Asia Pacific

The International Finance Corp returned to the Australian dollar bond market to fund its response to the coronavirus pandemic on Monday, while at the end of last week BNG capped the strongest month for SSA Kangaroo deals for over nine months.

Beijing Enterprises Clean Energy is making a quick return to the offshore loan market, only two months after launching a separate borrowing.

A 20-year Credit Suisse veteran will chair the bank's China securities joint venture, after the Swiss firm takes majority control of the onshore business.

Citigroup has named Will McLane as its Asia Pacific vice-chairman of technology, as it looks to grow the use of technology in client relationships, according to a memo seen by GlobalCapital Asia.

US-listed internet giant NetEase is set to launch its Hong Kong secondary public offering, after getting the green light from the city’s stock exchange.

Chinese real estate developer Sichuan Languang Development Co rushed into the market last Friday with a dollar deal, to avoid any market fallout over the weekend from rising tensions between the US and the Mainland.

Biopharmaceutical company Legend Biotech Corp has kicked off bookbuilding for its Nasdaq IPO of up to $368.5m, according to a source familiar with the matter.

Asia’s loan market is slowly recovering from a near-shutdown due to Covid-19, with bankers predicting a busy couple of months ahead. But syndication will still be a challenge as lenders continue to remain risk-averse and selective on deals.

In this round-up, the US says it will strip Hong Kong of its special trade status after Beijing passed the national security law on the special administrative region (SAR), and China’s securities houses will be able to raise subordinated debt in the public markets.

Flutter Entertainment, the parent of bookies Paddy Power and Betfair, has sold £812m of new shares to institutional investors to reduce debt and position itself for further growth once sporting events around the world are allowed to resume and its retail stores are permitted to reopen.

The Asian Infrastructure Investment Bank has hired banks for a renminbi sustainable development bond, its first outing in the Panda market.

In this round-up, tensions between the US and China rise dramatically after China says it would impose a national security law on Hong Kong SAR, and the USD/CNH exchange rate reacts strongly to the latest developments.