Asia Pacific

Innovent Biologics, the fourth issuer to ride the wave of Hong Kong’s biotechnology IPOs, was so popular with institutional investors that allocations caused a headache, said bankers.

Chinese local government financing vehicle (LGFV) Gansu Provincial Highway Aviation Tourism Investment Group Co raised $150m from a tap on Thursday, getting ahead of potential supply expected from the sector next week.

In this round-up, China Securities Regulatory Commission (CSRC) updates rules for asset management industry, more loosening measures include setting up bailout funds and more credits for private companies, and the China Banking Regulatory Commission issued draft rules to enhance foreign banks' business scope in China.

Indonesia’s Pertamina has withdrawn a cash tender offer for its 2021 and 2022 notes and will not be selling a new bond at this time due to unfavourable market conditions.

Singapore’s Reit issuers are proving a resilient lot when it comes to fundraising in the equity markets, with the latest deal from Capitaland Mall Trust taking this year’s tally to $2.3bn.

A veteran debt banker at BNP Paribas is set to leave the firm at the end of October, according to multiple sources close to the situation.

Philippines’ Metrobank Card Corp is tapping the syndicated loan market for a $100m borrowing.

Chinese outdoor leisure products developer Bestway Global Holding is tapping the offshore loan market for the first time for an up to $150m borrowing.

Guarantor: Japan

Three public sector borrowers shrugged off a rally in US Treasury yields to issue a combined $8.25bn in the primary market this week.

Hainan Airlines, a unit of embattled HNA Group, offered a generous 12% coupon for its $100m notes on Wednesday, reflecting the limited appeal among investors for the Chinese credit.

I made myself a guest again at the annual autumn sales by the venerable auction houses, which are a regular fixture of the Hong Kong social calendar.