Northeast Asia

In this round-up, S&P Global’s wholly-owned China unit gave its first onshore rating to ICBC Leasing, Italy will strengthen ties with the Mainland through a Panda bond and Bond Connect volumes rise.

The Shanghai Stock Exchange (SSE) has pledged to host at least 25 companies on the Star board by July 22, when it opens for trading. That tight deadline caused nine companies to open books on the same day this week.

Chinese property developers have started opting for longer tenors on their dollar bonds, as investors eagerly take on duration risk. As the interest rate outlook becomes clearer, the trend is set to continue — but only for a select few. Addison Gong reports.

The Korea Exchange has temporarily banned NH Investment & Securities (NHIS) and Korea Investment & Securities (KIS) from sponsoring growth-track IPOs in the country until November 2020, according to multiple sources close to the situation.

BMW returned to the Panda bond market on Wednesday, raising Rmb3.5bn ($509m) from a privately-placed deal. The shortest tranche got plenty of demand from local investors, helped by flush short-term liquidity.

Budweiser Brewing Co Apac was set to price its multi-billion-dollar Hong Kong IPO at the bottom of guidance on Thursday, according to a banker on the deal.

It is a truth universally acknowledged that a single man in possession of a fortune should not wear a t-shirt to work. But apparently no-one has told a whole generation of scruffy tech teenagers.

Chinese telecommunications firm Huawei Technologies, which has faced the wrath of US president Donald Trump recently, is syndicating a $1.5bn loan amid a “sensitive time” in US-China trade relations. Pan Yue reports.

United Laboratories launches HK$1bn loan — Goshawk seeks $500m in Asia — West China Cement returns for $150m — Wolong debuts in euros — Jingneng Clean Energy pays up for comeback

Melco Resorts & Entertainment, a Macau casino operator, returned to the dollar bond market on Wednesday, selling $600m of eight year bonds just a few months after a $500m issue in April.

West China Cement, a Hong Kong-listed cement maker, has returned to the loan market after 11 years, seeking a $150m deal.

Chinese real estate companies Logan Property Holdings Co and Times China Holdings managed to aggressively tighten a pair of $400m four year callable bonds this week.