Asia Pacific

In this round-up, the UK bars Huawei Technologies from its 5G mobile network, the Chinese foreign ministry retaliates against recent US sanctions, and Donald Trump signs an executive order that ends Hong Kong’s preferential trade treatment.

China has introduced a primary legal framework to tackle bond defaults, bringing together separate guidelines that had been in place for each of its three debt markets. While the move simplifies things for bondholders, there are still a number of unanswered questions, said bankers.

China’s onshore bond market has experienced huge selling pressure over the last few months, leading to a sharp rise in domestic yields. But bankers say not all issuers are willing to accept “the new reality”.

Are Asian bond issuers being unrealistic with their price targets? Some bankers in the region say recent volatility should force issuers to rethink their expectations.

Chinese property company Agile Group Holdings has launched a HK$3.242bn ($418m) refinancing loan into syndication.

Philippine company Globe Telecom raised $600m from a dual-tranche deal on Thursday, with investors attracted to the firm’s sector of operation.

Ayala Land Real Estate Investment Trust (AReit) has struck a chord with investors, which covered the institutional book of its IPO after the first day on the road, according to a source familiar with the matter.

Chinese real estate developer Redsun Properties Group came to the bond market for the second time this year on Thursday, raking in $155m from a tap of its 2023 deal.

Hong Kong’s stock exchange has appointed two legal and consulting veterans to senior positions in its IPO vetting unit and a new compliance team.

A trio of SSA borrowers hit the market for dollar paper this week, testing the waters across the curve and finding investors receptive. Although the top tier names are mostly well funded, demand is still hot for the extra yield offered by the second layer of SSA borrowers.

Caisse des Dépôts et Consignations issued its yearly Samurai bond on Thursday, raising ¥20bn ($190m) with a dual tranche.

Chinese food and beverage company Bright Food sold a euro-denominated bond via its Singapore arm on Wednesday, raising €800m. It leaned on Chinese bank support to price the deal at a tighter level than where European investors were willing to buy.