China

Mercedes-Benz Leasing Co sold its first auto lease asset-backed note in China’s interbank market this week, navigating a number of hurdles to launch the Rmb4bn ($600m) deal.

Asia’s dollar bond issuers hit pause this week as all eyes turned to the outcome of the nail-bitingly close US presidential election. With the result still uncertain on Thursday, but signs showing a Joe Biden victory as a possibility, some bankers in the region reckon the debt market may be at full throttle from next week. Morgan Davis reports.

Chinese property manager Jinke Smart Services Group has launched its IPO. It is aiming to pocket up to HK$6.3bn ($815.9m) from the deal.

China’s decision to clamp down on Ant Group has derailed an IPO of at least $34bn, despite execution being finished last week. The move appears to be little more than political muscle-flexing by Beijing. The real winners will be the country’s critics.

Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has set the final terms for its Rp64.8bn ($866.5m) IPO in India.

Zhaoheng Hydropower (Hong Kong) has missed a payment on a 2017 dollar loan. It had extended the maturity on that deal earlier this year.

Chinese biopharmaceutical firm RemeGen has raised HK$3.99bn ($514.7m) after pricing its IPO at the top of the marketed range, according to a source familiar with the matter.

The Shanghai bourse stunned the market on Tuesday after halting Ant Group’s $34bn IPO, a deal which was set to be the largest listing in history. The extraordinary move, likely spurred by comments from Ant’s co-founder Jack Ma that criticised authorities for stifling innovation in China, is expected to delay the listing by at least six months. It will also force investors to revalue the company.

Fujian Yango Group Co returned with another high yielding bond on Tuesday, making it the only Asian issuer to brave the primary dollar debt market ahead of the US election.

Ask any debt banker in Asia about 'the Chinese bid' and they will tell you how dramatically demand from the country has transformed the dollar bond market. But a handful of recent deals from the country’s local government financing vehicles should give borrowers pause. This source of demand cannot be taken for granted.

Beijing Hyundai Auto Finance decided to try a revolving structure for its Rmb4bn ($597m) return to the asset-backed securitization market in China, getting an around two times subscribed book.

New Oriental Education & Technology Group is set to raise HK$10.1bn ($1.3bn) as it guides investors toward final pricing for its secondary offering in Hong Kong.