Asia Pacific

Power Construction Corp of China (PowerChina) took advantage of the growing popularity of perpetual bonds to raise $300m on Tuesday.

Asian issuers tend to treat the 144A market as little more than a sideshow, rarely putting in the extra work to bring their deals to US investors. That needs to change.

Investors put in nearly S$3.5bn ($2.6bn) of orders for Mapletree Logistics Trust’s S$250m placement, helping the Singapore-listed company price its transaction near the top of guidance.

Hong Kong's Li & Fung added $100m to its 4.375% 2024 bond on Tuesday, boosting the total size of the deal to $500m.

Genius Auto Finance has taken home Rmb4bn ($565m) from its third auto loan ABS of the year, scrapping the mezzanine tranche and boosting the size of the subordinated portion. The issuer achieved slightly tighter yields on both senior tranches compared to its previous trade.

Parkson Retail Group, a department store operator, has returned to the loan market after eight years, sealing a HK$3.9bn ($497m) borrowing.

UBS is reorganising its investment bank, trying to save $90m a year, it revealed on Tuesday, alongside a dismal set of third quarter results for underwriting and advisory.

Australian medical centre operator Sonic Healthcare has raised $550m of US private placements (PPs) across three tranches, as Australian borrowers solidify their position as a key source of growth for the market.

Vietnamese dairy producer NutiFood Nutrition Food Joint Stock Company has postponed a planned three year dollar bond, but said it has not given up hope of returning to the debt market later.

China Resources Land has raised HK$6.73bn ($858m) after issuing a chunk of shares in a top-up placement.

Muthoot Finance raised $450m from its maiden dollar bond on Monday, after showing investors the difference between its operations and that of other beleaguered Indian non-banking financial companies (NBFCs).

Chinese regulators are planning to rate the bond underwriting ability of securities firms. That may appear a sensible solution to an exchange bond market that has become cutthroat and chaotic. But the proposed solution is too vague to have much impact.