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Despite rough market conditions and angst over rates, array of deals have been well taken
It is difficult to see issuance conditions growing much better in the foreseeable future
Trade follows a private placement the bank made after the US-Iran war started
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Last week’s tap of a KWG Group Holdings dollar bond triggered a debate between bankers about what makes for good market practice. The issuer may be an established and reputable one, but the tap was priced with the borrower still in an earnings blackout. If this sort of timing were to take hold, the Asian issuers as a whole will struggle to build a globally diversified investor base.
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SNK Corp is set to launch an IPO using depository receipts (DRs) on the Korea Exchange next month. It is eyeing up to W169.7bn ($149.7m) in proceeds, according to a term sheet seen by GlobalCapital Asia.
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China Railway Signal and Communication Corporation (CRSC), a Hong Kong-listed red-chip company, is seeking a Rmb10.5bn ($1.56bn) IPO on the new Shanghai Science and Technology Innovation board.
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CMGE Technology Group and Haitong UniTrust International Leasing are keeping their IPO plans alive, having resubmitted applications to the Hong Kong's stock exchange.
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Nasdaq-listed video streaming platform iQiyi has returned for a second time to the equity-linked market, having launched a one-day bookbuild on Tuesday for a convertible bond that could reach $1.05bn.
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Fitch Ratings slashed the rating of Mexican textiles company Kaltex by three notches to CC on Monday, warning that the issuer could soon look to restructure its $320m senior unsecured notes maturing in April 2022.
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