Asia Pacific

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.

Jiangxi Provincial Water Conservancy Investment Group Corp sold its $300m debut international bond with no new issue premium, as strong investor support allowed the Chinese company to squeeze pricing.

Chinese agribusiness company New Hope Group has returned to the offshore loan market for a $300m facility.

Philippine brandy making company Emperador has closed a €405m borrowing with 13 lenders in the syndicate.

Dim sum MTN issuance from SSAs reached a record high in 2019, and the growth is set to continue next year. The renminbi’s inclusion in the IMF’s special drawing rights (SDR) basket and global bond indices will ensure growing appetite for the instrument, according to one MTN desk head.

Chorus, New Zealand’s largest fixed line telecoms business, launched a €300m no-grow seven year bond on Thursday — the only corporate euro issue of the day.

FAB hires for China expansion – Wong heads to HSBC for loans – Citi nabs two HSBC real estate bankers

HDB Financial Services, an Indian non-banking financial company under HDFC Bank, has launched its maiden $300m international loan into syndication.

Zhejiang Geely Holding Group, a Chinese developer and seller of vehicles, has closed its third offshore loan of the year, raising €400m from a group of eight lenders.

The Asian Infrastructure Investment Bank (AIIB) and Singapore’s Clifford Capital have launched a new infrastructure debt financing platform that will remove some of the pressure on banks financing projects. It will also position Singapore as the leader in a sector that desperately needs private funds, writes Morgan Davis.