Northeast Asia

Industrial and Commercial Bank of China raked in the equivalent of more than $2.2bn on Tuesday across four tranches of notes in three different currencies.

China Construction Bank is looking to close its Rmb10.25bn ($1.53bn) Jianyuan 2019-2 residential mortgage backed securities transaction next week. The deal has an AAA international rating from S&P.

Shinhan Bank of South Korea managed tight pricing on its Basel III-compliant tier two deal on Monday. Investors overwhelmed the $400m transaction with orders that covered the book more than seven times at its peak, thanks in part to its rare 10 year tenor but also as a result of its status as Asia’s first dollar-denominated UN Sustainable Development Goals-linked bond. Morgan Davis reports.

Two subsidiaries of Taiwan’s Formosa Plastics Corp are in the syndicated loan market raising a China onshore facility and an offshore deal respectively.

FTSE Russell is reviewing China for a potential upgrade under its framework for index eligibility, opening the door for onshore bonds’ inclusion in the FTSE World Government Bond Index (WGBI).

I was young and handsome when I married Tai Tai. I’m still handsome, she says, but time has curdled my youth to wisdom (and wealth).

Hutchison China MediTech sparked life into the Hong Kong biotechnology IPO market this week, filing a draft prospectus for a $500m listing with the city’s stock exchange. The globally known name — already listed on two foreign exchanges — is a boost for biotech investors, who have been drip-fed smaller start-ups since Hong Kong allowed pre-revenue companies from the sector to begin listing last year. Jonathan Breen reports.

The Shanghai Stock Exchange (SSE) has published guidelines for companies looking to list on its new Science and Technology Innovation Board, as well as underwriters, including an unusual requirement for the sponsors of initial public offerings (IPOs) to commit to deals.

CLO anchor investor Norinchukin Bank is said to be looking at a full calendar of deals in the next two months, leaving some managers not on the Japanese bank’s list planning to revive structures not seen since before the last crisis in a bid to drum up interest and improve the arbitrage function of their CLOs.

CWT International, a Hong Kong-listed subsidiary of cash-strapped HNA Group, has defaulted on a HK$1.4bn ($179m) loan.

South Korea’s Shinhan Bank sold Asia’s first dollar-denominated UN Sustainable Development Goals-linked bond on Monday, raising $400m from the Basel III-compliant tier two deal.

Three Chinese property companies raised a combined $1.625bn from international bond sales on Monday, continuing the flow of high yield paper into the offshore market.