Asia Pacific

Property company HongKong Land made a rare appearance in the dollar bond market on Tuesday, ending a six year hiatus with a $600m trade.

Chinese property borrowers are back in the bond market, following the success of Zhenro Properties Groups’ $200m deal last week. But Tuesday’s issuers — Country Garden Holdings Co and Redco Properties Group — saw two different outcomes, as they grappled with an illiquid secondary market and difficult pricing levels.

Genting Hong Kong, a cruise ship operator, has sent out a waiver request to lenders to postpone the principal payments on a $300m loan, as it navigates challenges posed by the Covid-19 pandemic.

Yeahka, a Chinese online payments platform, has launched its Hong Kong listing of up to HK$1.6bn ($212m).

Nasdaq's board is planning to delist Luckin Coffee’s shares, after the Chinese company revealed fabricated accounts in April.

China’s Dongxu Optoelectronic Technology Co was unable to fully repay a five year renminbi bond that matured on Tuesday, after failing to convince all the investors to back an extension plan. Its parent, technology conglomerate Tunghsu Group, has a dollar deal maturing next month.

JP Morgan has announced a restructuring of its equity capital markets team, after a solid start to 2020.

Toyota Motor Finance (China) Co is set to price a Rmb4.5bn ($633m) auto loan ABS next week, bringing to the market only its second deal in two and a half years. The 11-member underwriting group has eight foreign banks.

Singapore-based online gaming company Sea has launched a $1bn convertible bond, following a surge in its share price after reporting strong first quarter earnings.

Chinese local government financing vehicle (LGFV) Nanjing Jiangbei New Area Industrial Investment Group closed a club-style $300m bond on Monday.

Chinese investment banks have a clear edge over their global counterparts when it comes to winning more offshore bond mandates from the country in the post Covid-19 environment.

Singapore hard disk drive company MMI International has sent out extension requests to lenders on a $580m loan, as it struggles to make the outstanding payment on time.