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A double digit premium to the dollar curve lured in overseas buyers, who took a 'large chunk' of the bonds
Investors have lots of cash and are eager for new issuance
Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
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Secondary listings in Hong Kong got a fresh boost this week with online car marketplace Autohome pricing its deal and internet giant Baidu getting ready to roll out its transaction. More homecomings by US-listed Chinese companies are in the pipeline, but the number of viable candidates is shrinking, writes Jonathan Breen.
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Coupang, a South Korean e-commerce company, scooped up $4.2bn from its IPO this week, after pricing the deal above the marketed range. It is the largest US listing from Asia since Alibaba Group Holding raised $25bn seven years ago.
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Jardine Matheson, one of Hong Kong’s oldest business giants, is planning to fund a $5.5bn acquisition of a minority stake in its subsidiary through a combination of loan and internal cash.
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Tricor Holdings is planning a return to the loan market to refinance a HK$2.8bn ($360m) borrowing it sealed in 2016 for a leveraged buyout by investment firm Permira.
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Asia’s leveraged buyout loan market is facing a setback after a planned financing to back the acquisition of Mphasis, an Indian IT services firm, was scrapped as discussions between the buyer and seller fell through.
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China Hongqiao Group and Guangdong Lingyi iTech Manufacturing Co are seeking loans worth a total of $350m.
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