Northeast Asia

South Korea’s Hyundai Capital Services pulled a dollar bond sale on Tuesday due to poor market conditions. Bankers away from the transaction blamed the failure on excess supply in the US.

WuXi AppTec took advantage of an incredible rally in its stock price and its rarity in the equity-linked market to raise $300m from a convertible bond that was a huge hit with investors. Rashmi Kumar reports.

Chinese local government financing vehicle (LGFV) Zhangzhou Jiulongjiang Group Co reopened the post-summer bond market with a $500m deal, making its debut in dollars.

Westpac placed just under HK$13.4bn into the Hong Kong market across two MTNs last week — the pair of bonds are its largest ever in the currency, according to Dealogic. The notes came in a busy week for niche issuance, and bankers have posited that this move into the peripheral markets comes as a response to the global fall in yields.

The regulator of China’s interbank bond market has given BNP Paribas and Deutsche Bank type A-licences that give them full underwriting access to the market. But the move has puzzled a number of bankers both onshore and offshore.

Agricultural Bank of China Singapore branch has raised a $200m green loan from seven banks, following in the footsteps of peer ICBC London, which signed a mandate letter for a green loan three months ago.

CLSA announced a handful of new appointments to its equity advisory business research team in Asia and Australia on Tuesday, including a chief strategist.

Chinese sportswear manufacturer Xtep International Holdings has closed its refinancing loan at HK$1.8bn ($229.5m) with nine banks.

Bank of Guizhou started drumming up interest for its Hong Kong IPO of around $1bn on Monday, according to a source close to the situation.

A five-year absence of real estate investment trust (Reit) IPOs in Hong Kong is set to come an end as China Merchants Commercial Real Estate Investment Trust readies a listing.

Mizuho issued five year and 10 year senior bonds this week, fixing spreads for the two instruments at 65bp and 67bp, respectively.

Embattled Chinese bank, Bank of Jinzhou, has proposed cancelling coupon payments on its offshore additional tier one bonds for a year, the first such case from a Mainland lender.