Asia Pacific

Social and sustainability bonds have blossomed in Asia amid the Covid-19 pandemic, with debt bankers expecting more supply from the asset class for the rest of the year.

Each week Keeping Tabs beings you the most interesting and entertaining reading from around the web that we have uncovered. This week, the perils of the EU recovery fund through the lens of the subject of Broadway's hottest show, a menacing whiteness of swans and a grim view of Hong Kong's future in finance.

Eric Bai and Alexander Paul have been appointed to the newly created roles of global co-heads of FIG coverage at HSBC.

Indonesian property developer Modernland Realty is looking to restructure its two outstanding dollar bonds following missed payments and rating downgrades, and after wrapping up a debt restructuring domestically.

In this round-up, China emphasises proactive fiscal policies and flexible monetary policies, Hong Kong disqualifies a dozen pro-democracy candidates from the upcoming legislative council election and the Ministry of Finance tells local governments to use up their special-purpose bond quotas by October.

In this round-up, China’s July Purchasing Managers’ Index (PMI) numbers indicate recovery, Chinese video-sharing company TikTok is under a US national security review and Hong Kong-listed CanSino Biologics is set for a secondary listing on Shanghai’s Star board.

Hangzhou Tigermed Consulting is set to pocket HK$10.7bn ($1.38bn) from its Hong Kong secondary listing, with solid support from Chinese and global investors driving final pricing to the top of guidance.

Redco Properties Group offered investors a hefty 11% coupon for its new bond on Thursday, using up the last of its offshore fundraising quota to raise $220m.

GLP and First Abu Dhabi Bank both tapped investors in the renminbi bond market on Thursday. The Singapore-based logistics facilities provider took Rmb200m ($28.6m) from a Panda while the Middle Eastern firm headed to the Formosa market.

India’s Adani Green Energy is in talks with banks for project finance of more than $1bn, which some bankers think is ambitious.

Credit Suisse is bringing its disparate markets and investment banking operations into one division, it announced on Thursday, as new chief executive Thomas Gottstein draws out a fresh structure for the bank. The bank is aiming to create savings to be invested elsewhere, but did not give much detail about where cuts would be made.

Australia announced a bumper funding programme for 2020-21 on Thursday, almost double its previous effort. Two days earlier, the sovereign surprised the market with a long end deal that attracted a substantial amount of offshore interest.