Asia Pacific

Chinese property companies dominate Asia’s high yield bond market like never before. But rising volumes bring rising risks — and maturities are looming. Addison Gong reports

Chinese banks will require a helping hand to comply with international standards on loss-absorbing capacity, as they go from being part-time users of the global capital markets to big players in debt financing. Luckily for them, domestic regulators appear increasingly keen for the banking sector to be recapitalised. Tyler Davies reports

Asia's green bond market is facing a familiar problem: plenty of potential issuers, too few investors. But the market is finding its place — and bankers are discovering ways to develop sustainable finance beyond just green bonds. Morgan Davis reports

Leveraged finance loans for Chinese companies will rebound this year, driven in part by the abundant liquidity available from the private equity funds. But winning government approval for deals will remain a stumbling block. Pan Yue reports

The year started with a few headwinds for China-focused loans bankers, including uncertainties coming from the US-China trade war, rising bond and loan defaults and reduced Taiwanese liquidity. But with huge refinancing needs and a volatile bond market, many are anticipating a promising year. Pan Yue reports.

Hong Kong’s stock exchange took a progressive step in 2018 when it allowed pre-revenue biotechnology companies to list. But the initial excitement was short lived, with the stocks’ dismal performance in the aftermarket denting sentiment among issuers, bankers and investors. Will the tide turn for the sector this year? Jonathan Breen investigates.

Stricter financial disclosure rules, a corruption scandal and a global equity market selloff derailed what should have been a big year for South Korean IPOs last year, leading to three of the biggest transactions being postponed. There are reasons for hope, but the country must overcome some serious structural challenges. Aidan Gregory reports

JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course

A series of modest taps at the long end of the Australian dollar curve at the end of last week suggests that what has been a quiet market for Kangaroo bonds could soon spark into life, according to SSA funding officials.

A jump in Indonesia Eximbank’s non-performing loan (NPL) ratio caused it to breach a loan covenant, it was revealed this week. Lenders reckon the policy bank is likely to be successful in gaining their consent to waive the covenant, but growing NPLs will make it difficult for other south and southeast Asian borrowers to raise funds, writes Pan Yue.

India’s Metropolis Healthcare has set the terms for its Rp12bn ($174.5m) IPO and is preparing to launch book building next week, according to a term sheet seen by GlobalCapital Asia.

Chinese online travel agent Ctrip.com International has launched its first offshore deal, for €600m, two years after raising a larger onshore facility.