Asia Pacific

Yuexiu Transport Infrastructure, a Chinese red-chip company listed in Hong Kong and incorporated in Bermuda, sold its first Panda bond in the interbank market last Friday, raising Rmb1bn ($142m).

Dollar bond defaulter China Singyes Solar Technologies Holdings has won the backing of a Chinese state-owned company, raising funds from its new parent to fund a debt restructuring plan.

SMBC Aviation Capital has returned to the offshore loan market for an unsecured $600m dual-tranche deal.

The price on GCL New Energy Holdings’ outstanding dollar bond has recovered from its lowest level since issuance, despite a double downgrade from the ratings agencies last week.

XD, a Chinese game developer, has kicked off the roadshow for its Hong Kong IPO, eyeing proceeds of HK$1bn ($128.4m).

Chinese local government financing vehicle (LGFV) Weifang Binhai Investment Development Co made its debut in the dollar market last Friday with a 363 day bond.

GAC-Sofinco Auto Finance, a joint venture between Crédit Agricole Consumer Finance and Guangzhou Automobile Corp, will hit the Chinese auto ABS market with a Rmb6bn ($854m) four-tranche transaction next Thursday, marking its largest deal so far.

Thai Beverage is planning to spin off and list its brewery business in a deal that could raise up to $2.5bn, according to a source familiar with the matter.

In this round-up, profits at Chinese industrial companies declined further in October, Sun Hung Kai Financial (UK) became the latest GDR conversion institution and MSCI said it will not include more Chinese A-shares into its indices until access concerns are addressed.

In this round-up, US president Donald Trump signed the Hong Kong Human Rights Act into law despite trade tension with China, the Ministry of Finance allocated Rmb1tr ($142.2bn) of special project bond quotas to local governments and the Chinese State Council has set its sights on financing infrastructure projects.

South Korean credit card company Hyundai Card has put together a syndicate team for its IPO, which is expected to value the company at around $2bn.

China’s Tianfeng Securities Co, based in the Hubei province, has sold its first dollar transaction, raising a modest amount of $200m after a large price tightening.