Asia Pacific

Asian bond issuers drew mixed responses this week as they pushed out last minute deals before regulatory funding quotas expire at the end of the month. As new issue premium demands and small fundraising sizes continue to hinder borrowers, attention has turned to whether the forthcoming holidays will bring a market reset. Morgan Davis reports.

Chinese authorities will provide more clarity on tax for offshore investors using Bond Connect and improve hedging tools for all foreign investors, a senior official at the People’s Bank of China told Euromoney’s China Debt Capital Markets Summit on Wednesday.

China has launched the second phase of the Cross-border Interbank Payment System (Cips), enabling international RMB-denominated transactions to take place across every time zone in the world.

CP All, a unit of Charoen Pokphand Group, has raised Bt10.1bn ($324.6m) from a block sale of Siam Makro shares, boosting the size on the back of long-only demand, according to a source close to the deal.

The International Finance Corp hopes to stimulate green bond issuance by governments and companies — as well as the banks it already works with — through advising issuers and a new investment fund.

CP All is selling a chunk of shares in Thai firm Siam Makro through an accelerated bookbuild worth up to Bt7.1bn ($229m), according to a term sheet seen by GlobalCapital Asia.

Chinese hotel operator GreenTree Hospitality Group has sliced its $349.2m IPO of American Depositary Shares (ADS) to just over half the original size.

ICICI Securities has raised only Rp35.2bn ($543m) from its IPO, short of the original Rp40bn target, after tough pricing led to a poor turnout from local investors.

Singaporean agricultural company Olam International has raised a three year sustainability-linked $500m revolving club loan, the first of its kind in Asia.

China’s Zhengzhou Zhongrui Industrial Group has sold a two year bond, making the unusual move of tightening pricing after releasing guidance at a fixed level. The issuer raised a small $85m, but still outdid some of its peers.

Chinese auto rental company Car made its debut in the offshore renminbi bond market on Monday, but had to settle for a modest deal size in exchange for an aggressive price.

China’s Agile Group Holdings and Taizhou Huaxin Pharmaceutical Investment Co reopened their old bonds on the back of some anchor orders on Monday, in an attempt to use as much of their fundraising quotas as possible before the end of the month.