Asia Pacific

Chinese car manufacturer BYD has closed Hong Kong’s largest primary share placement in more than half a decade, raising HK$29.9bn ($3.86bn). The issuer tapped the market as the local benchmark Hang Seng Index hit a record high, getting strong demand from mainland investors. Jonathan Breen reports.

Macau casino operator SJM Holdings generated a $10bn-plus book for its $1bn debut bond this week, despite tight pricing and the lack of US investors. Its credit profile, the transaction’s timing and a comprehensive marketing strategy worked in its favour.

There are few unpleasant things that can trump having to watch someone else take your job.

SK Battery America sold a $1bn green bond this week, overcoming hurdles involving concerns about recent downgrades, and a legal battle with a competitor. Morgan Davis reports.

Asia’s loans bankers are salivating over the prospects of working on the largest ever leveraged buyout loan from India. Blackstone is looking to exit from IT services company Mphasis in a deal that has seen plenty of interest from other private equity firms. Pan Yue reports.

Government-owned Korea Southern Power Co marketed a green bond to dollar buyers on Wednesday, netting $450m from the trade.

Indonesia Infrastructure Finance raised $150m from its maiden sustainability bond on Wednesday that proved popular among investors looking to get their hands on the rare southeast Asian credit.

Chinese conglomerate Fosun International went to the international debt market on Wednesday for a $500m deal.

China International Capital Corp (CICC) raised a larger-than-planned $1.5bn from the bond market on Tuesday in a deal driven by Asian accounts.

Apollo Hospitals Enterprise has raised around Rp11.7bn ($160m) from a qualified institutional placement, drawing a swell of demand that pushed pricing above the floor.

SK Battery America, a subsidiary of South Korea's SK Innovation Co, found outstanding response for its green dollar bond on Tuesday. The firm was able to tighten pricing by 45bp, with the notes trading even tighter in the secondary market.

The relationship between the US and China, which has faced immense strain during Donald Trump’s presidency, is unlikely to get too much relief under the Biden administration. The biggest losers will be US banks and their capital markets business in Asia.