Asia Pacific

SGX hires ING banker for sustainability — Granger returns to UBS — Chang to exit Mizuho – KKR closes infra fund

Electric vehicle manufacturer Nio raised $1.3bn from a dual-tranche convertible bond this week, while trimming its existing debt with a concurrent buyback.

Thiel Capital, the investment firm of billionaire venture capitalist Peter Thiel, this week launched its second southeast Asia special purpose acquisition company (Spac) in less than four months. The deal marks a coming trend in Asia-focused ‘blank cheque companies’, say bankers. Jonathan Breen reports.

Loans bankers in Asia are battening down the hatches, faced with a small deal pipeline and little visibility on better market conditions. While some respite may come their way after the Chinese New Year holiday, bankers are uncertain about the way forward for the syndication business. Pan Yue reports.

Indonesia's Tower Bersama Infrastructure used its recent rating upgrade to entice investors to its $300m bond on Wednesday. Price discovery was not easy but the telecommunication tower provider’s improving business profile appealed to the market.

Singapore Airlines made its debut in the dollar bond market on Wednesday, raising funds for new aircraft purchase as the travel industry prepares for a rebound in the near future.

SK Hynix was overwhelmed with investor demand for its triple-tranche dollar deal on Wednesday. It raised $2.5bn, but non-stop demand drove the bonds nearly 20bp tighter in the secondary market on Thursday.

BMW Automotive Finance (China) Co has sold its first auto loan ABS of 2021, locking in longer-dated financing with a 14 month revolver. The deal added to a strong start for the onshore securitization market in the New Year as bond yields fell from their highs at the end of 2020, writes Addison Gong.

Singapore-listed palm oil company First Resources is tapping the loan market for a $150m-equivalent dual-currency deal.

BMW Automotive Finance (China) Co has priced the senior tranche of its Rmb8bn ($1.24bn) Bavarian Sky China 2021-1 auto loan ABS, a deal with the longest revolving period seen in recent years in the onshore market.

Indian Railway Finance Corp (IRFC) will hit the market next week with the country’s first IPO of the year. It is on track to raise up to Rp46.33bn ($633.7m).

China Cinda Asset Management gave investors a host of maturities to choose from on Tuesday by selling a $2bn four tranche deal.