Asia Pacific

China’s Chow Tai Fook and Vietnam’s Vingroup have returned to the offshore loan market, with both borrowers inviting banks to join senior syndication.

The Republic of Indonesia was back in the dollar market this week with its regular sukuk issuance. But with a trade that mirrored its 2018 Islamic financing transaction, the sovereign added a green tranche, allowing it to tap a niche set of investors in an effort to raise $2bn. Morgan Davis reports.

Right Lane, a wholly-owned subsidiary of Chinese conglomerate Legend Holdings, has paid a higher margin than previously for a $300m-equivalent dual currency borrowing. It is the latest in a series of Chinese and Hong Kong companies that have hiked margins on their return to the loan market this year.

Malaysia’s RHB Bank ended its dollar bond market hiatus on Tuesday, offering a $300m bond that got big demand despite its ultra-tight pricing.

MSCI is to add nine stocks with dual-class voting structures to its global benchmark, it said this week. Chinese technology companies Meituan-Dianping and Xiaomi Corp are among the new names included.

Vingroup Joint Stock Company has made a quick return to the offshore loan market, attempting its third borrowing in 12 months.

Chinese property developer Dexin China kicked off bookbuilding on Thursday for an IPO that could raise up to HK$1.73bn ($220.3m).

The Republic of Uzbekistan has released initial price guidance for its dual tranche five and 10 year dollar bonds and a rush of investors showed how desperate they are for a piece of it.

Uzbekistan's bond market debut, which is expected to be priced as early as Wednesday, has captured the attention of emerging market investors.

Sunac China Holdings priced a large three year callable bond, taking advantage of the abundant liquidity in the market following Chinese New Year. But investors appeared to hold back when it came to less familiar names.

Korea Development Bank has raised $1bn from a dual-tranche bond that came inside its secondary curve, as investors flocked to high quality, investment grade rated credits.

The Republic of Indonesia returned to the bond market in style this week, using a tried-and-tested formula by adding a green tranche to a $2bn sukuk.