Northeast Asia

Cifi Holdings Group Co added $300m to its existing 2022 bonds on Wednesday as it got ahead of the expected supply pipeline, but the real estate company was forced to pay a juicy premium for the deal.

Asian equities showed mixed responses to the increase in the federal funds rate announced by the Federal Open Market Committee (FOMC) on Wednesday night, while bonds in the region held up reasonably well. But there are worries that the pace of rate hikes until the end of 2019 might be too aggressive.

Hanwha General Insurance’s failed attempt at a tier two dollar bond last week shows that not all South Korean credits can win over investors, as the buy-side looks at the country’s insurance borrowers with a lack of enthusiasm and a healthy dose of scepticism. With more Korean insurers set to hit the market, it’s time they reassess their approach to fundraisings.

The People’s Bank of China has finally made clear what it will take for foreign institutions to issue RMB bonds in China. There are subtle differences across many areas, but the regulators did relax rating requirements and eligible accounting standards.

Qinghai Provincial Investment Group Co is expected to be able to redeem its $300m bond that matured on Wednesday, ending months of speculation about its ability to meet its debt obligation.

Luxury auto dealership China Zhengtong Auto Services is seeking an up to $150m three year loan, offering banks margin and fees that are identical to a borrowing sealed in January.

Midea Real Estate Holdings has launched its Hong Kong IPO, which could raise up to HK$3.87bn ($495.4m).

Chinese scooter maker Niu Technologies is planning to float on the Nasdaq for up to $150m, filing a prospectus with the US regulator on Monday.

Ganfeng Lithium is enticing investors to its HK$5.3bn ($678.9m) Hong Kong IPO by pitching it at a juicy discount of as much as 55% to its Shenzhen-traded shares.

Huatai Securities looks set to be the first issuer to test the London-Shanghai Stock Connect, revealing plans to raise at least $500m from a Global Depositary Receipts sale.

Korea Housing Finance Corporation (KHFC) has mandated leads for its first covered bond secured on mortgages with a social cause. For the first time, the borrower is open to issuing in euros.

Kate Birchall, the former head of portfolio optimisation and collateral at National Australia Bank, has been chosen by LCH to lead the Asia Pacific operations of its London-based clearing house LCH Limited.