DBS

Asia’s debt market was hit with volatility this week, putting pressure on secondary trading, denting primary bond supply and forcing investment grade borrower Indian Railway Finance Corp to pull its dollar transaction. Is there any respite on the way? Morgan Davis finds out.

Chinese car manufacturer BAIC Motor Corp sold a popular $350m bond on Wednesday. While the issuer offered a premium to investors in the primary market, the notes ended up trading tighter in secondary.

Singapore's Temasek Holdings and its wholly owned Azalea Asset Management sold the fourth iteration of the Astrea collateralised fund obligation (CFO) this week. They raised more than $450m from the institutional portion of the deal, using a tried-and-tested structure.

Indian Railway Finance Corp postponed its dual-tranche dollar bond offering on Monday when faced with a volatile market backdrop that ‘bamboozled’ the banks running the deal.

A consortium led by Malaysia’s TTL Energy and Engie Asia Pacific, the regional arm of French energy firm Engie, has raised a RM342m ($84m) green loan to support the development of a solar plant in Malaysia.

DBS Group Holdings navigated choppy market conditions for its first tier two dollar bond in more than two years on Monday, using its strong credentials and rarity value to its advantage.

Singapore real estate company United Industrial Corp has raised a $300m loan comprising both green and sustainability-linked tranches, adding further momentum to the nascent asset class in Asia.

DBS Group Holdings has named a new Malaysia head and made a senior appointment in Singapore.

China Development Bank Financial Leasing Co rode on solid demand for its dual tranche $1bn transaction on Thursday to seal the bonds inside of fair value, hitting both its targeted price and size.

Huatong International Investment Holdings Co, a Chinese local government financing vehicle, raised $600m from its bond on Thursday, but had to sacrifice a tighter price for a larger transaction.

Agricultural Bank of China (ABC) took a three-pronged approach to its deal on Tuesday, raising nearly $1bn across two dollar bonds and one Hong Kong dollar tranche. The bank was able to squeeze the spread on its notes to new lows, riding on the strong secondary market performance of deals from the big Chinese banks.

China Aoyuan Group had to pay up to sell a $350m bond on Monday, as investors demanded compensation for the property company’s low rating and the deal’s long tenor.