Asia Pacific

The Covid-19 pandemic has changed the way Asia’s equity capital markets operate, with virtual roadshows and deals finding enough success to outlast the coronavirus, writes Jonathan Breen.

The Hong Kong IPO market has seen a big shift as Chinese technology companies that once shunned the bourse return for secondary listings. There is plenty working in the exchange’s favour, despite competition. Jonathan Breen reports.

The relatively slow pace of the loan market means it has an ability to endure temporary moments of bad news without too much impact. The coronavirus brings a whole new set of challenges, writes Pan Yue.

Few bankers, if any, will emerge from the coronavirus unaffected. But leveraged finance bankers have reason to believe they will be able to generate new deals from the chaos — even if they lose a few old ones along the way. Pan Yue reports.

Chinese battery maker Leoch International Technology has returned to the loan market for a $100m refinancing.

Mining company Indonesia Asahan Aluminium (Inalum) battled weakening fundamentals and financial troubles at its state-owned peers to raise $2.5bn from a triple-tranche bond on Monday.

Malaysian telecommunications company Axiata has raised $800m from an Islamic sustainability-linked loan.

Asia’s bond market has remained reasonably resilient amid the Covid-19 pandemic, despite a big fall in deal flow. Indonesia's Hutama Karya showed just how strong the market can be, when it sold its debut dollar bond.

Online payments platform Yeahka has begun stirring up investor interest in its Hong Kong IPO, which is set to be launched next week, according to a source close to the deal.

China Resources Gas Group's stock price dropped by nearly 7% on Tuesday, following an equity fundraising the day before.

Chinese oil and gas company MIE Holdings Corp has missed interest payment on a dollar bond during the grace period, triggering cross-defaults on its loan facilities. The firm has been hit hard by tumbling oil prices this year, putting pressure on its liquidity.

More and more Chinese issuers are using the Covid-19 pandemic as a convenient excuse to justify missed or delayed payments of bonds. The trend needs to stop.