Asia Pacific

Indian state-owned companies have returned in force to the loan market, raising funds for their planned capital expenditure as Covid-19 cases slow in the country. But the aggressive pricing offered by local banks means foreign lenders may end up being squeezed out. Pan Yue reports.

China Modern Dairy Holdings, a milk producer, has raised $500m from its first international bond.

Chinese toll road operator Zhejiang Expressway has sold its inaugural dollar bond, raising $470m.

Commerzbank has tapped Jack Jiang as head of capital markets and advisory for Asia.

Chinese securities house Shenwan Hongyuan Securities bagged $500m from its five year bond sale on Wednesday.

Banco Santander is out in the Australian dollar market with its debut Kangaroo bond, and with constructive conditions on offer, further supply could follow.

The Islamic Republic of Pakistan returned to the bond market on Wednesday, raising $1bn in a triple part tap of its existing dollar bonds. Market participants say they are ‘impressed’ with the way reforms are headed in the South Asian country amid its International Monetary Fund programme.

Chinese biotechnology company Brii Biosciences has raised HK$2.48bn ($319.7m) from its Hong Kong IPO, after pricing the deal at the top of the marketed range.

Sino-Ocean Group Holding was forced to pay up for its green bond this week, as weakened sentiment around Chinese high yield property credits spilled into the investment grade market.

Hongkong Land Co sold its debut $500m green bond on Tuesday, with support from ESG focused investors helping it achieve tight pricing.

Philippines-based real estate developer Filinvest Land has won IPO approval for a real estate investment trust (Reit), as the asset class grows in popularity in the country.

Red chip Panda bond issuer Far East Horizon has released price guidance for a new two year deal in China’s domestic market.