Asia Pacific

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.

The Asian Infrastructure Investment Bank (AIIB) and Aberdeen Standard Investments have formed a partnership to develop sustainable debt capital markets in emerging Asia.

Barclays has appointed Matt Pecot as head of markets for Asia Pacific, succeeding Mark Dearlove who will be retiring this year after nearly 25 years at the bank.

JP Morgan has appointed Park Pu as head of investment banking of JP Morgan Securities China Company.

Genius Auto Finance, a joint venture between Geely Automobile and BNP Paribas Personal Finance, is planning a return to the auto loan ABS market on July 18 with a Rmb4bn ($581.6m) four-tranche deal.

Malaysian sovereign wealth fund Khazanah Nasional has managed to raise $500m from a tightly priced zero coupon exchangeable bond.

In this round-up, trade talks resumed on shaky ground, the insurance regulator tightened rules on trusts investing in real estate companies, the State Council promised to ease the tax burden for smaller enterprises and the government completed the takeover of Anbang Insurance

In this round-up, S&P Global’s wholly-owned China unit gave its first onshore rating to ICBC Leasing, Italy will strengthen ties with the Mainland through a Panda bond and Bond Connect volumes rise.

Australia’s bank capital regulator has refused to back down from requiring the country’s largest banks to meet new loss-absorbing debt targets with tier two bonds, raising the prospect of a wave of supply over the next four years. The question now is: how much will it cost them? Tyler Davies reports.