Asia Pacific

India’s NTPC, formerly known as National Thermal Power Corp, is making a rare venture into the euro loan market.

A blistering pace of supply in Asia’s dollar bond market in January is set to continue, with more borrowers preparing to print deals this week ahead of the Chinese New Year holidays. But DCM bankers say there are some signs of rising pressure.

Suzhou Basecare Medical Corp has wrapped up its Hong Kong IPO. It was set to price the deal on Monday at the top of the marketed range, according to a source familiar with the matter.

In this round-up, China’s official and the Caixin manufacturing Purchasing Managers’ Indexes fall amid a resurgence of local Covid-19 infections, creditors demand a bankruptcy reorganisation of beleaguered conglomerate HNA Group, and Xiaomi Corp files a lawsuit against the US’s decision to add it to a list of Chinese companies with alleged military ties.

Liberty Mutual gave US institutional investors their first chance to pick up subordinated paper with a fixed-for-life coupon in the 144A market this week. Bankers say the issuer may have found a new pool of demand for the product, which has traditionally been reserved for retail channels.

In this round-up, Chinese president Xi Jinping warns of international confrontations from a ‘new cold war’, regulators plan deeper capital market reforms and increased oversight of internet finance platforms, and European insurance giant Allianz receives approval for China’s first fully foreign-owned insurance asset management company.

CMB Financial Leasing Co had to navigate hurdles around structure, timing and pricing for its dual-tranche bond outing this week, managing to bag $800m from a $2.7bn order book.

Bank of China Hong Kong has sold the first Yulan bond, a new asset class that was only launched in December, raising $500m from the market. But the deal saw limited interest as investors come to grips with the product.

Hong Kong's Airport Authority used a 144A format to expand its investor base and find a new pocket of liquidity this week. It got a strong reception from the US for its $1.5bn bond.

Taiwan’s GaleMed Corp is tapping the loan market for a $70m-equivalent dual-currency deal for refinancing debt and dividend recapitalisation.

PNB Housing Finance has expanded its funding avenues for a planned deal of up to Rp1.8bn ($246.6m) to include a qualified institutional placement.

CDH Investments has pocketed HK$1.81bn ($232.m) after offloading a chunk of shares in Topsports International Holdings, a Chinese sportswear retailer.