Asia Pacific

Four bond issuers from Greater China followed the Chinese ministry of finance into the dollar market on Wednesday, snapping up $1.4bn between them.

Malaysia’s Sunway Real Estate Investment Trust (Reit) pocketed MR710m ($171.2m) in fresh equity this week from a follow-on offering of new units.

Two Middle Eastern borrowers are tapping the Asian loan market as part of a new syndication strategy, taking advantage of the slow primary supply in Asia.

China raised a combined $6bn from a four tranche transaction on Wednesday, turning to US investors for the first time despite rising tensions between the two countries. It appeared a smart move, helping the bonds price well inside fair value. Morgan Davis reports.

GAC-Sofinco priced a Rmb4bn ($564m) four-tranche auto loan asset-backed securitization (ABS) on Tuesday, venturing into the market despite rising onshore yields in a move that puts it ahead of an expected surge of supply in the last quarter of the year.

China Evergrande Group’s stock price plummeted on Wednesday after the issuer slashed an overnight share sale to nearly half its initial target, raising HK$4.3bn ($554.9m).

Malaysia’s Sunway Real Estate Investment Trust (Reit) has raised MR710m ($171.2m) from a follow-on offering of new stock.

Shinhan Card Co ended a long hiatus from the dollar bond market on Tuesday as it joined a number of other South Korean borrowers which have turned to the debt market to raise Covid-19 relief funds.

China Merchants Commerce Financial Leasing Co (CMC Leasing) made its debut in the dollar bond market on Tuesday, selling a $350m five year deal.

Kaspi, the Kazakh fintech and e-commerce company, will price its IPO at the top of its price range. It will also grow the deal to around $1bn to meet high levels of investor demand.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 12. The source for secondary trading levels is ICE Data Services

China Evergrande Group, a property developer, hit investors with a jumbo top-up placement on Tuesday, eyeing proceeds of up to HK$8.4bn ($1.1bn), according to a term sheet seen by GlobalCapital Asia.