Banks
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A South Korean state-backed insurer pared its stake in Woori Financial Group this week, selling a chunk of shares for W149.3bn ($133.2m), according to a source familiar with the matter. -
Dongfeng Nissan Auto Finance Co came to China’s ABS market this week with a Rmb4.41bn ($673m) auto loan deal under the Vinz series, taking advantage of a recent decline in onshore yields.
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The European Investment Bank has become the latest SSA issuer to tap the offshore renminbi (CNH) market, pricing its inaugural Climate Awareness Bond in the currency this week.
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Mining company Korea Resources Corp (Kores) courted dollar investors with a five year transaction this week, marking its return to the bond market after a gap of three years.
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Zhenro Properties Group sold a short dated bond worth $220m on Thursday, adding further momentum to Asia’s growing green market.
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Anjuke Group, a Chinese real estate services platform that is backed by high profile investors like Tencent Holdings, Warburg Pincus and General Atlantic, is seeking approval for a Hong Kong IPO.
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UBS has hired Bryan Kuo as a director on its debt capital markets syndicate team.
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Chinese department store operator Golden Eagle Retail Group has closed a $601m-equivalent refinancing loan with 15 lenders.
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Marvell Technology, the Bermuda-registered US chipmaker, jumped into the dollar bond market this week with a $2bn trade linked to a $10bn acquisition, after clinching the deal more quickly than expected.
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Debt markets are awaiting a wave of mergers and acquisition financings in the second quarter and later this year, as the boom in deals sparked by confidence that the economy is recovering from the coronavirus gathers steam. But the eagerness to lend will create tension between loan and bond markets, and deals are likely to get more challenging later in the year, write Mike Turner and Jon Hay.
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Esoteric names from the FIG market are expected to fill the post-Easter issuance pipeline to take advantage on the constructive market conditions on offer.
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