Asia Pacific

Asia’s stock markets dived on Thursday as investors opted to hoard cash and global safe havens roiled with coronavirus-driven volatility. Amid the turmoil, however, equity capital markets bankers are trying to look ahead and are preparing for deals in the second half of the year. Jonathan Breen reports.

A number of companies in Asia are understood to be following their European and US peers in drawing down revolving credit facilities as the rapid spread of Covid-19 bites. While this could pose some liquidity challenges in the loan market in the coming weeks, bankers are hoping the pain will be short-lived. Rashmi Kumar reports.

Shandong Ruyi Technology Group has had an interesting month: firing its onshore ratings agency, missing an interest payment on a bond, and then promising to repay the money privately to avoid a public default. The actions have triggered worries that more cash-strapped companies will follow its example. Rebecca Feng reports.

Humanwell Healthcare Group Co, a pharmaceuticals company based in the epicentre of the Covid-19 pandemic, has launched a $150m loan into general syndication.

The decision by the Reserve Bank of India to permanently wipe out Yes Bank’s Rp84.15bn ($1.14bn) Basel III-compliant additional tier one bond left the market in awe of the central bank’s tough stance. But it could be just what investors need right now.

The stress of Covid-19 is getting to us all. Especially those of us whose main form of exercise is rigorous sitting.

Shanghai Titan Scientific, Speechocean and Easton Biopharmaceuticals are all planning to make a second attempt at listing on Shanghai’s Star market.

Cambodia’s Prasac Microfinance Institution has returned to the loan market for a $75m deal amid an ownership change.

China Huiyuan Juice Group is contemplating a restructuring to improve its liquidity position, after failing to avoid a bond default due to the Covid-19 outbreak. The company is also facing a delisting from the Hong Kong Stock Exchange.

David Binnion, co-head of equity capital markets for Asia ex-Japan at Goldman Sachs, is retiring after 15 years at the firm, according to a memo seen by GlobalCapital Asia.

HSBC’s hunt for a group chief executive has ended where it began, with the bank appointing interim boss Noel Quinn on a permanent basis.

Chinese e-commerce giant JD.com has hired Bank of America and UBS to lead a secondary listing in Hong Kong, according to multiple sources familiar with the matter.