Asia Pacific

Minsheng appoints new syndicate head — MUFG hires in Vietnam

Chinese local government financing vehicle (LGFV) Linyi City Construction Investment Group Co raised $300m from its inaugural transaction against a weaker market backdrop.

The Republic of Korea wowed investors in the dollar and euro markets on Wednesday, with a record $1.45bn-equivalent dual-tranche bond. The deal, split between 10 year dollar and five year euro notes, was priced at ultra-tight spreads — including a negative yield for the euro tranche. Morgan Davis reports.

The World Bank has selected a trio of banks for a new 15 year Sustainable Development Bond (SDB), its first euro benchmark of its 2020/21 fiscal year. Elsewhere, the Republic of Korea scooped €700m with its return to the euro market after a six year absence.

SciClone Pharmaceutical (Holdings), a Chinese biopharmaceutical company that claims to have developed a drug to treat Covid-19, is seeking the greenlight to list in Hong Kong.

Vietnamese food and beverage company Masan Group Corp is in talks with banks for a new borrowing, planning a return to the loan market after seven years.

Chinese pet-focused e-commerce site Boqii Holding filed its listing documents for a US IPO on Tuesday, but Citigroup, one of the original lead banks on the deal, is now no longer in the syndicate.

Singapore’s United Overseas Bank has bagged the lowest yield globally for a Basel-III compliant tier two dollar bond, breaking the record set by its peer Oversea-Chinese Banking Corp just last week.

Chindata Group Holdings, iHuman and Yalla Group filed IPO paperwork with the US regulator on Tuesday as they prepare to float on New York stock exchanges.

Mercedes-Benz Auto Finance scored a tightly priced Rmb6.26bn ($914m) dual tranche auto securitization trade on Tuesday. The senior tranche was priced inside comparable levels, a first for the issuer and a rarity in China's auto ABS market.

BOC Aviation paid investors a small premium on Tuesday to seal a $750m decade bond.

China Minsheng Bank has appointed Kenny Chik as head of syndication and acquisition finance, replacing Wang Sheau Huei, who has left the Chinese lender, according to a source familiar with the move.