Asia Pacific

Three Asian debt issuers launched dollar bonds on Wednesday, taking advantage of a respite from the market turmoil that all but shut the debt market earlier this week.

JinkoSolar Holding Co set out plans to raise $100m on Wednesday, after opening the order book for a follow-on offering of American Depository Shares alongside a private placement of the shares, according to a deal term sheet.

China Merchants Port Holdings sealed its first Panda deal on the Shenzhen Stock Exchange on Monday, raising Rmb500m ($79.5m) from a three year bond. The red chip issuer will take the proceeds offshore to finance its Belt and Road Initiative-linked purchase of the Hambantota port in Sri Lanka.

Panda bond issuance has so far been dominated by overseas-incorporated Chinese names. That bolsters volumes, but it does little to help the market fulfil its role of boosting RMB internationalisation. Policymakers have the chance to fix it — but only if they are bold enough to let markets play a bigger role.

A group of Vincom Retail employees sold a block of the company’s shares on Monday, raising D4.51tr ($198.1m) after they bumped up the size of the offer, according to a source close to the deal.

Housing Development Finance Corp (HDFC) is among a swathe of Indian issuers preparing to sell offshore rupee bonds in the coming months, a funding official said.

Mainland firms Light Year Holdings and Pacific Millennium Packaging Group are seeking approval to float in Hong Kong. They both filed draft IPO prospectuses with the city’s bourse on Monday.

SMBC Aviation Capital has swooped into the Asian loan market for a $600m two tranche borrowing.

Asian bond issuance has ground to a halt this week, with new deals put on hold and bankers urging caution amid volatility across the equity and bond markets.

Indian Overseas Bank, a state-owned lender, plans to hire three firms to help it raise Rp10bn ($156m) from a qualified institutional placement, according to a request for proposals.

As China's domestic bond market continues to suffer from a deleveraging campaign, Sino-Ocean Property Holdings is again turning to the Panda market for funding – less than two weeks after it last tapped the asset class.

The mayhem reverberating through global equity markets pushed shares of Ascendas India Trust down to a new 52-week low, after the firm raised S$100m ($76m) from an overnight placement.