Asia Pacific

Chinese hotpot chain Haidilao International Holding pulled off top-end pricing for its HK$7.56bn ($963.3m) Hong Kong IPO this week, wooing institutions with its unique story. But the lukewarm response from retail investors is being viewed as a blessing in disguise for allocations — and hopefully for the stock’s aftermarket performance. Jonathan Breen reports.

Mapletree Logistics Trust sealed its second overnight fundraising for the year and its largest follow-on offering in a decade on Wednesday, bagging S$375m ($274m) to acquire properties in Singapore.

Chinese policy bank Agricultural Development Bank of China made its first foray into the dollar bond market on a busy Wednesday to raise $700m, alongside a Rmb1.2bn ($175m) return to offshore renminbi.

State Bank of India sold its debut green dollar bond through its London branch on Wednesday, reopening the market for the country’s issuers. But despite being a strong credit, the bank didn’t have an easy time marketing its notes against a volatile backdrop, as sceptical investors demanded a premium for emerging market risk. Morgan Davis reports.

Four Chinese high yield issuers sealed bonds on Wednesday, when a total of nine deals were priced in the primary market in Asia ex-Japan, making it the busiest day in the region in months.

Frasers Property has sealed the first secured green loan from Singapore and southeast Asia, raising S$1.2bn ($876m). Bankers say this is only the beginning as borrowers in Asia slowly but steadily make the environment and sustainability their top priorities, writes Pan Yue.

Two Samsung-linked units are selling down their remaining shares in Samsung C&T Corp through an accelerated block that could raise as much as $829m.

CLSA has made two senior appointments to its fixed income and debt capital markets teams in Asia Pacific.

More supranational banks will use synthetic securitization and other risk transfer techniques, specialists believe, after the African Development Bank’s trailblazing $1bn deal, revealed this week, writes Jon Hay.

Toyota may be a familiar name in the corporate bond markets, but Toyota Motor Finance Netherlands BV stepped out of the shadow of some of its parent company’s better known subsidiaries to issue its first benchmark bond in a major currency.

A private equity investor sold down its stake in South Korea’s Celltrion Healthcare on Tuesday evening to raise W401.3bn ($356.4m), with the shares so highly coveted that all orders had to be reined in aggressively.

Chinese property companies that have been relying heavily on the country’s banks for their offshore loans should beware. The mainland bank lending tap may not be open for too long.