Asia Pacific

Asian sponsor-backed firms are following their Western peers in tapping the loan market for dividend recapitalisations, encouraged by a buoyant stock price and low debt levels. Rashmi Kumar reports.

An environmental activist institute has argued that the bookrunners of a Korea National Oil Corp $700m bond priced on Tuesday are being inconsistent with their own climate policies, and might even be taking legal risks, because of the issuer's exposure to tar sands oil production in Canada.

Green Tea Group, a Chinese restaurant operator, is seeking approval to go public in Hong Kong.

Jiangsu Zhongnan Construction Group Co raised $250m from a new money and exchange offer on Monday.

Asian lenders have often balked at dividend recaps. They should reconsider.

The Republic of the Maldives priced a $200m sukuk on Monday, marking the country’s first dollar outing in three years.

Korea National Oil Corp’s (KNOC) quasi-sovereign credentials helped drive demand for its $700m bond on Monday, its first international debt transaction of the year.

FTSE Russell will start adding Chinese government bonds (CGBs) in its flagship FTSE World Government Bond Index (WGBI) later this year, a move that is expected to attract more foreign inflow into the world’s second largest bond market.

China-based Energy Monster, a mobile device charging company, has kicked off the roadshow for its Nasdaq listing. It is eyeing up to $218.7m from the deal.

Two red chip issuers, China Mengniu Dairy Co and Hengan International Group Co, sold renminbi-denominated Panda bonds in China’s interbank market at the end of last week. Both the firms opted for short tenors.

Hong Kong-listed Car Inc raised $250m from a bond last Friday, riding on the positive sentiment of an ongoing take-private deal and better access to funding.

Philippine company SPi Global, an outsourcing services provider, is understood to be seeking a $300m to $400m loan, some of which will go towards funding a dividend recapitalisation.