Asia Pacific

Hong Kong’s securities watchdog has fined Goldman Sachs $350m for regulatory failures in its work on bonds issued by the scandal-hit Malaysian state investment fund 1MDB, part of a multi-billion-dollar settlement with global regulators.

Agricultural Development Bank of China returned to the offshore renminbi market this week with a Rmb5.7bn ($854m) triple-tranche transaction. The deal featured a rare 10 year tenor in the dim sum market, showing the potential for more long-dated CNH funding. Addison Gong reports.

Meituan, a Chinese e-commerce platform and food delivery company, sold its first dollar bond on Wednesday, netting $2bn on the back of an order book that reached $16bn at its peak.

Asia’s dollar bond market has seen a big bump up in volumes this month, as issuers rush to get ahead of the US presidential elections and take advantage of still supportive markets. DCM bankers are expecting a much quieter year end — but they admit anything can happen. Morgan Davis reports.

Leveraged finance bankers coping with a slump in deal flow in Asia this year are gearing up for a bumper start to 2021, as a return of liquidity and growing interest from institutional investors for loans set the stage for a market revival. Pan Yue reports.

JW (Cayman) Therapeutics set its IPO in motion on Thursday, opening the order book for the up to HK$2.3bn ($300m) deal.

United Overseas Bank achieved the tightest spread for a five year floating rate bank issue in Australian dollars in over 10 years this week, issuing A$750m ($532.0m) to prove that there is still demand at decade-low levels.

The Monetary Authority of Singapore (MAS) has substantially increased its covered bond issuance limit which had stood at 4% of assets on an issuer’s balance sheet. This, along with very strong market conditions, should help to induce the country’s borrowers, which have not printed in euros for more than two years, to make an appearance before the year is out.

ReNew Power, the Indian renewable energy giant, brought a $325m green bond to the market on Tuesday. It offered investors a rare opportunity to buy a high yielding deal from the country, despite using a fairly unusual structure for its transaction.

Taiwanese electronics giant Hon Hai Precision Industry Co shook off trade war concerns to raise $1.4bn from the bond market on Tuesday.

Singapore-listed Mapletree Logistics Trust has raised S$650m ($479.8m) in fresh equity after boosting the size of its placement.

Agricultural Development Bank of China returned to the offshore renminbi market this week with a Rmb5.7bn ($854m) triple-tranche transaction that featured a rare 10 year tenor for dim sum bonds.