Asia Pacific

The Asian dollar bond market is set for a quiet week for issuance because of public holidays across a number of countries and as investors continue to battle volatility induced by Covid-19 and renewed US-China trade tensions.

Citi has made two senior appointments to its corporate banking business in Asia Pacific.

Indian conglomerate Reliance Industries is planning a jumbo rights issue of Rp531.2bn ($7.01bn).

In this round-up, China says it will hold its most high-profile political meeting in May after a two-month delay due to the Covid-19 pandemic, both the official and Caixin manufacturing Purchasing Managers’ Index (PMI) slide in April, and the successor to failed Baoshang Bank launches.

Luxshare Precision, a Chinese designer of cable assemblies, has launched a $500m loan into syndication, hiking up the margin on offer due to changing market conditions caused by Covid-19.

Central China New Life, a property management company, has launched marketing for its Hong Kong IPO as it aims to raise up to HK$2.16bn ($278.6m). The Mainland-based firm has begun virtual meetings with investors as the threat of Covid-19 continues to prevent any hopes of physical meetings.

The German state of North Rhine-Westphalia made its first visit to the offshore renminbi market earlier this week, continuing this year’s SSA dim sum shopping spree.

Singapore-based integrated energy company Puma Energy has raised a $310.5m revolving credit facility from a consortium of international lenders.

Equity collars rarely make a public appearance in Asia’s capital markets. but Citi has shone a light on the product, after using a block trade to hedge its position in a collar it had structured for a high net worth client. Bankers think the deal will drive more demand for the structure. Jonathan Breen reports.

China said this week that it will radically overhaul the ChiNext board, approving a registration-based system for equity fundraising on the Shenzhen Stock Exchange’s start-up focused bourse. This is an important step by the regulator to shift to more market-driven capital markets ─ but plenty of concerns remain. Addison Gong reports.

Hong Kong-listed Country Garden Services Holdings made its equity-linked debut this week, tapping investors for HK$3.88bn ($500m) with a sub-one year zero coupon convertible bond.

Chinese developer Gemdale has backtracked on plans to cut the coupon on an outstanding renminbi bond by 379bp, after a backlash from investors.