Northeast Asia

Sino Biopharmaceutical has increased its refinancing loan to $1bn after receiving a strong response during syndication.

In this round-up the Ministry of Finance cut the subsidy for purchasing new energy vehicles by more than half, Ireland-domiciled funds gained a new way to access the Chinese interbank bond market, and China's central bank opens up

Outsiders often see Japan’s debt market as a staid place, where the maturity of investors and issuers leaves little room for innovation. The development of the green bond market puts the lie to that idea.

Japanese issuers’ supply of green bonds has rocketed in recent years. The country boasts a more diverse set of borrowers and a broader distribution of proceeds than many of its peers but further market development will present unique challenges, writes Morgan Davis

Japan’s top issuers occupy a unique part of Asia’s bond market landscape. They are well-regarded enough — and rated highly enough — that moments of fear in the credit markets can lead to more demand for their deals, rather than less. They face a domestic bond market defined by negative interest rates, an investor base that is ultra-sensitive to movements in the swap rate and an expectation from the government that their funding costs will remain tight.

The yen bond market, for all its vibrancy, cannot contain Japan’s ambitious issuers. Banks and corporates are building on efforts to woo dollar and euro investors as they thirst for new sources of funding, writes Morgan Davis

Foreign investors and issuers are facing big hurdles in navigating China’s Rmb87tr ($12tr) bond market, and the even more complicated regulatory network around it. But the situation is improving and both sides still have plenty to learn from each other. Rebecca Feng reports.

Chinese property companies dominate Asia’s high yield bond market like never before. But rising volumes bring rising risks — and maturities are looming. Addison Gong reports

Chinese banks will require a helping hand to comply with international standards on loss-absorbing capacity, as they go from being part-time users of the global capital markets to big players in debt financing. Luckily for them, domestic regulators appear increasingly keen for the banking sector to be recapitalised. Tyler Davies reports

Leveraged finance loans for Chinese companies will rebound this year, driven in part by the abundant liquidity available from the private equity funds. But winning government approval for deals will remain a stumbling block. Pan Yue reports

The year started with a few headwinds for China-focused loans bankers, including uncertainties coming from the US-China trade war, rising bond and loan defaults and reduced Taiwanese liquidity. But with huge refinancing needs and a volatile bond market, many are anticipating a promising year. Pan Yue reports.

Hong Kong’s stock exchange took a progressive step in 2018 when it allowed pre-revenue biotechnology companies to list. But the initial excitement was short lived, with the stocks’ dismal performance in the aftermarket denting sentiment among issuers, bankers and investors. Will the tide turn for the sector this year? Jonathan Breen investigates.