Asia Pacific

Westpac has laid out plans to sell a pair of tier two bonds in the US dollar market, just days after the Australian Prudential Regulation Authority (Apra) put the asset class at the heart of its total loss-absorbing capacity (TLAC) framework.

China’s Wanda Sports Group began a week-long bookbuild on Monday morning, with a plan to raise as much as $500m on the Nasdaq.

BNP Paribas has hired a former executive director at Natixis to lead its sustainable capital markets team for Asia Pacific.

Budweiser Brewing Company Apac shelved what could have been the largest float globally so far this year and the biggest in nearly a decade in Hong Kong after investors rejected its punchy valuation target, dealing a blow to the city’s IPO market.

Nine Dragons Paper has moved a HK$3.9bn ($498m) loan into general syndication, giving a small group of banks two weeks to make a decision on the deal.

In this round-up, GDP growth slowed in the second quarter, exports to the US dropped further and total social financing growth showed the need for more policy easing

CLSA’s former chief executive Jonathan Slone has joined Jefferies Group as chairman of Asia, adding to the growing exodus of staff from the Citic Securities-backed bank to the US firm.

The Bank of Montreal followed Toronto Dominion’s lead on Wednesday to join the Canadian bail-inable Kangaroo frenzy, placing A$750m of five year debt.

A wave of issuers — mostly Chinese — including China Mengniu Dairy Co and local government financing vehicle Guangzhou Development District Financial Holdings flooded the bond market on Thursday, riding the positive sentiment after the US Federal Reserve chairman Jerome Powell signalled a rate cut later this month.

Blue chip Hong Kong issuer New World Development Co has priced a 10 year bond worth $950m, after the leads decided to start bookbuilding at a generous level to build momentum.

Budweiser Brewing Apac has delayed pricing its jumbo float on the Hong Kong Stock Exchange, according to a source at the company.

Chinese local government financing vehicle (LGFV) Tianjin Binhai New Area Construction & Investment Group Co’s decision to postpone a planned three year bond has highlighted the debt crisis in the Tianjin area.