Northeast Asia

JP Morgan has added Gregor Feige and Philip Wong to its Asia Pacific ECM team, according to an internal memo seen by GlobalCapital Asia on Wednesday.

Two subsidiaries of Taiwan’s Formosa Plastics Corp have closed their offshore borrowings at bigger sizes.

An order book that was more than 15 times covered allowed first-time issuer Shanghai International Port (Group) Co to not only beat its price target in the primary market, but also see its $700m bonds perform well in secondary.

Huatai Securities has already covered the minimum target for its global depository receipts (GDRs) IPO on the London Stock Exchange, according to a source close to the deal.

Chinese real estate developers Sunac China Holdings and Yango Group returned to the offshore market on Tuesday, with the former raising a larger-than-expected $600m. Property and construction firm Jiangsu Zhongnan Construction Group Co also priced its maiden dollar bond.

The People’s Bank of China (PBoC) will issue another round of offshore renminbi (CNH) bills through the Hong Kong Monetary Authority Central Moneymarkets Unit in the second half of June, timing the issuance for when the renminbi might become volatile due to the G20 meeting.

Chinese brokerage Huatai Securities has received one of two approvals needed to spin off its subsidiary AssetMark Financial Holdings in the US.

Euro and dollar benchmarks issued by Nordea, Lloyds, Korea Housing Finance Corporation (KHFC) and SMBC on Tuesday was a fillip for covered bond market participants suffering through volatile credit market conditions that have caused price expectations to fall.

Huatai Securities, the Chinese brokerage, has set the price range for its $1.65bn sale of global depositary receipts on the London Stock Exchange, enticing investors with a healthy discount to the Shanghai-listed A shares.

Hutchison China MediTech (Chi-Med) is looking to launch bookbuilding for its Hong Kong listing as early as June 21 for proceeds of around $600m, according to a source close to the deal.

The Chinese state council introduced new measures governing the proceeds of local government special-purpose bonds on Monday. Some of the proceeds can now be counted as project capital — which bankers said would make it easier for infrastructure projects to secure loans.

Inalfa Roof Systems Group, a Netherlands-based car roof system supplier owned by Beijing Hainachuan Automotive Parts, is tapping Asian liquidity for a €200m loan.