Citi

Russian borrowers are wasting no time in dealing with $7.3bn of their corporate bonds about to come due.

Ant Financial subsidiary Alipay (Hong Kong) Holding has launched a $3bn debut syndication via a nine-member bookrunner group. The strong showing at the top is driven by opportunities to cross-sell higher fee-generating products such as private banking, equity advisory and underwriting services to the Alibaba Group-affiliated borrower, reports Shruti Chaturvedi.

Africa Finance Corporation was on track to print a seven year bond on Thursday and had taken orders of $1.9bn on Thursday morning.

Chinese toll road operator Zhejiang Expressway Co took a road less travelled by Asian companies in the equity-linked market this week. It debuted with a euro-denominated convertible bond, becoming one of just a handful of euro CB issuers from the region in the past decade, writes Jonathan Breen.

Indonesia’s triple-C rated Indika Energy priced a $265m bond on Monday on the back of a nearly five times subscribed book. The issuer’s rating story was complicated by downgrades over the past year, but investors were willing to consider its likely future as a B2 rated credit. Morgan Davis reports.

Korea South-East Power Co (Kosep) pulled in $300m for its new three year bullet, after competing with more attention grabbing transactions on Wednesday.

India’s JSW Steel raised $500m from its new five year notes on Wednesday, finding strong support from European accounts familiar with its credit and business.

China Petrochemical Corp has bagged the largest G3 bond from a corporate in Asia so far this year, wrapping up a $3.4bn four-tranche transaction on Wednesday, taking advantage of a favourable market window.

Modernland Realty launched a new dollar deal on Thursday, following on the success of other high yield Indonesian names this year.

The dollar market was on spectacular form on Wednesday, with a Canadian province pushing out a rare 10 year bond, a supranational smashing its size record and a $4bn five year from a German agency.

Zhejiang Expressway Co is breaking the lull in Asia’s equity-linked market, opening books on Wednesday evening for a €365m ($389m) transaction.

Indonesia’s triple-C rated Indika Energy grabbed $265m from a new deal on Monday, on the back of a five times subscribed book fueled by yield hungry investors.