Asia Pacific

The Hong Kong financial regulator has fined China Merchants Securities’ local arm for breaching its IPO code of conduct while working on the listing of China Metal Recycling.

The focus of leveraged finance has shifted from outbound Chinese acquisitions to intra-Asia deals this year, according to speakers at the Asia Pacific Loan Market Association’s annual conference in Singapore this week. Although many bankers are seeing opportunities in India and Indonesia, they say that with less overall supply, companies are pushing for lower pricing and looser covenants.

Hansoh Pharmaceutical Group kicked off the roadshow for its Hong Kong listing this week, with up to HK$7.9bn ($1bn) of proceeds in its sights. The deal got off to a strong start with the help of a cornerstone group that included Singapore’s sovereign wealth fund, as well as an early turnout from international institutions. Jonathan Breen reports.

Bigger is not always better. Just ask Huarong Asset Management, which appointed 30 banks to manage a deal that caused headaches for bankers and investors alike.

Credit Suisse Group made its debut in the Singapore dollar market on Wednesday, finding a significant price advantage for its perpetual tier one bond in the new currency.

Agile Group Holdings raised $600m from its latest perpetual bond sale on Monday. But the execution of the transaction came under fire from bankers away from the deal, and those on the trade admitted that things did not go as planned.

Bankers of my generation all know a bit of the dead language of the Romans. But I was greatly surprised when I met a young banker who had also gone through Wheelock’s Latin textbook.

A pair of European SSAs priced sustainable and climate awareness Kangaroo bonds this week. The European Investment Bank priced its third climate awareness Kangaroo on Tuesday, while Bank Nederlandse Gemeenten brought it sustainability bond programme back to the Aussie market on Wednesday.

TBC Bank, Georgia’s largest bank by assets, loans and deposits, is hitting the road to market a dollar senior unsecured bond.

Equity markets turned volatile again this week as trade tensions between the US and China escalated further, making accelerated equity sales more difficult.

JH Educational Technology will hit the road for its Hong Kong Stock Exchange listing after it completes investor education this Friday.

Chinese online tutorial platform GSX Techedu is fully covered for its listing on the New York Stock Exchange.