Asia Pacific

The price of real estate developer Kaisa Group Holdings' dollar bonds climbed after China announced a detailed plan over the weekend to develop the company's hometown, Shenzhen.

The Asian Development Bank returned to the Kiwi dollar market to print its largest Kauri deal since January 2018 this week. With the Inter-American Development Bank and International Finance Corporation set to follow with a pair of taps in the coming days, bankers are expecting a busy few weeks in the market as investors react to the recent surprise interest rate cut from the Reserve Bank of New Zealand.

In this round-up, the People’s Bank of China announced a new benchmark rate for loans, a reported 1.7 million people held a rally in Hong Kong on Sunday and the issuance of Chinese onshore credit bonds climbed in July

The People’s Bank of China (PBoC) unveiled a new benchmark rate for bank loans on Saturday. The loan prime rate (LPR) will replace the current one-year lending rate, which has stood still for four years at 4.35%, as the new benchmark. The move is aimed at making the lending rates more market-based and lowering the funding cost for the real economy, analysts say.

Ujjivan Small Finance Bank is readying an IPO of up to Rp12bn ($167.9m), having filed a preliminary "red herring" prospectus with India’s securities regulator.

Fujian Zhanglong Group Co skirted the market volatility last week to seal a $500m deal on Friday, using up its regulatory offshore quota.

India’s Yes Bank has raised Rp19.3bn ($271.2m) after issuing a block of primary shares.

Housing Development Finance Corp has made a quick return to the syndicated loan market for a $200m borrowing, five months after it sealed a Samurai loan.

In this round-up, China’s money and credit growth disappointed, industrial production growth plunged and Hong Kong Stock Exchange posted lower trading fees but higher listing fees for July.

Local government-owned Shandong Guohui Investment Co made a quick comeback to the dollar bond market to raise $300m on Thursday, when its Chinese peer Qingdao Jimo District Urban Development Investment Co made its offshore debut.

In this round-up, the Office of the US Trade Representative postponed imposing 10% tariffs on selected Chinese imports, protesters paralysed Hong Kong airport for two days and Shanghai said it would allow foreign employees to receive stock options on the A-share market.

A number of supranationals have delayed their plans to issue Panda bonds over a dispute about their accepting Chinese regulatory oversight, write Rebecca Feng and Burhan Khadbai.