Asia - All Articles

  • China markets and policy round-up: CCP unveils new five year plan, regulators mull Shenzhen bourse reform, Beijing increases oversight of large developers

    In this round-up, the Chinese Communist Party has set goals for the country’s development over the next five years, regulators are ready to streamline the Shenzhen Stock Exchange, and some big property developers have been asked for their monthly financial data.

    • 30 Oct 2020
  • Lufax to price $2.4bn US listing at top end

    Ping An Insurance-backed Lufax Holdings is expected to price its American depositary shares at the top of guidance, following a large turnout from global heavyweight investors for its IPO.

    • 30 Oct 2020
  • MUFG hires from Mandiri for senior DCM job

    MUFG Securities Asia has hired Shailesh Venkatraman for a newly-created position leading DCM origination for south and southeast Asia.

    • 30 Oct 2020
  • Shandong Iron navigates weakening market for $500m

    Shandong Iron & Steel Group Co was forced to pay 50bp more than it expected for a new $500m three year bond on Thursday, despite trying to appeal to investors with a positive spin on its future fundraising plans.

    • 30 Oct 2020
  • SDIC snags $300m from bond

    China’s State Development and Investment Corp (SDIC) nabbed $300m in the bond market on Thursday.

    • 30 Oct 2020
  • RemeGen to close IPO early, JW Therapeutics prices

    Chinese biopharmaceutical firm RemeGen will close the international orderbook for its Hong Kong IPO early as the deal is already many times covered, according to a source close to the listing.

    • 30 Oct 2020
  • Ant gets record retail interest for Star IPO

    A record number of retail investors in China fought for the Shanghai portion of Ant Group’s landmark dual listing this week, channelling Rmb19tr ($2.83tr) of orders into the world’s largest IPO.

    • 30 Oct 2020
  • Gaw Capital in talks to buy Cityplaza One, raise new loan

    Private equity firm Gaw Capital Partners is in talks with banks for a new borrowing to support its potential acquisition of Cityplaza One, a commercial office building in the heart of Hong Kong.

    • 30 Oct 2020
  • Ant makes history with $34bn listing on HK, Star exchanges

    Chinese financial technology company Ant Group has sealed the world’s largest ever IPO, raising $34.4bn from dual listings in Shanghai and Hong Kong. The company built two mammoth order books despite a turbulent week for equity markets globally — although that created serious challenges for bankers allocating the stock. Jonathan Breen reports.

    • 29 Oct 2020
  • Zhongyuan Yuzi pulls deal as Chinese LGFVs face tricky funding environment

    Two Chinese local government financing vehicles (LGFVs) hit speed bumps in the dollar bond market this week amid rising volatility, as investors pushed back on the issuers’ attempts to get away with aggressive pricing. While one of the borrowers sealed its deal despite tepid demand, another was forced to scrap its transaction. Morgan Davis reports.

    • 29 Oct 2020
  • Chinese issuers dominate dollar bond market

    A large number of issuers from Asia, the majority Chinese, tapped bond investors on Wednesday for fresh funds.

    • 29 Oct 2020
  • China Merchants nabs S&P rating in RMBS first

    China Merchants Bank has sold its first mortgage-backed securitization (RMBS) with an international rating. Foreign demand helped with a smooth bookbuilding process, despite a weak market backdrop. Addison Gong reports.

    • 29 Oct 2020
  • Kookmin takes Covid label to bank capital

    South Korea’s Kookmin Bank used a Covid-19 sustainability bond label for its $500m bank capital deal on Wednesday.

    • 29 Oct 2020
  • Hexaware take-private loan sealed, delisting imminent

    Indian software firm Hexaware Technologies has wrapped up a $600m loan to fund its take-private by Baring Private Equity Asia.

    • 29 Oct 2020
  • Hengli, Gaw look to boost old loan size by HK$1.45bn

    Property company Hengli Group and real estate-focused private equity firm Gaw Capital Partners are taking advantage of a recent regulatory change in Hong Kong to increase a loan closed last year.

    • 29 Oct 2020
  • US-listed New Oriental launches HK secondary offering

    New Oriental Education & Technology Group, one of China’s largest private education companies, has kicked off bookbuilding for a Hong Kong secondary listing worth around $1.4bn.

    • 29 Oct 2020
  • CMB debuts internationally rated RMBS

    China Merchants Bank has sold its first mortgage backed securitization (RMBS) transaction with an international rating. The foreign demand helped with a smooth bookbuilding process, despite a less than favourable market backdrop for the outing.

    • 28 Oct 2020
  • Formosa to mandate six banks for $2bn loan

    Formosa Plastics Corp has shortlisted six banks to arrange a multi-tranche financing for its Vietnam business.

    • 28 Oct 2020
  • Gansu LGFV sees poor investor turnout for bond

    Gansu Provincial Highway Aviation Tourism Investment Group Co found lacklustre support for its $300m bond on Tuesday after its pricing strategy deterred investors from joining the deal.

    • 28 Oct 2020
  • Korea Land ends dollar hiatus with social bond

    Korea Land & Housing Corp has broken a six-year absence from the dollar debt market to raise $300m from a social bond.

    • 28 Oct 2020
  • GDS prices $1.7bn HK secondary listing

    Chinese data centre operator GDS Holdings has pocketed HK$12.9bn ($1.67bn) from its secondary offering on Hong Kong’s stock exchange.

    • 28 Oct 2020
  • Krafton picks underwriters for Korean IPO

    Krafton, a popular South Korean video game developer, has mandated banks for its 2021 IPO.

    • 28 Oct 2020
  • JP Morgan appoints new Apac ECM head

    JP Morgan has rejigged the leadership of its Asia Pacific capital markets businesses, promoting Francesco Lavatelli to the helm of the ECM team.

    • 28 Oct 2020
  • China lays groundwork for more climate financing, investment

    China’s ecological and financial regulators have jointly published guidelines around climate change-related financing and investment.

    • 28 Oct 2020
  • RemeGen launches $514m Hong Kong listing

    RemeGen, a Chinese biopharmaceutical company, has rolled out a Hong Kong IPO that could be worth up to HK$3.99bn ($514.5m).

    • 28 Oct 2020
  • Lufax hooks investors to $2.4bn US listing

    Ping An Insurance-backed Lufax Holdings has covered its $2.36bn US listing. Global heavyweight investors flocked to the long-awaited deal.

    • 27 Oct 2020
  • Beijing Hyundai switches to revolver for auto ABS return

    Beijing Hyundai Auto Finance has adopted a revolving structure for its Rmb4bn ($597m) return to the auto loan asset-backed securities (ABS) market.

    • 27 Oct 2020
  • JW Therapeutics closes IPO early

    Chinese biotechnology firm JW (Cayman) Therapeutics is set to close the book for its Hong Kong IPO on Tuesday, a daily earlier than planned, according to a source familiar with the matter.

    • 27 Oct 2020
  • Ant covers $34bn Hong Kong-Shanghai IPO

    Chinese financial technology company Ant Group is set to raise $34.3bn from the world’s largest ever IPO, after covering the deal within minutes of launch.

    • 27 Oct 2020
  • Deutsche adds to Apac ESG team

    Deutsche Bank has grown its environmental, social and governance (ESG) team in Asia Pacific with a new hire.

    • 27 Oct 2020
  • China policy and markets round-up: Fiscal revenue returns to growth, Sweden bans Huawei, S&P expands to exchange bond market

    In this round-up, China’s fiscal revenue growth turns positive in the third quarter, Sweden becomes the latest to ban Huawei Technologies from its 5G plan, and S&P Global Ratings’ onshore unit secures a licence to rate domestic bonds in the exchange market.

    • 23 Oct 2020
  • China issuers sneak into closing bond window

    A host of Chinese issuers found one of the last windows to sell bonds on Thursday ahead of the US presidential elections at the beginning of November and a public holiday in Hong Kong early next week.

    • 23 Oct 2020
  • Fosun-backed Gland Pharma gets Sebi nod for Rp60bn IPO

    Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has won approval for its IPO from India’s securities regulator, according to a source close to the deal.

    • 23 Oct 2020
  • Vedanta returns loan, redeems bond after failed delisting

    Metals and mining company Vedanta Resources has returned a $1.75bn loan and redeemed a $1.4bn bond after its plan to delist its Indian subsidiary failed to attract enough support.

    • 23 Oct 2020
  • Lufax launches roadshow for $2.36bn US IPO

    Lufax Holdings, a personal finance services platform, has opened books for its offering of American depositary shares (ADS). It is aiming to raise up to $2.36bn.

    • 23 Oct 2020
  • Country Garden wraps up $1.5bn loan with 16 banks

    Chinese property developer Country Garden has closed a $1.5bn-equivalent dual currency loan, attracting seven participants during syndication.

    • 23 Oct 2020
  • Indian dual recourse flies as covered bond hopes build

    Dual recourse structures have become increasingly popular in India after last year’s debut from Kogta Finance. And with the sanctity of bankruptcy remoteness successfully tested in the courts, sentiment towards such structures has improved further. This could help pave the way for a national champion bank to test appetite for Indian covered bonds, which would offer the country's lenders a source of long-term diversified funding that they can't get from deposits.

    • 22 Oct 2020
  • Ant comes closer to jumbo listing as investors vie for $35bn deal

    China’s Ant Group kicked off marketing for its Hong Kong and Shanghai dual listing on Thursday, the last stage before launching a possible $35bn IPO, set to be the world’s largest to date. The combined offering is already more than a third covered by onshore investors, with global buyers lining up for the rest. Addison Gong and Jonathan Breen report.

    • 22 Oct 2020
  • Updated: HK regulator fines Goldman $350m for 1MDB failures

    Hong Kong’s securities watchdog has fined Goldman Sachs $350m for regulatory failures in its work on bonds issued by the scandal-hit Malaysian state investment fund 1MDB, part of a multi-billion-dollar settlement with global regulators.

    • 22 Oct 2020
  • When a rose by any other name is asked to leave

    The theory of nominative determinism states that people tend to take jobs that fit their names: John Baker becomes a baker, Ted Milk becomes a dairy farmer, Fakey McBlowhard becomes a politician. But there are also names that are valuable, not so much because they affect your career choices but because there’s a good chance you might get confused for someone else.

    • 22 Oct 2020
  • Dim sum market surprises as ADBC sees hot demand for rare 10 year

    Agricultural Development Bank of China returned to the offshore renminbi market this week with a Rmb5.7bn ($854m) triple-tranche transaction. The deal featured a rare 10 year tenor in the dim sum market, showing the potential for more long-dated CNH funding. Addison Gong reports.

    • 22 Oct 2020
  • Meituan makes ‘stunning’ debut with $2bn bond

    Meituan, a Chinese e-commerce platform and food delivery company, sold its first dollar bond on Wednesday, netting $2bn on the back of an order book that reached $16bn at its peak.

    • 22 Oct 2020
  • JW Therapeutics opens $300m Hong Kong IPO

    JW (Cayman) Therapeutics set its IPO in motion on Thursday, opening the order book for the up to HK$2.3bn ($300m) deal.

    • 22 Oct 2020
  • UOB goes tight in Aussie dollars

    United Overseas Bank achieved the tightest spread for a five year floating rate bank issue in Australian dollars in over 10 years this week, issuing A$750m ($532.0m) to prove that there is still demand at decade-low levels.

    • 22 Oct 2020
  • Singapore slings old 4% covered bond limit

    The Monetary Authority of Singapore (MAS) has substantially increased its covered bond issuance limit which had stood at 4% of assets on an issuer’s balance sheet. This, along with very strong market conditions, should help to induce the country’s borrowers, which have not printed in euros for more than two years, to make an appearance before the year is out.

    • 21 Oct 2020
  • ReNew Power uses tried and tested structure for $325m outing

    ReNew Power, the Indian renewable energy giant, brought a $325m green bond to the market on Tuesday. It offered investors a rare opportunity to buy a high yielding deal from the country, despite using a fairly unusual structure for its transaction.

    • 21 Oct 2020
  • Hon Hai puts together $1.4bn bond return

    Taiwanese electronics giant Hon Hai Precision Industry Co shook off trade war concerns to raise $1.4bn from the bond market on Tuesday.

    • 21 Oct 2020
  • Mapletree Trust goes for the top with S$650m placement

    Singapore-listed Mapletree Logistics Trust has raised S$650m ($479.8m) in fresh equity after boosting the size of its placement.

    • 21 Oct 2020
  • China Everbright debuts in dollars

    China Everbright, the Hong Kong asset manager, sold its maiden dollar bond on Tuesday.

    • 21 Oct 2020
  • ADBC adds 10 year to dim sum curve

    Agricultural Development Bank of China returned to the offshore renminbi market this week with a Rmb5.7bn ($854m) triple-tranche transaction that featured a rare 10 year tenor for dim sum bonds.

    • 21 Oct 2020
  • Dongfeng Nissan returns to old structure for auto ABS

    Dongfeng Nissan Auto Finance Co opted for a simpler structure for its return to China’s auto loan asset-backed securities market this week, pricing Rmb3.48bn ($521m) of senior notes on Tuesday.

    • 21 Oct 2020
  • Peak Re bags subordinated bond

    Hong Kong-based Peak Reinsurance Co rolled out a subordinated perpetual bond on Tuesday, netting $250m from the deal.

    • 21 Oct 2020
  • GDS Holdings covers HK secondary offering

    Chinese data centre operator GDS Holdings has covered the books for its Hong Kong secondary offering, just hours after launching a deal that could be worth about $1.6bn.

    • 21 Oct 2020
  • Asset World, Everbright raise green loans

    Thai hospitality firm Asset World Corp and Hong Kong’s China Everbright Environment Group both tapped the green loan market this week.

    • 21 Oct 2020
  • MMG gets $800m loan for Peru mine

    Minera Las Bambas (MLB), a subsidiary of Hong Kong-listed MMG, has raised an $800m loan from four Chinese banks.

    • 21 Oct 2020
  • PLN scraps $300m loan on government support

    Indonesian state-owned electricity company Perusahaan Listrik Negara has cancelled a $300m loan, after receiving a capital injection from the government.

    • 21 Oct 2020
  • Asian bank pair take Aussie trip

    A pair of Asian banks tapped the Australian dollar bond market for a combined A$1.25bn ($880m) on Tuesday. A number of banks have visited the Aussie market in recent weeks to great success, and more are set to follow.

    • 20 Oct 2020
  • China streamlines credit ABS registration

    China has announced a new registration system for credit asset-backed securitization (ABS), cutting the time it will take bankers and their clients to bring new deals to the market.

    • 20 Oct 2020
  • China’s sovereign bond: a missed SRI opportunity

    China wowed investors last week with a $6bn 144A bond amid a trade war with the US, but it missed a chance to solidify its credentials in the socially responsible bond market.

    • 20 Oct 2020
  • Simcere Pharma nets $461m from top-end pricing

    Simcere Pharmaceutical Group has bagged HK$3.57bn ($460.6m) from its IPO, after sealing the offer at the top end of the price guidance, according to a source familiar with the deal.

    • 20 Oct 2020
  • KDB uses Covid label to raise $1bn

    Korea Development Bank took $1bn from a dual tranche transaction on Monday, using a social label for one portion of the bond to attract a new group of investors.

    • 20 Oct 2020
  • CDB entices investors with dollars, euros

    China Development Bank (CDB) raised nearly $3bn from dollar and euro bonds on Monday, appealing to investors due to its rarity in the debt market.

    • 20 Oct 2020
  • Sembcorp bags S$100m Sora-linked loan

    More Singaporean companies are making the transition to a new local currency benchmark rate in preparation for the end of Libor, with Sembcorp Industries becoming the latest firm to raise a loan linked to Sora.

    • 20 Oct 2020
  • Ant wins approval for Hong Kong leg of $30bn listing

    Ant Group has got the go ahead from regulators for the Hong Kong portion of its dual listing, which is expected to raise around $30bn in the largest ever primary share offering globally.

    • 20 Oct 2020
  • Mapletree eyes S$650m for property acquisitions

    Singapore-listed Mapletree Logistics Trust is funding an acquisition spree of logistics assets in Asia by tapping the equity market for up to S$650m ($479m).

    • 20 Oct 2020
  • Shimao Services launches $1.3bn Hong Kong IPO

    Shimao Services has joined the stream of Chinese property managers listing in Hong Kong this year, kicking off bookbuilding for its up to HK$10.1bn ($1.3bn) IPO.

    • 20 Oct 2020
  • Pan Brothers under pressure to meet loan refi

    Indonesia’s Pan Brothers has requested Moody’s to withdraw its corporate issuer rating after a spate of downgrades this year, as the textile company struggles to put together a loan to meet some of its looming maturities.

    • 20 Oct 2020
  • JW Therapeutics pre-markets Hong Kong IPO

    JW (Cayman) Therapeutics has launched pre-deal investor education for its Hong Kong IPO, setting the final stage of the deal ahead of launch in motion.

    • 20 Oct 2020
  • ANZ promotes Corrin to corporate finance head

    Veteran loans banker John Corrin has been promoted to head of corporate finance, international, at ANZ, a newly created position that will give him oversight of a larger business.

    • 20 Oct 2020
  • China’s SDIC recharges with $201m GDR listing

    Shanghai-listed SDIC Power Holdings has priced its $200.6m London offering of Global Depository Receipts (GDRs) at the bottom of the marketed range.

    • 19 Oct 2020
  • China revamps 25-year-old commercial bank law

    China has unveiled major revisions to its law governing commercial banks, with the changes set to help strengthen corporate governance and the risk disposal mechanism of domestic lenders.

    • 19 Oct 2020
  • VPBank Finance makes quick return for $150m

    VPBank Finance Co, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has made a rapid return for a $150m loan.

    • 19 Oct 2020
  • SocGen appoints Apac sustainable finance head

    Société Générale has appointed Yasmine Djeddai as head of sustainable finance for Asia Pacific, a newly created position set up to leverage opportunities around environmental, social and governance-related financing in the region.

    • 19 Oct 2020
  • Goldman-backed ReNew Power eyes US listing

    ReNew Power, an Indian solar and wind power producer, is looking to the US for a potential IPO, according to a source familiar with the matter.

    • 19 Oct 2020
  • Nanofilm Tech revives SGX with $346m IPO

    Nanofilm Technologies International is giving the Singapore Exchange some much-needed IPO activity, launching the first main board listing on the bourse since the beginning of the year.

    • 19 Oct 2020
  • China Minsheng floats $500m bond

    China Minsheng Banking Corp sold a floating rate bond through its Hong Kong branch last Friday, nabbing $500m from the club-style transaction.

    • 19 Oct 2020
  • The week in review: China’s economic recovery continues, Beijing rolls out export control law, revamps commercial bank law

    In this round-up, China's economic rebound strengthens in the third quarter, the country’s legislature passes a new law on export control to protect sensitive technology, and the law governing commercial banks faces major revisions.

    • 19 Oct 2020
  • Ninebot sets price for China’s first CDR listing

    Xiaomi Corp-backed electric scooter maker Ninebot has set the issue price for its Rmb2.08bn ($309m) IPO on Shanghai’s Star market, the first offering of depository receipts in China.

    • 16 Oct 2020
  • China policy and markets round-up: CPI inflation slows, September import growth surprises, US mulls sanctions on Ant Group

    In this round-up, China’s September inflation data disappoints, import volume beats expectations by a large margin, and Ant Group might be added to the trade blacklist by the US ahead of its jumbo IPO.

    • 16 Oct 2020
  • Indika fires up $450m bond comeback

    Indonesia coal producer Indika Energy was back in the debt market on Thursday with a $450m bond.

    • 16 Oct 2020
  • ABC, BOC Investment add to FIG spree

    Agricultural Bank of China and Bank of China’s investment arm tapped the bond market on Thursday, joining a host of other issuers that also sought fresh funding.

    • 16 Oct 2020
  • Bond bonanza in Asia as corporates go for dollars

    Asia’s dollar bond market has been swamped with new deals this week. Thursday was no different, with corporate borrowers from Greater China alone raising just over $3bn between them.

    • 16 Oct 2020
  • UnionBank returns to dollars

    Union Bank of the Philippines (UnionBank) made a rare outing in the dollar market on Thursday, competing with hefty supply from Greater China to raise $300m.

    • 16 Oct 2020
  • Inventec boosts loan to $500m

    Taiwan-based notebook computer maker Inventec has increased the size of its revolving loan to $500m after attracting 11 participants during syndication.

    • 16 Oct 2020
  • KWG Living, Radiance kick off IPO roadshows

    KWG Living Group Holdings, a property manager, and real estate developer Radiance Holdings launched bookbuilding for their Hong Kong IPOs on Friday.

    • 16 Oct 2020
  • Miniso seals $608m NYSE IPO above guidance

    Chinese discount retailer Miniso Group Holding raised $608m from a successful US listing on Thursday, after pricing the deal above the marketed range.

    • 15 Oct 2020
  • SMC gives investors a break from China bonds

    SMC Global Power Holdings Corp was one of the few Asian issuers outside of China to turn to the dollar market this week. The Philippine borrower attracted ample investor support, allowing it to raise more money than it had first planned.

    • 15 Oct 2020
  • Fitch Bohua assigns first Chinese domestic rating but foreign agencies face road bumps

    Fitch Rating’s China arm, Fitch (China) Bohua Credit Ratings, assigned its first domestic rating five months after securing a licence in the world’s second largest bond market. But international agencies still face plenty of hurdles to growing their businesses onshore, writes Addison Gong.

    • 15 Oct 2020
  • Evergrande slashes $1bn top-up for cautious buyers

    China Evergrande Group this week tapped the equity capital markets for HK$4.3bn ($554.9m), making its first primary share sale in five years. But the fundraising did not go as planned, with the embattled property developer nearly halving its initial target after investors called for a smaller deal. Jonathan Breen reports.

    • 15 Oct 2020
  • Greater China bond issuers rush to dollar market

    Four bond issuers from Greater China followed the Chinese ministry of finance into the dollar market on Wednesday, snapping up $1.4bn between them.

    • 15 Oct 2020
  • Malaysia’s Sunway Reit builds $171m follow-on

    Malaysia’s Sunway Real Estate Investment Trust (Reit) pocketed MR710m ($171.2m) in fresh equity this week from a follow-on offering of new units.

    • 15 Oct 2020
  • Mideast borrowers boost Asian loan market

    Two Middle Eastern borrowers are tapping the Asian loan market as part of a new syndication strategy, taking advantage of the slow primary supply in Asia.

    • 15 Oct 2020
  • What trade war? China nabs US bid with 144A

    China raised a combined $6bn from a four tranche transaction on Wednesday, turning to US investors for the first time despite rising tensions between the two countries. It appeared a smart move, helping the bonds price well inside fair value. Morgan Davis reports.

    • 15 Oct 2020
  • Sunway Reit fetches $171m via follow-on

    Malaysia’s Sunway Real Estate Investment Trust (Reit) has raised MR710m ($171.2m) from a follow-on offering of new stock.

    • 14 Oct 2020
  • China Evergrande cuts top-up to $555m, stock dives

    China Evergrande Group’s stock price plummeted on Wednesday after the issuer slashed an overnight share sale to nearly half its initial target, raising HK$4.3bn ($554.9m).

    • 14 Oct 2020
  • GAC-Sofinco prices China auto ABS return

    GAC-Sofinco priced a Rmb4bn ($564m) four-tranche auto loan asset-backed securitization (ABS) on Tuesday, venturing into the market despite rising onshore yields in a move that puts it ahead of an expected surge of supply in the last quarter of the year.

    • 14 Oct 2020
  • Shinhan Card returns with Covid-relief bond

    Shinhan Card Co ended a long hiatus from the dollar bond market on Tuesday as it joined a number of other South Korean borrowers which have turned to the debt market to raise Covid-19 relief funds.

    • 14 Oct 2020
  • CMC Leasing sells maiden dollar bond

    China Merchants Commerce Financial Leasing Co (CMC Leasing) made its debut in the dollar bond market on Tuesday, selling a $350m five year deal.

    • 14 Oct 2020
  • Malaysia’s Top Glove eyes HK dual listing

    Top Glove Corp, the world’s largest rubber glove maker, is considering a dual primary listing on Hong Kong’s stock exchange.

    • 13 Oct 2020
  • China Evergrande launches $1bn top-up

    China Evergrande Group, a property developer, hit investors with a jumbo top-up placement on Tuesday, eyeing proceeds of up to HK$8.4bn ($1.1bn), according to a term sheet seen by GlobalCapital Asia.

    • 13 Oct 2020