Asia Pacific

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.

Brookfield Asset Management is set to launch India’s third real estate investment trust IPO next week, as it aims to raise Rp38bn ($520.8m) from a mix of new and existing stock.

Bank bond spreads widened on the back of negative sentiment this week, but a handful of lenders were still able to take advantage of a constructive backdrop in the new issue market.

The GameStop short squeeze has cost institutional investors billions. I’ll feel more sympathy if they’d occasionally pay for their drinks.

Chinese video-sharing platform Kuaishou Technology is generating huge demand for its IPO, which could be worth as much as HK$42bn ($5.4bn). The deal, set to be the largest primary listing globally since 2019, shows the growing interest around short video companies. Jonathan Breen reports.

Cathay Pacific Airways has sold the largest convertible bond by a Hong Kong issuer in over a decade, raising HK$6.74bn ($869.4m).

China is allowing banks to issue perpetual bonds with an equity conversion provision, an attempt to balance the need to help smaller lenders shore up their capital with a desire to protect investors. Addison Gong reports.

Red chip issuer Yuexiu Transport Infrastructure ditched its usual bullet bond structure in favour of a five year puttable Panda outing this week.