Northeast Asia

Korean Air Lines (KAL) closed a $350m secured deal on Tuesday backed by future ticket sales between the US and South Korea, executing the drive-by trade using a credit facility from Shinhan Bank.

Goldman Sachs has named Todd Leland as head of investment banking division (IBD) for Asia Pacific ex-Japan, as his predecessors Andrea Vella and Kate Richdale step up to become co-chairs for the region.

An A$500m ($355m) Kangaroo bond from the Export-Import Bank of Korea on Tuesday reaffirmed Australian dollar investors’ appetite for high quality credits from South Korea, amid a fall in global issuance volume in the currency this year.

Bank of China Hong Kong Asset Management (BOCHK AM) is targeting risk-averse investors with a new onshore-offshore fund that focuses on short-term paper.

Beijing Huatu Hongyang Education & Culture Corp has revived its Hong Kong IPO plans, refiling a draft prospectus with updated financial information.

Temasek Holdings pocketed W902bn ($793m) from its second sell-down in South Korea’s Celltrion this year, after pricing it at the investor-friendly end of the range.

AVI Japan Opportunity Fund, a new activist investment fund focused on undervalued cash-rich and over-capitalised Japanese equities, is set to begin trading on the London Stock Exchange on Tuesday, after the company priced its IPO.

Ion Investments has launched a block sale of South Korea-listed Celltrion stock, targeting proceeds of up to W865bn ($764.6m).

China Singyes Solar Technologies Holdings’ defaults last week have pressured the secondary performance of other new energy names as well as the overall Chinese high yield industrial sector, as the market braces itself for more non-payment situations.

Qingdao Haier sealed the first D-share IPO in Frankfurt after pricing near the bottom of expectations, but managing to sell more shares to raise €278.3m.

China’s top financial regulators coordinated statements boost stocks, Japan and China to resume currency swap agreement, and MoF announces additional details on personal tax cuts.

The US Treasury declined to name China a currency manipulator in its latest report this week, contrary to expectations. But the last minute save did not prevent the renminbi from moving closer to the line in the sand with an exchange rate of seven per dollar.