Asia Pacific

China has in the past used panda bears for political gestures, loaning the rare creatures to countries with which it wants to forge ties. The bond market named after them looks similarly endangered, while deals priced there are also nothing more than international relations votives.

China’s Yuexiu Property Co raised HK$1.1bn ($140.2m) from an exchangeable bond sale on April 8, attracting an order book that was more than three times oversubscribed.

Hollysys Automation Technologies is seeking nearly $180m from the offering of additional Nasdaq-listed shares.

United Overseas Bank priced on Monday the tightest Basel III-compliant tier two deal from an Asian borrower, setting a new benchmark following the strengthening late last year of the bank resolution regime in its home jurisdiction of Singapore.

Three Chinese property companies battled in the primary market on Monday with competing supply. While high yield issuers have been able to sell bonds at ultra-tight prices of late, the weight of supply has started to force issuer’s to pay more to borrow.

Hong Kong’s Citychamp Watch & Jewellery Group has launched a debut offshore borrowing with a $150m three year facility.

IndusInd Bank, the privately owned Indian lender, priced its inaugural dollar bond on Monday after a careful approach by bookrunners led to a sale that was priced tighter than some investors demanded but kept on tightening in the secondary market.

Reliance Industries is tapping the Japanese yen market as part of a $1.5bn dual-currency loan syndication.

Chinese plastic surgery platform So-Young International is seeking $150m from a US IPO, according to a filing made with the US Securities and Exchange Commission on April 8.

Singapore-based loans banker Cho-Teng Kooi has resigned from BNP Paribas, according to a source familiar with the matter.

Singapore Exchange is launching Asia’s first total return futures (TRF), enabling investors to replicate the characteristics of standard Nikkei 225 Index over-the-counter total return swaps.

LG Chem, the chemical and battery producing arm of South Korean group LG, launched its first euro and dollar bonds this week, after a long sojourn in the won market. All three tranches, which were also green bonds, were heavily oversubscribed.