Asia Pacific

India’s Lodha Developers International opened books for a tap of its existing $200m 12% 2020s on Monday, more than two years after the original notes were sold.

Nissin Foods Co kicked off bookbuilding for its HK$1.1bn ($144.8m) Hong Kong IPO on Monday, with several Japanese trading giants and a Singaporean beverage company joining as cornerstone investors.

Bank of Communications Co’s Hong Kong branch is in the market with a two-part floating rate transaction, going head to head with peer China Construction Bank, which is also taking bids for a new bond.

Shandong International Trust has brought in five Chinese cornerstone investors to take up just under half of its HK$3.5bn ($449.8m) IPO in Hong Kong.

Singapore sovereign investor GIC pocketed Bt3.6bn ($110m) over the weekend after selling the last of its stake in Thailand’s Quality Houses through a block deal.

China’s Alibaba Group Holding, which wowed the debt market three years ago with the largest G3 bond on record from Asia ex-Japan, is preparing for a comeback, mandating banks for its upcoming dollar outing.

Shenzhen-Hong Kong Stock Connect northbound trading hits new high, BlackRock strategist says Belt and Road will bring about new opportunities in Asia for long term investors, and United Overseas Bank (UOB) opens a new branch in Kunming, Yunnan province.

China Construction Bank Corp launched a triple-tranche dollar deal on Monday through its Hong Kong branch.

State-owned coal miner Yankuang Group Company sold its inaugural $400m dollar deal on Thursday, taking advantage of a quiet day in the debt capital markets. Although some analysts thought the issuer left something on the table, the deal held firm in secondary market.

Volkswagen Finance (China) wrapped up its third asset-backed securities (ABS) deal on Friday, raising Rmb3.5bn ($531.8m). The company was forced to extend bookbuilding into a second day amid rising bond yield in the Chinese market.

The deputy governor of the People’s Bank of China says markets forces are the main driver behind renminbi internationalisation, Bank of China’s index shows onshore RMB bond yields stayed above their offshore counterparts last month, and Pakistan refuses to use the renminbi in the Gwadar Free Trade Zone – part of the China-Pakistan Economic Corridor.

China Education Group sought approval from the Hong Kong Stock Exchange on Friday for an IPO that is expected to raise around $400m, according to a source close to the deal.