Asia Pacific

A $310m two-part borrowing to support Malaysian surgical glove maker Top Glove Corp’s acquisition of Aspion is oversubscribed, with a handful of banks committing to the deal.

Those bankers and investors who hoped for a small burst of activity before Chinese New Year were left disappointed on Monday, when Ronshine China Holdings became the only issuer from Asia ex-Japan to launch a dollar bond.

Indian micro-finance lender Spandana Sphoorty Financial is in the process of mandating banks for a potential $150m IPO, according to a banker at a firm pitching for the deal.

Sino-Ocean Property Holdings has extended the streak of Panda bonds issued since the start of 2018. The real estate issuer sealed a Rmb3bn ($476.2m) three year deal – its second Panda in two weeks – at the wide end of the price guidance range last Thursday.

Aster DM Healthcare has brought in eight investors including Caisse de dépôt et placement du Québec and First State Investments to anchor its Rp9.8bn ($152.7m) IPO in India.

China unveils plans to kick start RMB-denominated oil futures next month, the Philippines gets regulatory greenlight for its Panda bond issuance, and foreign ownership of bonds in the interbank bond market rises again in January.

Nostrum Oil & Gas, the Kazakh independent oil and gas company listed in London, nipped into a busy bond market on Thursday to raise $400m to complete the refinancing of its bonds due 2019.

A tightly allocated book helped Huami Corp weather the storm in equity markets, with the New York Stock Exchange-listed company closing 2% higher on its debut.

Chinese department store operator Golden Eagle International Trading is back in the overseas loan market after a gap of three years for a $500m financing.

Sinochem Hong Kong (Group) Company has raised Rmb1bn ($158m) from a dim sum bond, reviving the sector for corporate issuers from the Mainland. Although market sentiment was not ideal, the issuer still managed to achieve a ‘good saving’ compared to both its onshore funding level and the likely funding cost it would face with a dollar deal.

Mainland consumer electronics giant Qingdao Haier is considering launching a flotation of Chinese D-shares on the Frankfurt-based China Europe International Exchange (Ceinex).

Indonesia’s Golden Energy and Resources nabbed $150m from a visit to the bond market but the market volatility cost the company, forcing it to pay the highest coupon for a dollar bond in the region so far this year.