shanghai HeartCare Medical Technology Corp has kicked off the roadshow for its up to HK$11.3bn ($145m) IPO.

Devyani International, India’s largest franchisee of Pizza Hut, KFC and Costa Coffee, has raised Rp18.38bn ($247.6m) from a listing of primary and secondary stock.

Tianjin Great Wall Binyin Automotive Finance Co has continued its foray into the internationally rated ABS market since its first such deal onshore over a year ago, returning for a Rmb3.2bn ($494m) transaction at the end of last week.

Chinese electric vehicle maker Li Auto has raised HK$11.8bn ($1.52bn) from a secondary listing that received strong support from investors.

Chinese property bond issuers continue to remain under pressure amid waning investor sentiment and underperformance of deals in the secondary market. While some companies are attempting to claw their way back, the sector still faces some big challenges.

Online music platform Cloud Village has delayed its IPO after a week of pre-marketing, according to a source familiar with the matter.

In this round-up, China’s foreign exchange reserves reach the highest level in five years, JP Morgan receives approval to fully own an onshore securities company, and Beijing launches a review of Blackstone’s $3.05bn take-private of Soho China.

India’s Power Finance Corp is raising a loan with a fixed rate as it looks to move away from Libor, but its decision has received lukewarm response from lenders concerned about the lack of precedents.

Crédit Agricole has hired a senior China economist from Bank of America to head up its research team for Asia ex-Japan.

Cement producer Nuvoco Vistas Corp is aiming to raise Rp50.9bn ($686.2m) from its listing of primary and secondary shares in India.