Asia Pacific

Indonesian mobile phone seller Tiphone Mobile Indonesia is restructuring its debt after failing to make payments on a loan, adding to a growing list of stressed businesses in the country. But what is worrying bankers more than the default itself is the lack of transparency from the borrower, writes Pan Yue.

China has opened an asset-backed commercial paper market, announcing new regulations and preparing five trial deals — three of which will be priced by the end of the week. Rebecca Feng reports.

Chinese property developer Kaisa Group Holdings reset the price for all of its bonds on Wednesday when it sold a $300m sub-one year note.

Central American Bank of Economic Integration (Cabei) turned to the Taiwanese market on Wednesday, raising $375m just weeks after a $750m bond sale in the US.

China Vanke Co, one of the largest property developers in the mainland, will lower the coupon rate on a Rmb3bn ($422m) bond by 260bp after the July put date, becoming one of the latest issuers to take advantage of falling funding costs onshore. Addison Gong reports.

Singapore Telecommunications (Singtel) raised $750m on Wednesday from its annual bond outing.

Qatar National Bank returned to offshore renminbi (CNH) bonds this week, adding a dash of variety to a market that has been dominated by Chinese names.

Real estate developer China Vanke raised HK$7.89bn ($1.02bn) on Wednesday from a sale of fresh equity.

Chinese online game developer NetEase had covered its HK$21.6bn ($2.8bn) secondary listing in Hong Kong multiple times over by the time GlobalCapital Asia went to press on Thursday. Investors have long awaited the company’s return from the US, pumping in orders as markets rallied despite numerous geopolitical headlines. Jonathan Breen reports.

Yinchuan Tonglian Capital Investment Operation Co, a Chinese local government financing vehicle, failed to meet its $300m funding target on Wednesday. Concerns around the company’s old ties to cash-strapped Shandong Ruyi Technology Group and troubles at other LGFVs dented investor support.

Hong Kong’s bar scene caters to a broad range of clientele. Boorish expats drink in Lan Kwai Fong, huddling on street corners over cigarettes and pints of lager. Posh chancers turn to The Captain’s Bar, the Chinnery or Sevva. Creative types end up in temples of self-congratulation like Piqniq, Woobar or Feather Boa. But only the finest Bacchanalians find their way into one of Hong Kong’s hidden bars.

Mitsubishi UFJ Financial Group (MUFG) has become the second bank to issue a Covid-19 bond in the euro market following the example set by BBVA in May.