Asia Pacific

Investors were eager to buy into investment grade rated property developer China Overseas Grand Oceans Group's (Cogo) latest dollar bond, pumping in $4.6bn of orders for the $512m trade.

The Hong Kong Mortgage Corp (HKMC) made a rare public appearance in the debt market this week with a dual-currency transaction worth $1.29bn-equivalent. Featuring a Hong Kong dollar portion and an offshore renminbi tranche, the deal helped the issuer get ‘competitive’ pricing levels, said bankers.

Indonesia’s Adaro Energy has sent out a request for proposals for a $400m loan to meet its refinancing needs.

JP Morgan’s head of southeast Asia equity capital markets has resigned, according to a source familiar with the matter.

Volumes in Asia’s loan market have slumped in recent years, with the pandemic only adding to the pressure. However, the biggest challenges for banks and borrowers are only just starting to emerge and they will test the industry's resilience.

GCL New Energy Holdings, a Chinese solar power company, has failed to repay a $500m bond that was due on January 30.

SAIC-GMAC Automotive Finance Co has wasted no time in making its second appearance in China’s onshore auto loan ABS market this year, selling a Rmb10bn ($1.55bn) Rongteng 2021-2 transaction on Monday.

Hyundai Capital Services used the green label on its dollar bond to its benefit when hitting the market on a relatively volatile day, managing to find about $4.75bn of demand for a $600m transaction.

Mainland-based Jinxin Fertility Group raised HK$1.27bn ($163.5m) in fresh equity on Monday after issuing a chunk of new shares.

India’s equity capital markets are in for a spate of government divestments this year and should also see the long-awaited IPO of Life Insurance Corp of India (LIC).

Property company China Fortune Land Development has missed payments on Rmb5.255bn ($813m) of onshore debt, adding to concerns about its liquidity condition and access to funding.

Mongolian Mortgage Corp (MIK), which was forced to pull its dollar bond last month after sudden political upheaval in the country, returned to the market on Monday to raise $250m.