Asia Pacific

In a world first this week, 23-year-old student and Australian retail government bond investor Katta O’Donnell filed a legal challenge against the sovereign on Wednesday, claiming that the government does not do enough to disclose the risks of climate change to investors. If successful, the case could change issuers’ obligations regarding climate risk disclosure.

Ant Group is planning a dual listing in Hong Kong and Shanghai that will value the company at as much as $200bn. Bankers say the mega listing will be a ‘shot of adrenaline’ for the two stock exchanges, creating a surge of liquidity that will enable more companies to follow suit. Jonathan Breen reports.

Asian Development Bank offloaded chunks of Thai energy companies B.Grimm Power and Gulf Energy Development this week, raising Bt9.6bn ($303.9m).

Chinese auto rental company Car Inc’s stock price and outstanding bonds took a hit this week as two of its major shareholders struggled to offload the company’s shares. Addison Gong reports.

The Covid-19 pandemic could forever change the way we as a society live and travel. Bankers may find it hardest to adjust to the new normal.

Philippine conglomerate San Miguel Corp sold its first perpetual dollar bond on Wednesday, returning to the debt market after a seven year hiatus.

Reports that the European Central Bank (ECB) could ask banks to suspend dividend payments until the end of 2020 sent subordinated debt higher and stocks lower this week.

Singaporean commodities company Trafigura has returned to the loan market for its annual borrowing, seeking a $1bn-equivalent dual-currency deal.

Future Retail has missed a payment on a $500m debut bond, sold just six months ago, as Covid-19 hits the Indian company’s business.

GLP, a Singapore-headquartered global logistics facilities provider, sold a Rmb2bn ($286m) Panda bond on Wednesday. The company, once a frequent issuer in the onshore renminbi market, returned after a long absence.

Investors were unfazed by State Power Investment Corp’s (SPIC) move to tighten pricing on a $1bn bond by 52bp. The Chinese company’s deal was six times oversubscribed at its peak, and only tightened further in the secondary market.

Franck Lacour is taking over HSBC’s equities business, with Hossein Zaimi leaving the bank. In Hong Kong, Selene Chong will take on new responsibilities in the equities business.