Asia Pacific

In this round-up, the Caixin manufacturing Purchasing Managers’ Index (PMI) rebounded to above 50 following a V-shaped recovery in official PMIs, and US-listed Luckin Coffee saw its share price plunge by 75% after admitting to fabricated sales.

Hong Kong-listed Xiaomi Corp sold its first private placement Panda bond on Thursday. The Rmb1bn ($141m) deal was priced tighter than banks and the issuer previously expected.

Hong Kong’s Securities and Futures Commission has made a series of concessions for traders and other investment intermediaries tackling the coronavirus to operate from overseas.

Indonesian power company Perusahaan Listrik Negara has sent out a request for proposals (RFP) to a large group of banks, aiming to raise a new offshore loan despite the impact of the coronavirus on bank demand.

The Asian Infrastructure Investment Bank has proposed creating a $5bn crisis recovery facility in response to the Covid-19 pandemic.

Thailand’s state-owned oil and gas conglomerate PTT is moving forward with the IPO of its subsidiary PTT Oil and Retail Business.

Investment banking revenue in March was lower than normal as the coronavirus pandemic sapped risk appetite — but it was far from a total wipeout.

The MTN market is picking up as issuers (particularly corporates and SSAs) and investors find opportunities for attractive deals.

Mizuho Bank said it had hired former Lloyds banker John Feeney as head of its European corporate finance department, responsible for growing European corporate banking.

BlackRock and Neuberger Berman are looking to set up wholly-owned mutual fund businesses in China, which this week loosened ownership restrictions for foreign asset managers.

Hong Kong saw a pair of block trades this week as WuXi Biologics Holdings offloaded HK$4.6bn ($599.4m) in WuXi Biologics (Cayman) stock and Viva China sold HK$1.51bn in Li Ning Co shares.

New Development Bank, a multilateral development bank established by the five BRICS countries, sold a Rmb5bn ($704m) three year Panda bond on Thursday. All proceeds will be used to fund an emergency loan NDB recently promised to three Chinese provincial governments to help them combat the Covid-19 outbreak. Rebecca Feng reports.