Asia Pacific

A consortium led by Gaw Capital Partners and Schroder Pamfleet is set to mandate United Overseas Bank and Standard Chartered for a loan to support its acquisition of Cityplaza One, according to two sources close to the situation.

Changxing Urban Construction Investment Group Co, a Chinese company focused on construction services, announced its debut dollar transaction on Thursday. But the deal was not priced as of Monday, GlobalCapital Asia understands.

Vietnam’s Masan Group Corp has signed a $200m loan with four banks to support a capital injection into a subsidiary.

Chinese cosmetics company Yatsen Holdings saw its shares spike 75% on their New York Stock Exchange debut on Thursday, after the firm priced its IPO at the top of the marketed range.

Chinese housing-related platform operator Ke Holdings has raised $2.05bn from a fresh follow-on offering of its New York-listed shares, returning to the equity market less than three months after its IPO.

The tripling of Chinese e-commerce firm Pinduoduo’s shares this year did little to deter investors from pouncing on its follow-on and convertible bond outing. It raised about $5.3bn from the combined transactions, paving the way for further expansion and growth.

Some of us have got quite comfortable working from home — a bit too comfortable.

China’s onshore bond market has been hit with a number of high-profile defaults from state-owned issuers, undermining primary supply and leading to a spike in secondary yields. Addison Gong reports.

Philippine company AC Energy found good support for a $300m fixed-for-life green perpetual bond on Wednesday, with demand from existing and new investors, as well as domestic fund managers.

The People’s Republic of China returned to the European market on Wednesday, part of its plan to make euro bond outings an annual exercise. The €4bn transaction was a blow-out, with the order book well oversubscribed — and one of the three tranches achieving the sovereign’s first negative yield. Morgan Davis reports.

China Gezhouba Group Co raised $200m from a subordinated perpetual bond on Wednesday.

Lakshmi Vilas Bank is set to merge with DBS Bank’s operations in India, under a central bank plan to save the cash-strapped local lender.