Morgan Stanley

Loans syndicate bankers in Asia are keeping busy until the end of the year with new deal launches from across the region.

The US and Hong Kong IPO markets saw a raft of companies trying to catch the last window for their listings before the year end, as the short-lived rally from the US-China trade war ceasefire did little to reassure ECM bankers and investors, writes Christie Ou.

China Vanke Co rode the positive momentum that followed the truce in the China and US trade war, raising $630m after an aggressive tightening in price. But the movements in the US Treasury market, including a curve inversion between three and five year notes, hit the secondary performance of the company’s bond.

Tencent Music Entertainment Group has begun bookbuilding for its long-awaited $1.23bn IPO in the US, around two months after first gauging investor appetite.

Peru set the final size of its new 10 year local currency benchmark at Sl10.35bn ($3.06bn) on Friday after allocating some Sl4.438bn of notes to investors participating in a tender for existing bonds.

Chinese brokerage Huatai Securities has won approval from the Mainland regulator to list Global Depository Receipts (GDRs) in London through the connect scheme with Shanghai.

China’s Kunming Dianchi Water Treatment has launched its debut offshore loan of $150m.

Australian coal producer Yancoal has raised HK$1.61bn ($206m) from its Hong Kong IPO after pricing it at the bottom of guidance.

Baidu’s video streaming platform iQiyi has raised $650m after pricing its bigger convertible bond at the investor friendly end of guidance.

Sunac China Holdings ventured into the market on Thursday for a tap of its existing 2020 bond. The Chinese borrower found such a huge response that it was able to raise more money than planned.

Four borrowers piled into the dollar bond market on Thursday, adding to one of the busiest weeks of the year despite tough market conditions. UK telecoms company BT led the charge with a $1.35bn two-part deal.

Baidu-backed video streaming platform iQiyi opened bookbuilding for a $500m convertible bond on Wednesday after US markets closed.