Asia Pacific

Fantasia Holdings, a property developer in China, priced a Rmb1bn ($149m) 1.5 year dim sum bond on Tuesday. But the issuer had to pay 11.875% to get the deal done.

Coke-based chemicals company China Risun Group has raised HK$1.68bn ($214m) after sealing its Hong Kong IPO just off the bottom of price guidance.

Mubadala Investment, an Abu Dhabi sovereign wealth fund, has raised MR1.04bn ($254.4m) after selling a number of its shares in RHB Bank, according to a source close to the deal.

Hong Kong-based online brokerage Futu Securities is on track to raise $160m after cutting the size of its IPO and signing up international investment fund General Atlantic for a private placement.

John McFarlane, chair of Barclays, said on Monday that he hoped the EU would not turn its back on London in the Brexit negotiations. However, he expected financial activity to move out of London to Europe, and thought that — on a global scale — faster-growing economies in Asia and the US, and big technology firms, could reshape the financial industry.

The Shanghai Stock Exchange (SSE) published the official rules for the new tech board at the end of last week. The exchange said the tech board will allow unprofitable companies to list, prevent small retail investors from participating directly and loosen lock-up requirements for key investors.

In this round-up, the US trade representative’s office announced the delay of a China tariff increase, the Shanghai Stock Exchange released detailed rules for its tech board and China’s annual planning session gets set to address issues including economic growth targets and foreign market access

Bank of America's Asia Pacific head of equity capital markets syndicate Philip Wong resigned on Tuesday morning. He is set to join JP Morgan in the summer.

China has set the official rules for its Nasdaq-style tech board. It is undoubtedly a step forward for China’s equity capital market, but it should not be a surprise if a bubble forms soon after it launches.

India’s InterGlobe Technologies (IGT) is tapping the international loan market for a debut $100m five year borrowing.

China’s Guotai Junan Securities Co double-dipped in the international market this week, raising $500m from the sale of a three year bullet on Monday before launching a three year euro-denominated trade on Tuesday to raise an additional €225m.

Hong Kong-based New World Development Co was able to find enough demand to cover a $500m ‘fixed-for-life’ perpetual bond, returning to a structure that lost attraction amid expectations about rising rates.