Asia Pacific

Indonesia Eximbank has launched a $900m dual-tranche borrowing into general syndication.

Property developer China Jinmao Holdings Group priced a $250m deal last week, including $145m of new money, as part of an exchange offer that had a participation rate lower than 20%.

Huatai Securities, the Chinese brokerage, has set a price for the sale of global depositary receipts on the London Stock Exchange, the first deal under the new London-Shanghai Connect programme.

Budweiser Brewing Company Apac, the Asia Pacific arm of Belgian brewer AB InBev, has put the wheels in motion for a float of up to $10bn on the Hong Kong Stock Exchange.

Indian mortgage lender Housing Development Finance Corp has completed a block sale of 31m shares, or a 4.2% stake, in Gruh Finance to rake in Rp8.9bn ($129.34m).

Philippine company International Container Terminal Services has closed its €260m borrowing after changing the use of proceeds.

In this round-up, US president Donald Trump warned of higher tariffs should his Chinese counterpart not meet him at G20, UBS’s chief economist employed questionable language when discussing the rise of Chinese consumer prices, and total exports edged up in May while exports to the US fell again.

As the crisis at Baoshang Bank and Bank of Jinzhou continues to brew, Hong Kong-listed Guangzhou Rural Commercial Bank priced a $1.43bn Basel III-compliant additional tier one (AT1) note at a level that was well inside where similarly rated small Chinese lenders were trading in the secondary market.

Power Construction Corp of China has raised $800m from a dual-tranche offering that keeps senior perpetual supply from Chinese state-owned enterprises (SOEs) alive.

In this round-up, Pan Gongsheng, vice governor of the People’s Bank of China, suggests cancelling quota limits for the Qualified Foreign Institutional Investor (QFII) scheme, the National Development and Reform Commission (NDRC) heightened scrutiny on offshore bond issuers, and the Hong Kong Insurance Authority prepares the ‘Mainland-Hong Kong Insurance Connect’.

Green bond specialists are divided over whether proceeds of labelled green bonds can be used for operating expenditure, or whether they should mainly or entirely be used for capital expenditure.

A structure developed in the loan market, in which a company’s financing margin can be lowered during the life of the deal if it improves its environmental, social and governance credentials, has crossed over into the Schuldschein market. That raises the possibility it could make the leap to the bond market, write Silas Brown and Jon Hay.