Asia Pacific

Bonds from Chinese real estate developers were some of the worst performing in Asia last week, dragged down by the global volatility and fears around property companies’ refinancing needs.

HSBC recorded better profitability and higher revenues at the group level for the first nine months of 2018, with Asia continuing to play a key role. But the bank’s global markets business took a hit.

State Bank of India has mandated seven banks for a $500m offshore borrowing, returning to the market just two months after closing its last facility.

China Merchants Loscam has closed a $302m dual-currency club loan, making a comeback to the offshore market after a five-year absence.

Four mainland technology companies kicked off pre-deal investor education for their Hong Kong IPOs on Monday, gauging the market’s appetite ahead of bookbuilding in early November, according to sources close to the listings.

Sri Lanka’s dollar bonds took a beating on Monday as the country’s political crisis worsened, putting further pressure on the sovereign’s near-term financing prospects as it faces $1.5bn of maturities in early 2019.

360 Finance has filed for a $200m IPO on the New York Stock Exchange through Citi and Goldman Sachs.

China and Japan confirm details of currency swaps and plans to invest more in third party markets, the Hong Kong Monetary Authority (HKMA) renews the license of nine authorised institutions as Primary Liquidity Providers (PLPs) for the CNH market in Hong Kong and Singapore sets up new government agency to bridge the funding gap facing Asia’s infrastructure projects.

Collaboration between IHS Markit and ChinaBond aims to launch a series of indices to expand foreign access to $11tn Chinese onshore bond market.

In this round up, Eastspring Investment Management can now offer onshore investment products to Chinese customers, SWIFT Business Intelligence outlines Australia’s role in renminbi internationalisation, and Industrial Commercial Bank of China (ICBC) gets approval from the European central Bank to set up a subsidiary in Austria.

JSW Steel’s board of directors has given the go ahead for an up to Rp50bn ($682.1m) rights issue, according to an exchange filing on Thursday.

Philippine conglomerate San Miguel Corp raised Ps34.1bn ($634.2m) on Thursday after selling shares in subsidiary San Miguel Food and Beverage at the bottom of the price guidance.