Northeast Asia

Chinese property developer Dexin China kicked off bookbuilding on Thursday for an IPO that could raise up to HK$1.73bn ($220.3m).

Sunac China Holdings priced a large three year callable bond, taking advantage of the abundant liquidity in the market following Chinese New Year. But investors appeared to hold back when it came to less familiar names.

Korea Development Bank has raised $1bn from a dual-tranche bond that came inside its secondary curve, as investors flocked to high quality, investment grade rated credits.

Chinese regulators published a draft of new rules for corporate Panda bond issuers at the start of February. Bankers say the rules have done little to address one of the biggest headaches for potential issuers, but they do represent a step forward.

The People's Bank of China held the tender of its second offshore renminbi issuance in Hong Kong on February 13. Both the Rmb10bn three-month note and the Rmb10bn one-year note were priced significantly lower than the first auction in November.

Chinese chemicals company Risun Group is kicking off pre-IPO investor education next week. The company wants to raise up to $200m before its listing application expires in May, according to a source.

Clawback columnist Philippe Espinasse turns his attention to one of the ECM world’s best-guarded secrets: the profits banks can make from stabilisation.

Representatives from the Loan Syndication and Trading Association (LSTA) and the CLO manager community returned from Japan this week following meetings with the Japanese Financial Services Agency, where they made a case for exempting broadly syndicated loan (BSL) CLOs from proposed risk retention rules.

Chinese real estate companies Zhenro Properties and China Aoyuan Group reopened the Asian offshore bond market with a bang, as cash rich investors flocked to their transactions.

Filippo Gori's rise up the ranks in JP Morgan's Asian team continued this week, when he was picked to succeed Nicolas Aguzin as head of Asia Pacific banking.

Chow Tai Fook has made a quick comeback to the offshore loan market, eyeing a smaller deal after closing a $1.3bn fundraising last March.

China Tian Lun Gas has closed an oversubscribed loan worth HK$2bn ($255m) after attracting 13 lenders in general syndication.