Northeast Asia

David Binnion, co-head of equity capital markets for Asia ex-Japan at Goldman Sachs, is retiring after 15 years at the firm, according to a memo seen by GlobalCapital Asia.

Chinese e-commerce giant JD.com has hired Bank of America and UBS to lead a secondary listing in Hong Kong, according to multiple sources familiar with the matter.

The Asian Infrastructure Investment Bank re-opened its headquarters in Beijing on Monday after being shut for weeks as a result of the outbreak of the coronavirus, which began in China but quickly spread across the world.

Chinese issuer Shandong Ruyi Technology Group Co missed an interest payment on a Rmb1bn ($143m) domestic bond on Monday, just days after holding a bondholder meeting.

Xinjiang Guanghui Industry Investment (Group) Co has priced $59m of new bonds as part of an exchange offer. It received lukewarm response for the transaction, with existing investors of less than a fifth of the original deal agreeing to roll over.

Ping An Bank has stepped up in the offshore loan market, launching its first deal on a sole basis for Shandong Energy Group.

Chinese biotechnology firm InnoCare Pharma has priced its HK$2.2bn ($288m) IPO at the top of the marketed range, following solid demand from institutional and retail investors, according to bankers close to the deal.

Hong Kong financial services firm Sun Hung Kai & Co has returned to the loan market after nearly four decades for a HK$500m ($64m) deal.

The Bank of Japan (BoJ) has joined a growing number of central banks around the world rushing to solve a problem that is not monetary in nature. Their actions are understandable — but the BoJ offers a clear example of the limits of monetary policy to solve real-world problems.

The People’s Bank of China kept the one year medium lending facility (MLF) rate unchanged on Monday, contrary to market expectations.

The liquidity crisis at two Chinese dollar bond defaulters, Peking University Founder Group Co and Kangde Xin Composite Material Group Co, has deepened further amid more non-payments.

Asian equity indices were a sea of red on Monday, wiping out the gains from last Friday following the announcements of US and European stimulus packages. Primary market deal flow is almost non-existent, but bankers continue to pitch for business.