Asia Pacific

Hong Kong SAR’s equity capital market has come back to life recently with a handful of well-received IPOs. A further boost is also likely if the US goes ahead with its threat of banning Chinese listings on its exchanges, writes Jonathan Breen.

China’s asset backed securities (ABS) market has had a stellar year so far, with volumes jumping thanks to a big push from the regulators. But it’s not just a numbers story. The depth of the market has also improved, with better secondary liquidity and more offshore participation.

Chinese sportswear retailer Topsports International Holdings has raised HK$7.9bn ($1bn) from its IPO on the Hong Kong Stock Exchange, pricing the deal just above the bottom of the marketed range.

International G3 currency bond issuance in Asia is set to surpass 2018’s numbers before the end of the year, as relatively stable market conditions provide borrowers with fundraising opportunities. But DCM bankers warn that things could turn in the blink of an eye, as geopolitical tensions threaten to disrupt their fourth quarter business. Morgan Davis reports.

Adani Green Energy was out with a 20 year bond on Thursday, giving investors the option to buy a dollar deal from Asia in an otherwise quiet primary market.

ING has appointed a new branch manager of Singapore, replacing Catherine Low who has taken on a different position at the bank.

Swiss investors’ thirst for yield was quenched in some style at the end of last week, when Russian Railways printed the largest Swiss franc transaction of the year from an emerging market borrower.

Kazakhstan is becoming a prominent feature of equity capital markets, with a number of deals from the country in the market this month. Sources say that they are seeing new interest from investors who have shown little interest in Kazakh risk before now.

Cathay Pacific cruised to a Hong Kong dollar deal at the end of September, just days after it began a roadshow for a new dollar transaction.

Youdao, an online education platform founded by Chinese technology giant NetEase, is planning an IPO of American Depository Shares (ADS), having filed a draft prospectus with the US regulator.

The Shanghai Stock Exchange (SSE) has published statistics of the companies that have applied for and listed on the Star board since its launch, giving market participants a closer look at the firms that the bourse has attracted.

The Ministry of Finance of the Lao PDR is inviting banks to join a €135m five year loan that Credit Suisse pre-funded in June.