Asia Pacific

Chengdu Economic and Technological Development Zone State-Owned Assets Investment, a Chinese local government financing vehicle (LGFV), raised a larger-than-expected $250m from its inaugural appearance in the offshore market that was over two months in the making.

In this round-up, Bloomberg Barclays confirmed the upcoming inclusion of Chinese bonds in its indices, the People’s Bank of China will auction CNH bills in mid-February, and industrial profits in China confirmed poor ending for the economy in 2018.

In this round-up, the China Securities Regulatory Commission (CSRC) issued plans to merge two long-standing access schemes for foreign investors, the United States Justice Department unveiled charges against Huawei just as trade talks were set to begin, and JP Morgan (JPM) received approval to offer Hong Kong funds in China.

BFI Finance Indonesia has returned to the loan market for a $55m three year facility.

Green bond watchers are putting out their forecasts for issuance this year, hoping for a return to growth after a disappointing 2018. The year has started decently, with at least $6bn issued so far, including this week’s debut issue from Telefónica, hailed as the first from the telecoms sector.

Pacific Gas & Electric has gone bankrupt with $52bn of debt, blaming forest fires that seared California during 2018. Vale, with $11bn, has been downgraded to the bottom edge of investment grade after its horrific dam burst last Friday.

DWF, the UK law firm, has filed paperwork on an initial public offering in London, but many in equity capital markets are predicting that the the city’s largest deals will come from the emerging markets.

BOC loses syndicate head – Yes Bank names CEO – CSRC gets new head – Citi India chief takes on regional job – JPM appoints Apac deputy lead

Everyone new to banking has a steep learning curve. But when you live in Asia long enough, you realise the really steep curve comes in trying to understand traditional holiday-related etiquette.

Chinese automobile retailer Zhejiang Geely Holding Group has returned for a €1.4bn dual-tranche facility to refinance a bridge loan raised last year for its purchase of a share in Swedish truck maker AB Volvo.

Asia’s sustainability market took a big step forward this week when Kookmin Bank priced a Basel III-compliant tier two bond with a sustainability label — the first of its kind in the region. Morgan Davis reports.

Abundant supply, a diverse crop of issuers and some rare long-tenor deals characterised Asia’s bond market ahead of the week-long Chinese New Year holiday, setting the stage for a positive February. Addison Gong reports.