Asia Pacific

South Korean supermarket chain Homeplus Stores is nearing a $1.5bn real estate investment trust listing. The deal deserves attention in its own right. But it also serves as a stark reminder that Singapore, once the quintessential Reit listing venue in Asia, has fallen from grace.

Ronshine China Holdings priced the new money portion of its exchange offer after building an order book that covered the deal almost 16 times over. The liability management exercise helped the issuer close the gap between its curve and that of similarly-rated Chinese property developer peers.

China Forestry Group has returned to the offshore market, raising its second international loan through a Singaporean subsidiary.

The controlling shareholders of India’s Emami Group sold a 10% stake in the company to pay off debt this week.

Yuzhou Properties Co sold its third dollar bond deal of the year this week, bringing its total issuance for 2019 to $1.5bn.

China’s Jinxin Fertility Group is planning to float on the Hong Kong Stock Exchange, according to a draft prospectus submitted to the bourse.

Hyundai AutoEver Corp has kicked off investor education for an IPO that could raise up to W154.4bn ($137.2m), according to a source close to the deal.

The anchoring of European CLOs by Japanese investors, one of which has been claiming the senior notes on most euro CLOs issued in 2019, is likely to continue until at least mid-April, despite the year end for Japanese banks at the end of March, which often slows the market. ICG is the latest manager to launch an issue, with Goldman leading the deal.

In this round-up, trade talks between China and the US will continue in Washington DC after no deal was reached last week in Beijing, total credit growth came above market consensus and Industrial and Commercial Bank of China received a green light to set up a wealth management subsidiary.

National Thermal Power Corp (NTPC) has become the latest Indian corporation to tap the Samurai loan market, taking advantage of the cheap pricing and abundant liquidity on offer from Japanese banks.

India’s GMR Infrastructure has put together a sub-committee from its board of directors to oversee a possible spin-off of its airports unit.

Ronshine China Holdings announced the results of an exchange for its outstanding 2021 bond on Monday, at the same time as kicking off bookbuilding for $200m of new funding.