Asia Pacific

International banks have been raiding the yen market for loss-absorbing debt in recent weeks, with volatile conditions casting doubt on deal execution in other currencies.

Gazprom raised €1bn on Tuesday from the first public international bond sale from Russia since April saw the US imposing a punitive round of sanctions on the country. Rushydro followed on Thursday with a Rmb1.5bn ($220m) three year bond.

Japanese pharmaceuticals company Takeda implemented the first part of its financing of a £46bn takeover of UK biotech firm Shire on Thursday. The company used a six tranche combination to raise €7.5bn on its debut in the euro market.

Beijing Enterprises Group and Youyuan International Holdings hit the loan market this week for their latest syndicated fundraisings.

Chinese local government financing vehicle (LGFV) Sichuan Transportation Investment Group Corp raised $350m from a three year bond on Wednesday, piercing through the secondary trading levels of its closest comparables.

Taiwan’s Mei Ta Industries and China’s New Hope Group have closed offshore borrowings, raising €245m and $150m, respectively. Ho Chi Minh City Power, meanwhile, has sealed Vietnam’s first onshore syndicated loan at D1.1bn ($47,000).

Chinese bank ICBC was forced to cancel its dual-tranche bond on Wednesday as a result of market conditions.

Hong Kong IPO hopefuls Babytree Group and Tongcheng-Elong Holdings announced deals drastically smaller than their initial targets this week. But despite the clear sign of trouble in the market, a few more Chinese companies are considering pushing ahead with their own listings before the end of the month. Jonathan Breen reports.

State Power Investment Corp’s $500m senior perpetual bond attracted plenty of demand in both the primary and secondary markets, despite coming with a structure that has fallen out of investor favour for much of 2018.

Enjoy the small things in life, so the saying goes, and when you have a bit of money, those small, frivolous, things can go a long way.

Export-Import Bank of Thailand has raised $300m from its first foray into the offshore bond market, generating $2.5bn of demand — and setting an important benchmark for the country’s issuers. Morgan Davis reports.

Everbright Sun Hung Kai Co priced a modest $200m bond on Wednesday when most investors were focused on other high profile transactions.