Citi

Beijing Properties (Holdings), China Everbright Bank and Olam International were vying for investors’ attention on Wednesday in what is a busy week for dollar issuance in Asia ex-Japan.

KfW and the European Bank for Reconstruction and Development took full advantage of a strong environment to sell dollar benchmarks on Tuesday. Further dollar issuance is rumoured this week — with conditions so good that deals may come despite potential volatility from US president Donald Trump making his first speech to Congress during the New York evening on Tuesday night.

Sustainability bonds are the flavour of the week for regional issuers, as the State of North Rhine-Westphalia smashed the size record for sub-sovereign SRI bonds on Tuesday and Île-de-France hit screens to announce its own socially responsible investment bond.

French pharmaceuticals firm Ethypharm increased the sterling tranche in its term loan package on Tuesday, as it seeks to acquire UK-based Martindale Pharma.

South Korea’s Hyundai Capital Services timed its $600m outing well, thriving on its strong name recognition and the variety it added to the debt market to put together a fairly priced deal.

A subsidiary of Providence Equity Partners has raised Rp12.9bn ($193.3m) by offloading its remaining stake in Indian mobile network operator Idea Cellular, despite contrasting views on the stock posing a challenge to the block sale.

Three issuers from the aircraft industry, Grand China Air Co, China Aircraft Leasing Group Holdings and Hong Kong Express Airways, hit the runway for their respective dollar offerings on Tuesday morning.

The public sector dollar market is showing a few signs of life this week as KfW and the European Bank for Reconstruction and Development picked banks for benchmarks, while the Bank of England launched its annual foray in the currency.

The State of North Rhine Westphalia will sell its third sustainability bond on Tuesday, following a pan-European roadshow.

Novelis’s $1.8bn Asian refinancing of its US term loan B has seen four new lenders come in during syndication, as the leads hold out for several more large commitments.

China’s Minsheng Education Group has launched pre-deal investor education for its Hong Kong IPO that could raise up to $200m, according to bankers close to the deal.

Hyundai Capital Services opened books for a 144A/Reg S bond on Monday, its first outing this year. Issuers from South Korea have been active in DCM in 2017, but HCS will be the first non-bank financial credit from the country to woo investors.