Credit Suisse

Multi-billion-dollar exchange plus new money offerings from China Evergrande and Kaisa Group took centre stage in Asia DCM this week, keeping liability management as the market's hot topic. The deals are considered a win-win for issuers, which can lock in relatively cheap funding, and for investors, which are compensated by an exchange premium, while also allowing Chinese borrowers to pre-empt regulatory hurdles, writes Addison Gong.

Swiss management firm Helvetia Environnement Groupe (HEG), a BB- rated debut borrower, raised Sfr75m ($77m) with a five year green bond on Wednesday, in under two hours. A series of sub-investment grade issuers have made an impression on the Swiss market recently — a sign, Swiss bankers believe, of Swiss lenders’ growing ease with lower-rated credits.

Kaisa Group Holdings, the only Chinese developer to default on offshore debt back in 2015, started taking bids on Thursday for the new issuance portion of an exchange offer. Four sets of fixed rate notes will be sold to replace the company’s outstanding variable rate senior bonds.

Allied Irish Banks again tightened guidance on its London and Dublin IPO this evening, moving the lower and upper limits to €4.30 to €4.50 a share.

South Korean shipbuilding company Hyundai Mipo Dockyard sold its entire stake in Hyundai Robotics for W352.2bn ($309.0m) through a rapidly covered block on Wednesday night.

Eris Lifesciences is set to price its Indian IPO at the top of guidance to raise Rp17.4bn ($269.3m), after books closed multiple times subscribed, according to a banker on the deal.

The MR5.9bn ($1.4bn) IPO of Lotte Chemical Titan Holding, the Malaysian arm of South Korean conglomerate Lotte Group, is oversubscribed as the roadshow heads to London on Wednesday evening, according to a banker on the trade.

China Evergrande Group has announced final price guidance for its new four, six and eight year notes, part of an exchange and new money offering launched earlier this month.

CVC flexed its buyout muscles again this week, buying two European tech companies for more than €1bn, while Blackstone has agreed to a joint venture for its recently acquired cigarette filter making business Rhodia Acetow with a unit of US chemicals firm Celanese.

Maxis, the Malaysian telecoms company, has raised MR1.6bn ($390m) to cut debt and finance expansion, having priced the capital increase on Monday evening at a 6.1% discount.

Klöckner Pentaplast, the German plastic packaging maker, has in store a potential subordinated bond deal to fund its merger with UK peer Linpac. Some see the issue as a test on how real the risk appetite is in the European high yield market.

FIT Hon Teng has launched pre-deal investor education for its potential $500m Hong Kong IPO, according to a banker close to the deal.