Asia Pacific

CPN Retail Growth Leasehold Reit dived 20% in Friday morning trading after the Thai company deferred an equity fundraising exercise due to volatility in the market.

ESR Cayman, a Hong Kong-listed logistics real estate company, is tapping the offshore loan market for a debut $250m borrowing through Standard Chartered.

China Cinda (HK) Holdings Co priced a $2bn four-tranche transaction on Wednesday, paying a premium to reach its size target as the fast-spreading novel coronavirus, or Covid-19, continued to rattle global markets.

Global equity capital markets suffered severe hits this week, as governments scrambled to respond to an escalation in the coronavirus pandemic. But amid the mayhem, InnoCare Pharma saw an opportunity to launch its IPO, treating Hong Kong to its largest listing in about two months. Jonathan Breen reports.

Asian bonds showed some signs of life mid-week after markets collapsed on Monday. But that reprieve proved to be extremely short-lived, as another round of panic selling on Thursday left issuers with little choice but to put their deals on hold. Morgan Davis and Addison Gong report.

Thai conglomerate Charoen Pokphand Group’s $10.6bn purchase of Tesco’s Asia business has been hailed as a “landmark” deal that will liven up the region’s loan market. Bankers are now openly debating how they can get in on a financing that will tap both international and domestic liquidity. Pan Yue reports.

HSBC has appointed Mark Wang as president and chief executive for China in the latest high-level reshuffle at the bank.

These are troubling times. Covid-19 case numbers are jumping every day, more countries are being added to travel ban lists, and the virus outbreak is now officially a pandemic. But some bankers are still finding the positives in all the chaos.

As the coronavirus advances deeper into the US and northern Europe, capital markets have had one of their most shocking and arduous weeks for many years.

The coronavirus will depress mergers and acquisitions activity, hurt advisory revenues and change the emphasis of deal-making in 2020, writes David Rothnie.

The European Union is set to make at least €25bn of budget funding available for sectors affected by the Covid-19 coronavirus, as its institutions join forces to tackle the economic impact of the outbreak. Rules on state aid and public finance will also be loosened, giving member states more room to launch fiscal stimulus measures.

The recent fall in the price of oil is having a knock-on effect on non-core currency issuance. While oil dependent markets could take a hit as their currencies weaken, some net importers could benefit from a stronger currency and safe haven flows.