Asia Pacific

A mix of Chinese policy banks, hospital builders and pharmaceuticals companies have put the domestic bond market to use to combat the coronavirus outbreak as the death toll nears 600. More mainland issuers are also readying deals as the country’s regulators introduce a faster registration process for such issuance, write Addison Gong and Rebecca Feng.

India’s latest budget brought good and bad news for the country’s equity capital markets. The unveiling of potential exciting new deals was dampened by the ill-thought-out removal of the dividend distribution tax, which could be a drag on some areas of ECM. Jonathan Breen reports.

Investors rushed to Indian company Adani Electricity Mumbai's (AEML) bond on Wednesday, flooding the $1bn deal with orders that reached more than $6bn at their peak.

Central China Real Estate manoeuvred its way around China’s offshore bond issuance regulations on Wednesday by marketing a sub-one year note. The deal made Central China the first mainland property company to sell a bond in the wake of the coronavirus volatility.

The outbreak of the coronavirus has added to challenges in a surprising part of Asia’s capital markets — loan syndications, typically known for being resilient and slower to be hit by global worries. But as Pan Yue reports, new loan launches have been put on the backburner and roadshows are being cancelled. Bankers are expecting more covenant waivers and difficulties in building their client base.

Sixteen banks led Baa2/BBB rated Huatai Securities Co's $400m floating rate transaction on Wednesday.

Asian issuers found strong response to their dollar bonds on Wednesday, coming to the market after a rough start to the week on the back of the coronavirus-related volatility. As investors show their willingness to take on risk again, debt bankers are optimistic the pressure on the market will be lifted before long, writes Morgan Davis.

The Export-Import Bank of Korea (Kexim) raised $500m from a five year bond on Wednesday, becoming one of the first borrowers to reopen the dollar market after Chinese New Year and the rapid spread of a new virus.

Malaysia’s capital markets regulator is looking to position the country as the regional hub for sustainable and responsible investment, launching a new initiative to help corporations meet the United Nations’ sustainable development goals.

Gerald Keefe, Citi’s head of Asia Pacific corporate banking, is relocating to New York for a new senior position in the bank’s treasury and trade solutions (TTS) team.

Chinese hotel company Huazhu Group, previously known as China Lodging Group, has closed its borrowing of about $1bn with 13 banks.

The Development Bank of Kazakhstan (DBK) released initial price guidance for a tenge-denominated five year bond on Wednesday morning in London.