Asia Pacific

Several sources in the US private placement market have told GlobalCapital that Indian power grid company Adani Transmission’s inaugural US private placement has not been placed, and the arrangers will return to the project in the first quarter of 2020.

In this round-up, the Purchasing Managers’ Index (PMI) showed a surprise increase in November, the People’s Bank of China (PBoC) and other state regulators jointly released comprehensive guidelines for rating firms and Industrial and Commercial Bank of China (ICBC) named a new chairman for its supervisory board.

Home First Finance Co India, a home loan provider, is planning an IPO of up to Rp15bn ($209.1m), according to a draft prospectus filed with the country’s securities regulator.

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.