Asia Pacific

It's not often a €1.75bn deal from Volkswagen Leasing is overshadowed in the corporate bond market, though that was the case on Wednesday with Berkshire Hathaway's £1.75bn 20 and 40 year stormer. But Berkshire left euros clear for Volkswagen - it only had Bright Food of China to compete with.

TBC Bank, Georgia’s largest bank by assets, loans and deposits, has set the size for its debut dollar bond at $300m and order books for the deal are already well over that amount.

China's regulators are speeding up the approval process of IPO candidates. After passing six potential issuers in the past two weeks, the Shanghai Stock Exchange (SSE) is set to wave through 13 more companies soon.

Temasek Holdings and its wholly-owned Azalea Asset Management this week brought out Astrea V, the latest collateralised fund obligation (CFO) backed by cash flow generated from private equity funds, finding an even better response than their last outing.

JP Morgan has added Gregor Feige and Philip Wong to its Asia Pacific ECM team, according to an internal memo seen by GlobalCapital Asia on Wednesday.

Two subsidiaries of Taiwan’s Formosa Plastics Corp have closed their offshore borrowings at bigger sizes.

An order book that was more than 15 times covered allowed first-time issuer Shanghai International Port (Group) Co to not only beat its price target in the primary market, but also see its $700m bonds perform well in secondary.

India’s Power Finance Corp sold a $1bn dual-tranche deal on Tuesday, its first offshore bond outing since its acquisition of REC at the end of March.

Huatai Securities has already covered the minimum target for its global depository receipts (GDRs) IPO on the London Stock Exchange, according to a source close to the deal.

The Republic of Indonesia raised more than $1bn from tightly priced bonds in the dollar and euro markets this week, taking advantage of improved investor sentiment and a recent upgrade to draw in investors.

Chinese real estate developers Sunac China Holdings and Yango Group returned to the offshore market on Tuesday, with the former raising a larger-than-expected $600m. Property and construction firm Jiangsu Zhongnan Construction Group Co also priced its maiden dollar bond.

The People’s Bank of China (PBoC) will issue another round of offshore renminbi (CNH) bills through the Hong Kong Monetary Authority Central Moneymarkets Unit in the second half of June, timing the issuance for when the renminbi might become volatile due to the G20 meeting.