Asia Pacific

Chinese textile company Victory City International Holdings’ financial predicament has taken a turn for the worse as it revealed previously undisclosed outstanding debt at its subsidiaries this week.

China Development Bank is planning to sell an up to Rmb20bn ($3.08bn) carbon neutrality themed green bond next week to support China’s goal of net zero carbon dioxide emissions by 2060. The deal is internationally certified and will be available to Bond Connect investors.

Shaanxi Financial Asset Management Co sold its first dollar bond on Thursday to raise $200m, but the difficult market backdrop meant even the new issue premium of 10bp-15bp was not enough to entice many investors.

Chinese internet giant Baidu has met with a rapid flood of early demand for its Hong Kong secondary offering, which is expected to raise around $3bn.

The Asian Development Bank broke a decade-long absence from China’s domestic market to price a Rmb2bn ($307m) Panda bond at a record low spread this week. Its assistant treasurer told GlobalCapital that the multilateral development bank is open to selling longer dated and green renminbi-denominated deals. Addison Gong reports.

I have been told that March 8 was International Women's Day. It’s a relatively new one to me, but I applaud the efforts people are making to celebrate the hardworking women in our lives.

L Catterton Asia Acquisition Corp has bagged $250m from its Nasdaq IPO, as it becomes the latest special purpose acquisition company (Spac) focused on Asia to list in the US.

Secondary listings in Hong Kong got a fresh boost this week with online car marketplace Autohome pricing its deal and internet giant Baidu getting ready to roll out its transaction. More homecomings by US-listed Chinese companies are in the pipeline, but the number of viable candidates is shrinking, writes Jonathan Breen.

Coupang, a South Korean e-commerce company, scooped up $4.2bn from its IPO this week, after pricing the deal above the marketed range. It is the largest US listing from Asia since Alibaba Group Holding raised $25bn seven years ago.

Jardine Matheson, one of Hong Kong’s oldest business giants, is planning to fund a $5.5bn acquisition of a minority stake in its subsidiary through a combination of loan and internal cash.

Tricor Holdings is planning a return to the loan market to refinance a HK$2.8bn ($360m) borrowing it sealed in 2016 for a leveraged buyout by investment firm Permira.

Asia’s leveraged buyout loan market is facing a setback after a planned financing to back the acquisition of Mphasis, an Indian IT services firm, was scrapped as discussions between the buyer and seller fell through.