Asia Pacific

Chinese local government financing vehicles (LGFVs) Tianjin Binhai New Area Construction & Investment Group Co and Changde Urban Construction Investment Group Co both relied on anchor support for their dollar bonds, after recent negative headlines about the sector.

Hong Kong Exchanges and Clearing’s (HKEX) surprise £31.6bn takeover bid for the London Stock Exchange Group (LSEG) is being hailed by some ECM bankers as a complementary acquisition that will bring markets in the east and west closer together. But the political fires raging in London and Hong Kong have put the proposal’s success in serious doubt, write Jonathan Breen and Aidan Gregory.

Nissan has sold upwards of $600m US private placements in the first US PP deal for any Japanese car company, according to several people familiar with the situation.

The Asian Development Bank hopped on to screens on Tuesday to print a new 10.5 year green Kangaroo bond. Demand for longer dated Kangaroo bonds has been muted recently, leading to smaller transaction sizes. So introducing a green label helped the ADB feel “comfortable” with achieving its minimum issuance size, said Anthony Ruschpler, treasury specialist at the ADB in Manila.

Armenia is the latest EM borrower to take advantage of rock bottom rates with a tender offer and new bond. The sovereign will tender a 2020 bond, financing the operation with a new Eurobond.

FWD Group has come to the market with yet another unusual transaction, raising $600m but seeing the bond open a whole point lower in the secondary market on Wednesday morning.

Investors chased South Korean semiconductor manufacturer SK Hynix’s $500m bonds both in the primary and secondary markets, even though the borrower pulled off one of the largest price reductions on a deal from the country.

Thai real estate owner and developer Asset World Corp has hit the market with a Bt41.7bn ($1.36bn) IPO, set to be the country’s largest listing by a private company, according to a term sheet seen by GlobalCapital Asia.

Hong Kong Exchanges and Clearing has made an unsolicited £32bn bid for the London Stock Exchange Group, a move that could torpedo the LSE’s acquisition of Refinitiv.

Chinese issuers Country Garden Holdings Co, Guangxi Communications Investment Group Corp and Shuifa Group, all of which have investment-grade ratings, have sold well-supported dollar bonds to investors.

The State Administration of Foreign Exchange (Safe) has scrapped the quota limits on two of the oldest access schemes for foreign investors to China’s onshore bond and equity markets. Bankers said the move could bring in some improvements to the way the mainland market operates, writes Rebecca Feng.

Shanghai Henlius Biotech launched a Hong Kong SAR listing on Wednesday, becoming the first issuer to test the market after earnings season and while protests continue to rip through the city.