Asia Pacific

China’s Guangzhou R&F Properties Co, the once troubled China Hongqiao Group and a local government-owned entity in Xinjiang all managed to pull off new dollar bonds on Tuesday, albeit with some difficulty.

Indonesia’s Star Energy Geothermal (Wayang Windu) put together its first green bond on Tuesday after weeks of courting investors. Its $580m deal was meant to have a similar reception as the blow-out project finance trade from Paiton Energy Co in 2017, but the more difficult market backdrop posed a challenge.

United Overseas Bank’s subsidiary in China has printed its first bond in the country, a Rmb1bn ($159m) three year note. The Singaporean lender joins a small group of foreign financial institutions that have raised onshore funding through their China arms.

Philippine conglomerate San Miguel Corp and its power unit SMC Global Power are jointly seeking a $1.1bn loan to finance a $1.9bn acquisition of a power plant in the country.

China’s cautious approach to credit default swaps (CDS) has left the market a minnow compared with other large financial systems. Paolo Danese investigates.

Ping An Healthcare and Technology Co, a subsidiary of Chinese conglomerate Ping An Group, will launch bookbuilding for its Hong Kong IPO next week, according to a source close to the deal.

Medikaloka Hermina has hit screens for an IPO in Indonesia to raise up to Rph2.6tr ($193m) in primary and secondary proceeds.

Malaysia’s edotco, a unit of telecommunications firm Axiata Group, is close to selecting banks for a possible $1bn IPO.

S&P Global Ratings is preparing to launch an ESG Evaluation product, competing directly with socially responsible investment rating firms such as MSCI and Sustainalytics.

The International Development Association wowed on-looking SSA bankers with its debut bond issue on Tuesday, with some saying it printed in line with sister issuer World Bank (International Bank for Reconstruction and Development). The borrower opted for dollars with its first trade, but is likely to be a regular name in the currencies making up the IMF’s special drawing right basket.

Japanese telecoms group Softbank opened the week in the European high yield market with a multi-billion refinancing deal to redeem its old 2013 bonds — and delete a covenant that could get in the way of its flotation.

Christian Heiberg, Mizuho International's EMEA head of fixed income trading, has left the bank as part of a broader review of the firm's global markets business.