Asia Pacific

Blue Moon Group, a Chinese detergent maker, saw the book for its up to HK$9.8bn ($1.3bn) IPO covered within hours of opening on Friday.

Indonesian textile products manufacturer Sri Rejeki Isman, better known as Sritex, is planning to extend a dollar loan closed in 2019 by two years.

BPCE incorporated a call option into one of its Samurai deals for the first time on Thursday, when it raised about $430m equivalent of non-preferred senior paper, including one social leg.

Credit Suisse took advantage of a ferocious rally in subordinated debt to land its lowest ever coupon for an additional tier one (AT1) in dollars this week. The deal was also the Swiss bank’s debut use of Sofr to hedge interest rate risk on new issuance.

In Hong Kong, it seems it only takes one septuagenarian ballroom dancer to cause a massive spike in coronavirus cases. But funding officials can be almost as dangerous.

Smartphone maker Xiaomi Corp pocketed $3.96bn this week from a record top-up placement and concurrent convertible bond issue. Investors flocked to the transaction for its rarity value, investment grade rating and the offer of a liquid and volatile stock. Jonathan Breen reports.

Germany’s Volkswagen ended an absence of almost seven years from the offshore renminbi bond market this week, braving a year-end dip in liquidity to seal a Rmb1bn ($153m) deal. It offered yet another diversification opportunity for the carmaker, which is already a well-established name in China’s onshore securitization market. Addison Gong reports.

A possible delay to the final retirement of Libor as the benchmark lending rate on dollar loans is set to offer banks and borrowers a bit more breathing room to make the transition. But in Asia, loan market participants have largely shrugged at news, deciding to press ahead with their plans for a post-Libor world.

The Republic of the Philippines sold its largest international bond in more than a decade this week, raising $2.75bn from a deal that received strong support from investors confident about the country’s control of Covid, and its outlook. It even managed to get away with a record low coupon on one of the tranches.

Thai express delivery company Kerry Express launched its IPO this week, aiming to raise up to Bt8.4bn ($278.2m) in proceeds.

Hong Kong property company New World Development Co used a fixed-for-life perpetual structure to net $700m on Wednesday.

Chinese state-owned electricity company China Huaneng Group Co sold two tranches of perpetual bonds on Wednesday, raising $1bn.