Northeast Asia

ICBC Financial Leasing Co chose price over size for its first outing to the dollar bond market this year, but still managed to raise a larger-than-expected $900m.

Hong Kong property company Hysan Development Co used a fixed-for-life structure for its $300m perpetual bond on Tuesday, taking advantage of the low interest rate environment to lock in pricing.

Nasdaq-listed Futu Holdings, parent of Chinese online brokerage Futu Securities, has raised $313.5m from a follow-on offering, hitting the market on the back of a more than 200% surge in its share price this year.

Hong Kong-listed financial leasing firm Far East Horizon has exercised part of a greenshoe option on its loan to boost the deal to $1.29bn-equivalent.

Hong Kong’s mortgage loan provider Lei Shing Hong Credit has closed a $330m-equivalent deal with 11 lenders.

Cash-strapped Chinese conglomerate HNA Group is once again deferring interest payments on a domestic perpetual bond. The move comes amid rising expectations of more coupon delays and failure by borrowers to redeem their onshore perps on the call dates, writes Addison Gong.

Chinese real estate developer Shui On Land sealed a slightly larger than anticipated $500m bond on Monday, despite issuing a profit warning earlier this month.

Renminbi-denominated bonds of Chinese state-owned Brilliance Auto Group, the joint venture partner of BMW in the Mainland, have recently plummeted in the secondary market.

Chinese state-controlled Irico Group New Energy, a solar cell glass maker, has raised HK$2bn ($260.1m) from a dual placement of primary H-shares.

Tianneng Power International, a Hong Kong-listed Chinese company focused on making environmentally friendly power batteries, is seeking a debut $100m loan.

Supply chain manager Li & Fung reopened a bond sold just last week for an additional $100m that was raised on the back of reverse enquiry from investors.

Futu Holdings, parent of Hong Kong-based brokerage Futu Securities, has kicked off bookbuilding for a follow-on of primary stock.