Asia Pacific

Chinese real estate developer Beijing Capital Land has raised HK$925.3m ($119.1m) from the H-share portion of a three-tranche rights issue.

All of the dollar debt issuance from Greater China on Monday came from real estate companies, with six borrowers taking about $1.4bn between them.

Hong Kong got a blow from Moody’s on Monday after the agency downgraded the special administrative region’s rating to Aa3 from Aa2, largely because of the lack of an effective response from the government to months of volatility. Rashmi Kumar reports.

Real estate company Bumi Serpong Damai (BSD) followed the recent success of other high yield Indonesian borrowers in the dollar market on January 20, homing in on a refinancing opportunity that had slipped through its fingers in 2019.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has mandated five banks for a $300m loan.

Trans Retail Indonesia, previously known as Carrefour Indonesia, and textile firm Sri Rejeki Isman (Sritex) have both mandated banks for new loans.

A research paper published on Monday by the Bank for International Settlements sets out how grave the peril of climate change is. It asserts the necessity of central banks grasping this problem as central to their responsibilities — but also admits that they will be unable to “preserve financial stability in the age of climate change”.

Contrary to market expectations, the People’s Bank of China kept both the one year and five year loan prime rates (LPRs) unchanged on Monday.

Elite Commercial Real Estate Investment Trust has opened books for an IPO that could raise up to £130.7m ($169.7m), according to a source familiar with the matter.

Chinese co-living platform Phoenix Tree priced its US listing below the initial marketed range and reduced the size of its IPO, raising $129.6m. Its stock had a volatile start to trading last Friday.

European real estate company CPI Property Group turned to investors in the Lion City last Friday for its first Singapore dollar bond.

Sun Hung Kai Properties took advantage of a favourable market backdrop and solid aftermarket performance of its latest dollar bond to return with a tap just four days after the original transaction was priced.