Asia Pacific

Nine out of the 13 companies that submitted applications to be listed on the new Shanghai Science and Technology Innovation Board have received feedback from the exchange over the weekend. However, they still have some way to go until they can execute their planned IPOs.

Chinese influencer platform Ruhnn Holding has kicked off bookbuilding for its Nasdaq IPO, targeting up to $135m in proceeds.

Dollar bonds in Asia followed the US markets’ end to last week by trading lower. Nonetheless, the continent’s investment grade issuers are looking to print with many high yield issuers still emerging from earnings blackouts.

Global alternative investment firm Castlelake is tapping the offshore loan market for $685.1m to support its purchase of aircraft from Malaysia’s AirAsia.

Sun Car Insurance Agency pulled its Hong Kong listing just hours after the end of book building, as the market waited for pricing. It is instead considering floating on the new Shanghai Science and Technology Innovation Board.

In this round-up, Cassa Depositi e Prestiti signed a memorandum of understanding (MoU) with Bank of China to issue a Rmb5bn Panda bond, Bank of Beijing and ING agreed to launch a JV and the Shanghai tech board published detailed information on nine IPO candidates.

China Education Group Holdings tapped the equity-linked market on Thursday, raising HK$2.35bn ($300m) from its first convertible bond.

Chinese property company Cifi Holdings raised $255m from a tightly priced bond sale, rushing to the market after an upgrade by S&P Global Ratings on Monday.

India’s Canara Bank and Bank Rakyat Indonesia this week gave investors a chance to diversify away from Greater China supply, pricing their respective five year dollar bonds.

Chinese online educator Koolearn Technology Holdings has wrapped up its Hong Kong IPO to the tune of HK$1.68bn ($213.9m), after pricing at the mid-point of the marketing range, according to a source close to the deal.

Local government financing vehicle (LGFV) Chengdu Economic and Technological Development Zone State-Owned Assets Investment doubled the size of a 2022 bond on Thursday, while another Chinese issuer Zhongtai Financial International walked away with $200m from a sub-one year note.

In this round-up, Chinese president Xi Jinping starts a five-day visit to Europe, the eighth and ninth rounds of trade talks are scheduled and local government bonds will soon be available at bank counters.