Asia Pacific

Bankers and journalists often complain about how much things have changed in Hong Kong, with long lunches and even longer nights making way for rigid meetings, PowerPoint presentations and low-fat lattes. Taipan was reminded of the old ways this week ─ and his head is still throbbing.

The Republic of Indonesia raised more than $2bn from a dual-currency bond sale on Wednesday, taking some of the market by surprise with its opportunistic move.

India’s non-banking financial companies have been under fire for the past year, after the collapse of Infrastructure Leasing & Financial Services (IL&FS) in 2018 spooked investors and dragged down the sector. But Muthoot Finance, a gold financier, proved this week that some capital-starved NBFCs can still find an audience in the international bond market. Morgan Davis reports.

Huawei Technologies Co, a centrepiece in the ongoing US-China trade war, bagged Rmb3bn ($425m) from its first-ever onshore bond on Wednesday. Although the issuance opens up a new and cheap funding channel for the company, it will have to return to the dollar bond market to refinance its outstanding bond soon, bankers said.

Citi shakes up South Asia origination team — DBS hires for loans — StanChart, IFC tie-up for trade finance

Warehouse construction firm and lessor ESR Cayman relaunched a bigger Hong Kong IPO this week, four months after pulling its first listing attempt because of volatility. But a revamped syndicate team and positive momentum in the local IPO market have given the new deal some impetus, writes Jonathan Breen.

Vietnamese companies are increasingly turning to the offshore loan market, providing bankers with relief amid a wider slowdown in Asia. Pan Yue reports.

CLP Power Hong Kong came to the dollar debt market after a four-year hiatus, pricing a $500m subordinated perpetual deal that was sought after in the primary and secondary markets ahead of an old bond’s first call date.

Chinese state-owned commodity chemicals producer Shanghai Huayi (Group) Co has sold an almost 10 times covered five year bond, while Yuzhou Properties Co raised $500m to fund a tender offer. Two local government financing vehicles also made their offshore debuts.

China’s FangDD Network Group has kicked off a roadshow for the listing of American Depository Shares (ADS) on the Nasdaq.

A senior loan syndications banker in HSBC’s Hong Kong team has left the bank.

Investors have taken to Chinese education platform Youdao, covering its $101m IPO multiple times over days before the end of bookbuilding, according to a source close to the deal.