Asia Pacific

India’s equity capital markets were silenced this week as a nationwide lockdown and tumbling share prices kept bankers at home and issuers at bay.

The Reserve Bank of New Zealand will prevent its financial institutions from redeeming subordinated bonds during the coronavirus pandemic, putting itself in contrast with other parts of the world, where banks remain free to manage their debt capital as they see fit.

Hong Kong's AIA Group and China's Baidu reopened the Asian bond market this week, proving that investors are still willing to commit to the right credits ─ as long as they come at the right price. Morgan Davis reports.

Investment bankers are now working from home en masse. That can lead to occasional moments of embarrassment.

Rising dollar funding costs for Taiwanese banks have made them push an existing borrower back to the negotiating table so that they can demand better returns on a loan. More worrying than the triggering of the market disruption clause, however, is the volatility that forced the move.

Beijing Enterprises Clean Energy Group is back in the offshore loan market, seeking a $150m borrowing seven months after its last deal.

China’s State Council has unveiled details on yet another stimulus package to support its economy, including more local government bonds, lower interest for loans and a potential cut in the reserve requirement ratio for smaller banks.

The primary corporate bond market in Europe threw up another blistering day on Wednesday, with seven issuers on screens by mid-morning, bringing the number of deals so far this week to 18, though bond syndicate desks are hesitant to compare this crisis market with the record-breaking issuance in 2009.

WuXi Biologics Holdings has pocketed HK$4.6bn ($599m) after selling part of its stake in subsidiary WuXi Biologics (Cayman).

MUFG Bank has named Pierre Ferland as co-head of global markets for Asia, moving him over from the investment banking division.

Viva China Holdings has bagged HK$1.51bn ($194.3m) after selling a block of shares in Chinese sportswear manufacturer Li Ning Co at the top of the marketed range.

Hong Kong's AIA Group has reopened Asia’s bond market for other quality credits by selling a $1bn deal that offered a generous new issue premium to attract investors.