Asia Pacific

Zhongrong Xinda Group, based in China’s Shangdong province, has been downgraded to CCC- for rising bond refinancing risk. The company is one of a number of firms from the same province facing financial pressure.

Biotechnology company Venus Medtech (Hangzhou) has kicked off bookbuilding for its Hong Kong listing, eyeing a HK$13bn ($1.66bn) valuation.

Ant Financial, an affiliate of Chinese e-commerce giant Alibaba Group Holding, has launched a $3.5bn three year loan into syndication, after closing an amendment and extension of an old borrowing.

Citi has hired two senior real estate focused bankers from HSBC, adding them to its investment banking team in Hong Kong.

Uzpromstroybank, the BB-/BB- rated bank that is majority owned by the Uzbek government, had racked up more than $800m of orders by lunchtime on Monday for its five year dollar bond.

SPH Real Estate Investment Trust has bagged S$161.5m ($118.4m) after issuing a chunk of new stock.

In this round-up, China lifted its 2018 GDP by 2.1% after the fourth census, the Chinese Ministry of Finance (MoF) will add a tap to its sovereign bonds sold in June and Hong Kong wrapped up its district council elections on Sunday.

Troubled Chinese commodities trader Tewoo Group has revealed its plan to exchange or purchase for cash $1.25bn of outstanding offshore bonds, just days after getting funds from Industrial and Commercial Bank of China (ICBC) to make an imminent coupon payment.

The People's Republic of China is planning to raise around $6bn from its return to the dollar bond market on Tuesday.

Chinese property developer JY Grandmark Holdings has launched a roadshow for an up to HK$1.45bn ($185.5m) Hong Kong listing. A source close to the situation said the IPOs timing is right, despite the turmoil in the special administrative region.

MUFG Bank has hired Marilyn Gan as head of origination for its Asia Pacific aviation financing business.

In this round-up, US president Donald Trump threatened to raise tariffs again if a phase one deal is not reached, China is planning to set up a fund to promote its manufacturing industry and the US Senate passed the Hong Kong Human Rights and Democracy Act.