Northeast Asia

Bohai Bank wrapped up a billion-dollar-plus Hong Kong IPO this week. The issuer, one of China’s last remaining joint-stock commercial banks to go public, rode the tail end of a hot period for the city’s IPO market. Jonathan Breen reports.

Studio City Finance restructured its debt portfolio with a $1bn bond sale on Wednesday.

ABC International Holdings raised $450m from a three year bond on Wednesday, thanks in part to backing from the 23 banks that ran its transaction.

When I was a banker, you only signed a non-disclosure agreement if you had serious interest in joining a deal. Not anymore.

Chinese property company Tahoe Group defaulted on an onshore bond this week because of struggles with tight liquidity, limited market access and poor corporate governance. But its shares still ended up soaring amid a mainland-wide rally in stocks. Addison Gong reports.

Property managers Zhenro Services Group and Greentown Management, along with developer Ganglong China, all priced IPOs this week, albeit with different responses from the market.

Chinese property companies Kaisa Group Holdings, Yango Group Co and Overseas Chinese Town (Asia) Holdings raised a combined $1.5bn from their bonds on Wednesday.

A big rally in China’s stock market this week ended up hitting bond prices onshore — and sparked worries about the sustainability of the equities rebound.

Kookmin Bank has priced its debut euro covered bond flat to where its higher rated compatriot, Korea Housing Finance Corporation (KHFC) would have been expected to come. The deal was said to have attracted additional demand due to its social theme, spurring hopes that further similar issuance would follow.

TCL Technology Group Co sold its maiden dollar bond on Tuesday, getting a 10 times oversubscribed book at its peak thanks to a standby letter of credit (SBLC) from Bank of China.

Greentown China Holdings netted $300m from a bond on Tuesday to pay off notes that are due this year.

The Shanghai Clearing House’s decision to give bond issuers insight into the holders of their debt is a smart move. China has enough regulation; what it lacks is information.