Banks

Indofood CBP Sukses Makmur is putting together a shortlist of banks for its $2bn loan, which will fund its acquisition of instant noodle maker Pinehill Co.

State Bank of India is on track to raise about Rp15.6bn ($204.7m) from an offer-for-sale of shares in its life insurance arm.

Kangji Medical Holdings kicked off bookbuilding for its Hong Kong listing on Monday, aiming to raise up to HK$3.12bn ($404m) in proceeds.

Hong Kong power generator Castle Peak Power Co began marketing an energy transition bond on Monday morning, marking just the second transition bond to be sold in Asia.

Hotel and casino operator Wynn Macau followed its gaming peers into the dollar bond market last Friday, but weaker market sentiment meant the borrower failed to tighten guidance on its $750m deal.

Transition bonds were the hot idea of 2019 in green finance circles, appearing to offer a way to expand themed bonds to a much wider range of issuers. But the product has struggled to gain momentum. This week’s deal from Snam, the Italian gas grid company, confirmed that it has an audience, among both issuers and investors.

Finland’s Municipality Finance returned to the domestic New Zealand dollar bond market on Friday after a long absence, to raise its largest Kauri bond since 2008.

CPPIB Capital rounded off its sterling curve on Friday after only making its debut in the currency in January. The Canadian borrower aims to maintain a regular presence in this market as a result of its long-term investments in the UK.

Covered bond spreads in euros have already recovered more than half of the widening that they suffered through March and April due to the coronavirus pandemic. Market participants are now scrambling to find the bargains as returns vanish once again.

African telecommunications infrastructure firm Helios Tower’s $750m bond this week tested the waters for high yield corporate issuance from emerging markets.

Shanghai-based China Pacific Insurance (Group) Co has launched its IPO on the London Stock Exchange, firming up the deal size and the syndicate group on the listing. The deal was covered on Friday, its first day of bookbuild.

The Africa Finance Corp, the Nigeria-headquartered multilateral development bank, has issued its first Eurobond of 2020, winning three times oversubscription.