Northeast Asia

Japanese issuers are not frequently seen in the European corporate bond markets, but this week could have two companies going head to head with benchmark euro transactions. Japan Tobacco will sell its first new issues in Europe, while Toyota is better known to investors on the continent.

IPOs from Asian companies have painted a mixed picture, with deals continuing to get done even as the trade war between the US and China looks set to escalate. But the incredible share debuts of Nio and Qutoutiao last week are unlikely to mark a turning point. If anything, issuers should continue to tread cautiously on pricing.

Japan’s Hitachi Capital Corp has added to the recent flurry of issuance in offshore renminbi, bagging Rmb600m ($87m) on Monday from its second CNH transaction in a year.

Australia’s JC International Group is planning a dual primary listing on the main board of the Hong Kong Stock Exchange.

China’s O-film Tech is tapping offshore lenders for the first time for a $100m term loan, hitting the market amid escalating tensions between the US and China.

BNY Mellon has appointed Sam Xu as country executive for China, effective September 18.

China Construction Bank and Shanghai Pudong Development Bank Co’s Hong Kong branch rolled out floating rate notes on Monday, grabbing both dollar and euro investors’ attention.

South Korean low-cost carrier Air Busan has filed preliminary documents with Korea’s stock exchange for the go-ahead to launch its IPO.

Mainland real estate developer Sunshine 100 China Holdings has raised HK$750m ($95.6m) from a five year convertible bond.

Goldman Sachs has named a new head of the financial institutions group in Asia Pacific ex-Japan, and a new co-chairman for global FIG.

Chinese local government financing vehicles are under immense pressure, with the ratings of 11 LGFVs downgraded last week. But the focus for now is on the upcoming redemption of Qinghai Provincial Investment Group’s $300m bond next week — key to investor confidence in the sector.

The African Development Bank is preparing to launch a Panda bond programme, following the inclusion of the renminbi in the valuation basket of the issuer’s reporting currency.