Asia Pacific

Cash-strapped Chinese conglomerate HNA Group is once again deferring interest payments on a domestic perpetual bond. The move comes amid rising expectations of more coupon delays and failure by borrowers to redeem their onshore perps on the call dates, writes Addison Gong.

Metals and mining firm Vedanta Resources’ $1.4bn bond this week took it one step closer to the planned delisting of a subsidiary. But the company took an unusual approach to the deal — a rare bond outing for a take-private in Asia — by offering investors a secured and callable amortising bond. Morgan Davis reports.

Chinese real estate developer Shui On Land sealed a slightly larger than anticipated $500m bond on Monday, despite issuing a profit warning earlier this month.

Renminbi-denominated bonds of Chinese state-owned Brilliance Auto Group, the joint venture partner of BMW in the Mainland, have recently plummeted in the secondary market.

Chinese state-controlled Irico Group New Energy, a solar cell glass maker, has raised HK$2bn ($260.1m) from a dual placement of primary H-shares.

Tianneng Power International, a Hong Kong-listed Chinese company focused on making environmentally friendly power batteries, is seeking a debut $100m loan.

Supply chain manager Li & Fung reopened a bond sold just last week for an additional $100m that was raised on the back of reverse enquiry from investors.

Will India ever come to the international bond market? Fears of foreign currency exposure and dissenting voices in the government derailed a planned deal last year. Now is the perfect time to try again.

Deutsche Bank has hired Huynh Buu Quang as acting chief country officer for its Vietnam business.

Futu Holdings, parent of Hong Kong-based brokerage Futu Securities, has kicked off bookbuilding for a follow-on of primary stock.

China’s Anton Oilfield Services Group’s dollar bond has plunged in the secondary market following a profit warning from the company.

JB Chemicals & Pharmaceuticals’ $206m loan is open in general syndication, with the proceeds going to support private equity firm KKR’s acquisition of a majority stake in the company.