Asia Pacific

Euro covered bonds issued by ANZ New Zealand, Caffil and National Bank of Canada on Tuesday provided “the least worst option” in a spread widening environment, said bankers.

Westpac has issued the first dollar covered bond of the year, and its first in that currency in more than two years. The borrower took advantage of a quiet market to issue a sizeable $2bn five year deal that provided a considerable cost saving to senior unsecured — sending a strong signal to other issuers.

Aircraft leasing company Avolon has returned to the offshore syndications market for a $300m loan.

Guotai Junan International Holdings paid a premium over the curve of some of its Chinese brokerage peers for a $200m bond on Monday.

The Republic of the Philippines opened the bond market for Asian sovereign issuers in 2019 with a $1.5bn outing, making efforts to boost its engagement with Chinese investors and paying just a small double-digit premium for the deal.

Seazen Holdings, previously known as Future Land Holdings, and Powerlong Real Estate raised $500m between them on Monday for near-term refinancing, with positive market sentiment allowing them to price their bonds tightly.

Malaysian poultry producer Leong Hup International has started early stage engagement with the buy-side and is looking for cornerstone investors for its IPO, according to a source close to the deal.

A handful of outbound M&A deals announced in the second half of 2018 have given leveraged and acquisition finance bankers hopes for a rebound in action this year. But with many roadblocks ahead, being "cautiously optimistic" will be critical.

The unexpected decision by Jim Yong Kim to stand down as World Bank president three years ahead of schedule will raise worries in the development community that Donald Trump will use the opportunity to select a political appointee. By Phil Thornton

Chengdu Expressway Co’s HK$880m ($112.3m) IPO has marked the start of a quiet week for the Hong Kong equity capital markets.

Standard Chartered has hired two loans syndicate bankers, in Hong Kong and Shanghai respectively, according to a source close to the move.

Chinese state-owned energy company Beijing Enterprises Water Group (BEWG) is preparing its sixth Panda bond, and the first deal in the asset class for 2019, offering a Rmb1bn seven year and a Rmb1bn 10 year tranche.