Asia Pacific
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Korea Railroad Corp turned west on Monday, marketing a six year bond to Swiss investors. -
Xinyi Energy Holding, a Chinese solar power producer, has hit the road to begin drumming up interest in its up to HK$4.4bn ($564m) IPO, according to a term sheet seen by GlobalCapital Asia.
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Long-dated dollar bonds issued by Indonesian companies have been taking a beating in the secondary market, with the country's high yield sector also expected to suffer from the negative impact of an ongoing trade war between two of the world's biggest economies.
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Index provider MSCI has confirmed, following this month's semi-annual review, that it will raise the inclusion factor of Chinese A-shares from 5% to 10%, effectively increasing the weight of A-shares in its MSCI Emerging Market Index from 0.72% to 1.46%.
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It was a g’day for Citibank on Friday, as the issuer returned to the Australian dollar market to print its largest ever Kangaroo, according to Dealogic. In recent weeks, the Aussie market has presented a good alternative for FIG issuers looking to sell senior unsecured debt.
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National Australia Bank went to investors on Monday with a dual-tranche deal, looking to make use of favourable conditions in the euro market. It was the first Australian name to issue euro-denominated notes since Westpac in November 2018.
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Bank of Queensland has mandated leads for a roadshow for a potential second euro conditional pass through (CPT) covered bond, and Bank of New Zealand has mandated leads for a roadshow with plans to issue a covered bond or a senior unsecured deal.
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The Republic of the Philippines returned to the euro bond market on Thursday, after a more than 10 year hiatus.
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Shandong-based coal miner Yankuang Group Co was able to price a $500m tap almost 30bp inside where the existing notes were trading on Thursday, while E-House (China) Enterprise Holdings, a real estate services firm, also added $100m to an outstanding bond.
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In this round up, China-US trade tension peaked with US president Donald Trump’s market-moving tweet, Chinese FX reserves dipped in April and the amount of Qualified Foreign Institutional Investors (QFII) quotas approved in April surpassed that of all of last year.
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Belgian brewer Anheuser Busch InBev has taken the first step toward floating its Asia Pacific operations on the Hong Kong Stock Exchange.
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