Asia Pacific

Bank of China returned to the bond market with a multi-tranche, multi-currency bond this week, making clear that its funding needs and its role as a flag-bearer of Chinese policy overseas are inextricably linked. Morgan Davis reports.

Beijing Enterprises Group is in the market for a HK$4.5bn ($575m) five year term loan launched through eight banks.

China’s Babytree Group has thrown open books for a potential HK$2.2bn ($280.9m) IPO, paring down the size from its original $800m target, according to a banker close to the deal.

Fosun Tourism Group, which is being spun-off by Chinese conglomerate Fosun International, has launched investor education for its Hong Kong IPO as the market falters amid continued volatility.

Chinese steel e-commerce platform Zhaogang.com has kept its plans for a Hong Kong listing alive, resubmitting an updated prospectus to the bourse on Tuesday.

Kazatomprom, the world’s largest producer of natural uranium, priced a $451m IPO this week with a strong, but concentrated, book backing the deal.

DBS has made several senior staff moves ahead of the retirement of Jeanette Wong, group head of institutional banking (IBG), next March.

Two Hong Kong IPO hopefuls have taken different approaches to their transactions. Tencent-backed Tongcheng-Elong Holdings launched its smaller listing of up to HK$1.8bn ($232.4m) on Tuesday, while Babytree has put its planned float on hold.

High yield issuers’ struggle to push out deals in turbulent market conditions was reflected when Singapore’s Interplex Holdings was forced to cancel its inaugural dollar offering.

Crédit Agricole was marketing five tranches of Euroyen bonds this week, following a very popular offering in the format from BNP Paribas earlier this year.

Chinese agribusiness company New Hope Group has fully exercised a $50m greenshoe option on its loan to raise $150m, attracting three participants during syndication.

CSSC Shipping Co, a subsidiary of China State Shipbuilding Corp, has filed a draft IPO prospectus in Hong Kong through sole sponsor CICC.