DBS

China’s recent measures to curb local government debt by restricting new offshore issuance from their financing vehicles led to one of the busiest weeks for the sector, as companies raced to beat the June 30 deadline when their regulatory quotas expire, writes Addison Gong.

Peking University Founder Group Co raised $250m in a two year bond trade on Wednesday, using up the last of its offshore issuance quota, and shaking off investor concerns about its ongoing litigation.

Chinese property manager JY Grandmark Holdings is looking to raise up to $200m from an IPO in Hong Kong, according to a source close to the deal.

Xi'an Municipal Infrastructure Construction Investment Group Corp has sealed a seven times subscribed bond to refinance an upcoming maturity. The deal was the first to price after China announced measures to curb local government debt by restricting new offshore issuance from their financing vehicles.

Singapore’s Marina Bay Sands is seeking a total of S$4bn ($2.9bn) from the loan market, while also planning to extend its 2012 borrowing.

China’s Kingboard Chemical Holdings has returned to the loan market for a HK$5bn ($638.7m) facility, a year after sealing a larger deal.

Packing company Dynapack Asia is tapping the loan market for the first time, seeking a S$250m ($182m) borrowing.

ESR Cayman, which builds and leases warehouses, has pulled its float on the Hong Kong Stock Exchange, delaying the deal indefinitely.

It's not often a €1.75bn deal from Volkswagen Leasing is overshadowed in the corporate bond market, though that was the case on Wednesday with Berkshire Hathaway's £1.75bn 20 and 40 year stormer. But Berkshire left euros clear for Volkswagen - it only had Bright Food of China to compete with.

Temasek Holdings and its wholly-owned Azalea Asset Management this week brought out Astrea V, the latest collateralised fund obligation (CFO) backed by cash flow generated from private equity funds, finding an even better response than their last outing.

Two Chinese property companies raised a combined $485m at the end of last week ahead of the holiday weekend in Hong Kong.

Logistics provider ESR Cayman launched what will be the Hong Kong Stock Exchange’s biggest IPO of 2019 so far on Wednesday, seeking to raise up to HK$9.76bn ($1.24bn) as hopes of US rate cuts opened a clear window in otherwise trade war-weary markets. Gina Lee reports.