Northeast Asia

Chinese tech giant Tencent Holdings raised $6bn from a four-tranche transaction on Wednesday. The deal, which attracted some $36bn of orders at its peak, proved that global investors are not being scared away from Chinese credits, despite the geopolitical risks clouding the country. Morgan Davis reports.

China is reviving the issuance of its special treasury bonds, a funding tool it has not used since the financial crisis. But bankers were underwhelmed by the Rmb1tr ($140bn) size target — and are also hoping for clarity on how the ‘anti-pandemic’ deal will be financed. Addison Gong reports.

Citic Securities Co made its first dollar bond outing of the year on Wednesday, raising $1bn from a dual-tranche deal.

Nomura is eyeing acquisitions and a change in chief executive promises a reboot of its investment banking ambitions, writes David Rothnie.

China’s auto ABS market has seen a slew of tightly priced deals this month, thanks to ample liquidity onshore and the growing strength of domestic investors. While very short-term trades have been popular, appetite is rising for longer revolving structures, said bankers.

Fantasia Holdings Group Co nabbed $300m from a bond sale on Wednesday, making it the latest high yield Chinese property borrower to dip into the offshore market.

Commerzbank and Crédit Agricole this week showed that banks do not have to pay big premiums for subordinated paper, with investors regaining their appetite for risk during the coronavirus pandemic.

Chinese streaming platform Bilibili returned to the equity-linked market on Thursday, kicking off bookbuilding for a $650m convertible bond, according to a source familiar with the matter.

Shandong Hi-Speed Group Co and Taiyuan State-owned Investment Group were among the bond issuers on a relatively busy day for the primary dollar market on Wednesday.

The China Banking and Insurance Regulatory Commission (CBIRC) has scrapped a number of restrictions hampering the country's insurers from investing in perpetual bonds sold by smaller banks.

Korea Development Bank raised $1bn from a new bond on Wednesday, marking its third dollar transaction of the year.

Social distancing has created a new world for all of us. I’ve learned to mix my own cocktails with such flair that I’ll be teaching the bartenders a thing or two the next time I’m at the Captain’s Bar. But I’m also not the only old dog learning a few new tricks.