Greater China
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As Asian exchanges increasingly embrace the US model for new listings — the introduction of variable voting rights being a case in point — disintermediated IPOs may perhaps soon be the next fad, writes Clawback. -
KWG Group Holdings raised $350m from a three non call two year bond on Tuesday, but an aggressive tightening of 32.5bp resulted in the order book dropping by half from its peak.
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China Mengniu Dairy Co found exceptional support from European investors for its $500m refinancing exercise on Tuesday.
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Bond index providers are racing to include Chinese bonds in their benchmarks. But before taking the leap, they should study a recent decision on A-share inclusion — and the sceptical response it got from investors.
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The Schuldschein market's heavy reliance on car industry borrowers means the prospects of trade wars affecting the sector are worrying investors and arrangers alike.
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State-owned China Merchants Port Holdings Co (CMP) closed a $1.5bn dual-tranche transaction on Monday, attracting a final order book of $8bn. The deal put an end to a months-long drought of 10 year supply by Chinese issuers.
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Taiwan Cement Corp has raised $549m from an overnight Global Depositary Shares sale after exercising part of the greenshoe and pricing at the low end.
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State-owned China National Building Material has kicked off its debut syndication through three bookrunners, seeking $160m from the fundraising.
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Bank of China Macau branch is providing a $700m loan to back Chinese alternative asset management firm CDH Investment’s acquisition of Sirtex Medical, according to a source close to the situation.
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When China Tower launched its Hong Kong IPO last week, it abandoned a long tradition of state-owned enterprises relying on cornerstone tranches for a major chunk of distribution. It was a bold move. Later this week, we will know whether it was a smart one.
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BeiGene had covered books for its HK$7.3bn ($933m) IPO in Hong Kong by Tuesday morning, just two days after the deal hit screens.
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Hot on the heels of China Tower’s $9bn Hong Kong IPO, another state-owned giant is planning a bumper share sale in the city.
