Greater China

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.

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.

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.

China Hongqiao Group and Guangdong Lingyi iTech Manufacturing Co are seeking loans worth a total of $350m.

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.

Woori Card Co, a South Korean financial services firm, targeted investors in Taiwan on Wednesday for a $200m social bond.

US-listed Autohome, an online car marketplace, has wrapped up its HK$5.34bn ($687.8m) secondary offering in Hong Kong, pricing the deal even as its US stock dived amid a market rout.

Shaoxing Shangyu State-owned Capital Investment and Operation Co priced a $500m international bond on Tuesday, in a trade that ended up resembling a club deal after investors dropped out due to aggressive price tightening.

Chinese internet company Baidu has filed updated offer documents for its Hong Kong secondary listing, the final step before it launches its potential multi-billion-dollar deal.

The Asian Development Bank made a rare outing in China’s interbank market this week. The Rmb2bn ($307m) bond, priced significantly below the onshore benchmark, ended the multilateral development bank’s absence from the domestic Chinese market for over a decade.

Chinese state-owned Chongqing Energy Investment Group Co has revealed that it has overdue payments on some of its onshore bank debt, confirming rumours that caused a plunge in its dollar bond price and triggered volatility in related names last week.