Asia Pacific

Three Chinese property companies launched dollar bonds on Monday, continuing to take advantage of the post-US election momentum.

Industrial and Commercial Bank of China (Asia)’s syndication and structured finance head has left the lender.

China Orient Asset Management (International) Holding got nearly $10bn of orders for its $750m dual-tranche bond on Monday as it rode on a big rally in market sentiment after the US elections and its own rarity appeal to investors.

Chinese auto finance company Tianjin Great Wall Binyin Automotive Finance Co got an international rating yet again for its return to the auto loan asset-backed securities market, a move that bankers say is in line with its ambitions to becoming more global.

Malaysia’s RHB Banking Group has made two senior appointments at the firm.

Ascendas Real Estate Investment Trust has launched an offering of new shares, eyeing S$1.2bn ($891.6m) to fund acquisitions across the US, Europe and Asia Pacific.

Gland Pharma, a subsidiary of Chinese conglomerate Shanghai Fosun Pharmaceutical Group, has started bookbuilding for its Indian IPO, set to be the largest pharmaceutical listing in the country.

India’s Emcure Pharmaceuticals has returned to the loan market after four years, seeking a small amount of $34m.

China Evergrande Group has abandoned a backdoor listing plan for its property arm and flagship subsidiary Hengda Real Estate on the Shenzhen exchange, ending a reorganisation that started four years ago.

Asia’s capital markets started on a positive note on Monday following Joe Biden’s presidential election victory in the US.

Three property companies from Greater China hit the bond market last Friday, raising $850m between them even as the US presidential election battle raged on. With Joe Biden now announced as the president-elect, the issuance spree in Asia only picked up pace on Monday.

Chinese property manager Sunac Services Holdings has hit the road for its Hong Kong listing, eyeing HK$8.7bn ($1.1bn) in fresh equity.