Asia Pacific

Malaysian sovereign wealth fund Khazanah Nasional is in the market to offload a chunk of Tenaga Nasional shares. It is looking to raise up to MR910.2m ($208.8m) from the block.

Gemdale, a Chinese property company, raised the ire of investors this week when it cut the coupon on an outstanding bond by 379bp, despite documentation stating the coupon could only be increased. Rebecca Feng reports.

India’s equity capital markets have welcomed a temporary loosening of rules around IPOs and rights issues, with bankers saying it could help push out deals as soon as market conditions stabilise. Jonathan Breen reports.

Asia’s bond market set a blistering pace this week, with nearly $4.2bn of deals sold through Wednesday and one of the busiest days since the global spread of the coronavirus. But although the successful deals are a sign that market sentiment is improving, bankers are cautious about what is yet to come. Morgan Davis reports.

Hansoh Pharmaceutical Group, a China-based drug maker, pocketed HK$3.49bn ($450m) from a larger-than-planned issue of primary shares this week.

How can banks conduct due diligence at a time when so few are willing or able to travel? Staff at one Chinese broker have been presented with a rather unappealing solution.

Do investors matter in China’s bond market? Not much, judging by a recent series of bondholder meetings. HNA Group Co and Gemdale are the latest companies to push their luck. It is time for regulators to push back.

UBS has hired Fan Yang from China Merchants Securities International as chairman of global banking for Asia, a newly created position at the Swiss firm.

China’s Dr Peng Telecom & Media Group Co is looking to extend the maturity date of a bond coming due in June.

Shenzhen Zhaoheng Hydropower Group has obtained a maturity extension for a $128m loan sealed in 2017, after difficult market conditions put pressure on its refinancing abilities.

Some Asian sovereigns are at risk of being pushed out of investment grade territory as the Covid-19 pandemic takes a toll on their economies. India and Indonesia are of particular concern, with fears high that they are close to becoming fallen angels.

India’s financial regulator has made a one-time relaxation of rules governing IPOs and rights issues in response to the coronavirus outbreak, which continues to keep the country’s population at home.