Asia Pacific

Anta Sports Products, a Chinese sportswear manufacturer and retailer, had to navigate a number of roadblocks to print a €1bn zero coupon convertible bond to refinance loans in the currency.

After an eventful start to the year, India’s equity capital markets are on track to host a number of deals in the first quarter, with Computer Age Management Services (CAMS) among the latest to file for an IPO.

The State Administration of Foreign Exchange (Safe) will allow foreign investors to participate directly in the interbank FX derivatives market so they can hedge their foreign exchange risks from investing in onshore renminbi bonds, according to a Monday notice.

Two Indonesian deals brought international investors some relief from the onslaught of Chinese bonds on Monday. Pertamina and Tower Bersama Infrastructure netted a combined $1.85bn from three tranches of notes.

The US and China’s signing of the phase one agreement on trade this week will finally put almost two years of battling and tit-for-tat tariff retaliation behind the countries. However, while the truce may pave the way for more market stability and a boost in investor sentiment, it spells trouble for the Chinese offshore loan market.

South Korean steel company Posco made a blockbuster return to the debt market on Monday, raising $940m from dollar investors and €500m from the European market. The peak order book of about $5.75bn for the dollar portions reflected investors’ eagerness to take on investment grade risk.

New World China Land, the mainland China property business arm of Hong Kong’s New World Development Co, has returned to the offshore loan market after five years for a HK$5bn ($643m) borrowing.

Chinese property developer Seazen Group raised HK$2.73bn ($351.3m) on Monday from a sale of new shares, increasing the offering size on the back of strong demand, according to a source familiar with the deal.

Seven borrowers from Greater China raised about $2bn from new dollar bonds on Monday, while Hong Kong's Cathay Pacific tapped the Singapore dollar market.

Gradually over the past decade, Asian investors have become more and more important to European corporate private debt markets, to the point where they are now often indispensable. Asian borrowers have been slower to appear, but are now arriving. However, while these arrivals have largely benefited these markets, they have introduced a few complications.

Hong Kong-listed Anta Sports Products hit the market with a €1bn convertible bond on Monday after the close of business, according to a term sheet seen by GlobalCapital Asia.

Matthew Xu has become an executive director of debt capital markets in Crédit Agricole’s China debt origination and advisory team, effective Monday.