Asia Pacific

Sustainability-linked bonds conquered a new investor base this week, as the instrument spreads rapidly around the world. Surbana Jurong, an architecture and engineering consultancy indirectly owned by the Singapore government, brought the first such instrument to the Singapore dollar market, where it aroused keen interest.

New Horizon Health hit the equities market on Thursday, aiming to raise up to HK$2.04bn ($263.1m) from its IPO, according to a source familiar with the matter.

Chinese company Alibaba Group Holding made its long-awaited return to the debt market this week, even as the country’s regulators turned up the heat on the e-commerce giant.

Indian Railway Finance Corp (IRFC) sold its first bond since its IPO this week, raising $750m.

Thailand’s PTT Oil and Retail Business scooped up Bt54bn ($1.79bn) this week from the country’s largest IPO in a year. The deal was a hit with both domestic and foreign investors — but in a somewhat unusual twist, the issuer cut the entire international public book during allocation. Jonathan Breen reports.

Indonesian state-owned oil and gas company Pertamina raised $1.9bn from a two-tranche deal on Wednesday.

Cloopen Group Holding, a cloud-based communications provider, launched its New York Stock Exchange IPO on Wednesday night.

The Export-Import Bank of Korea got orders of nearly $6bn for a $1.5bn triple-tranche bond this week, showing the continuous appeal of deals from high quality credits.

Indian renewable energy company Continuum Energy Levanter made its debut in the dollar bond market this week, more than three years after pulling its initial attempt. However, it had to offer investors incentives to seal the $561m deal, writes Morgan Davis.

A $390m loan backing CVC Capital Partners’ acquisition of Myanmar’s Irrawaddy Green Towers (IGT) was abruptly put on hold this week after political turmoil rocked the country following a military coup. Pan Yue reports.

China Fortune Land Development’s domestic and offshore bonds swung this week after the property company admitted to onshore defaults worth Rmb5.255bn ($813m), adding to ongoing concerns about its liquidity condition and access to funding. Addison Gong reports.

Nomura’s new chief executive is off to a strong start. Mark that down as a point for investment bankers.