Asia Pacific

Hong Kong is exploring the possibility of getting in on the craze around special purpose acquisition companies (Spac), which has begun to gain ground in Asia this year.

Coupang, an e-commerce company, has kicked off bookbuilding for an up to $3.6bn IPO that is set to be the largest ever US listing by a South Korean issuer.

Korea Development Bank has set a new benchmark for Asia by selling the region’s first SEC-registered Sofr-linked floating rate dollar note. It gives further momentum to the use of the new Libor replacement rate, amid an expected spurt in FRN issuance due to volatility in interest rates. Morgan Davis reports.

Development Bank of the Philippines (DBP) ended a 10-year absence from the dollar bond market for a $300m deal on Tuesday, managing to woo investors with just a small premium.

Online car marketplace Autohome has launched the roadshow for a secondary listing in Hong Kong. The float of new and existing stock could raise up to HK$7.6bn ($983.2m).

Two companies have brought out green and sustainable bond frameworks this week that take the product in new directions — EU Taxonomy compliance and introducing a completely new word to the sustainable finance lexicon: “woven”.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 1. The source for secondary trading levels is ICE Data Services.

Chinese companies mulling new loans are taking inspiration from the recent thinly priced deals from technology giants Tencent Holdings and Baidu to push pricing down on their own transactions. This is a risky proposition.

A bout of volatility in US Treasury rates has slowed down primary bond flow in Asia and forced borrowers to pay up for their deals. While the turbulence has kept issuers at bay, it will offer a much-needed reset for the region’s bond market.

China’s Huadong Medicine Co has turned to the loan market for the first time.

Dr Peng Telecom & Media Group Co has extended the maturity of its dollar bond until December 2022.

Taiwanese semiconductor company WT Microelectronics is planning to return to the loan market after almost eight years.