Asia Pacific

Indian conglomerate Reliance Industries is in talks with banks for its fourth loan this year.

Evergrande Property Services Group, the property management arm of one China’s most debt-laden developers, wrapped up its IPO toward the bottom of price guidance after relying largely on Chinese investors.

Sunac China Holdings tapped two of its dollar bonds on Thursday, using up the $320m left of its offshore issuance quota.

Chinese property developer Datang Group Holdings has set its IPO in motion, opening the book for an offer that could fetch up to HK$1.5bn ($197.9m).

European banks are running out of ways of selling senior bonds at positive yields. A near-miss from Svenska Handelsbanken this week was enough to convince the market that it’s only a matter of time before an issuer breaks the 0% barrier, write Tyler Davies and Frank Jackman.

MUFG is overhauling personnel and its business model to try to escape a cycle of low returns, writes David Rothnie.

Deal arrangers expect that next week will be the last real window for issuance in 2020, with investors set to close down activity from the middle of December.

BNP Paribas took advantage of the thirst for duration in the euro bond market on Thursday, offering investors a chance to get hold of long dated non-preferred senior paper.

Ford Automotive Finance (China), Dongfeng Nissan Auto Finance Co and domestic Chinese originator BYD Auto Finance Co competed head-to-head in the onshore auto loan asset backed securities market this week, but a strategy of targeting different investors helped bankers manage the competing supply, Addison Gong reports.

China Construction Bank priced a Rmb8.4bn Jianyuan 2020-12 residential mortgage-backed securities (RMBS) this week, attaching two international ratings to an all-floating rate deal.

JD Health International launched 2020’s largest healthcare listing this week, hitting the road to raise up to HK$27bn ($3.5bn) in a Hong Kong IPO. The issuer blends healthcare and technology, two of the hottest sectors in the IPO market this year. It covered the deal multiple times on the first day. Jonathan Breen reports.

China Resources Mixc Lifestyle Services, the property management business of state-owned developer China Resources Land, kicked off bookbuilding for its Hong Kong listing this week, followed quickly by mainland-based developer Leading Holding Group.