Northeast Asia

China’s top policy bodies got behind a loosening of the policy stance to give China’s lagging economy a boost, as Trump’s trade war continues to push the renminbi lower and creating more uncertainty on China’s growth prospects.

Shangde Qizhi Education Group has set the ball rolling for a Hong Kong IPO, having filed a draft prospectus with the city’s bourse on Thursday.

BeiGene priced its IPO in Hong Kong near the top end of guidance on Thursday, raising HK$7.1bn ($903m) from the city’s second biotechnology flotation.

Veteran loans banker joins rival — HSBC names new India CEO — SBI Caps pulls out of debt syndication

Mainland telecommunications infrastructure giant China Tower raised HK$54.3bn ($6.9bn) this week after getting its mammoth float across the line at the bottom of guidance.

Chinese local government financing vehicle (LGFV) bonds are making a comeback in both the primary and secondary markets offshore, as the government suggests a shift in priorities from deleveraging to maintaining economic growth. But will the rally last — and for how long? Addison Gong reports.

It’s not easy being green, but some bond issuers are finding it easier to be sustainable. Global issuers have embraced green bonds, using the funds raised to benefit environmentally-friendly projects. But as more issuers and investors look to align their finances with socially responsible investment options, some issuers are finding the green label to be limiting. Welcome the sustainability bond, writes Morgan Davis.

As Asian exchanges increasingly embrace the US model for new listings — the introduction of variable voting rights being a case in point — disintermediated IPOs may perhaps soon be the next fad, writes Clawback.

KWG Group Holdings raised $350m from a three non call two year bond on Tuesday, but an aggressive tightening of 32.5bp resulted in the order book dropping by half from its peak.

China Mengniu Dairy Co found exceptional support from European investors for its $500m refinancing exercise on Tuesday.

Lotte Property and Development Co debuted in the sustainable bond market on Tuesday with a floating rate three year note. While the sustainability label drew some attention to the $200m transaction, it was the issuer’s Kookmin Bank guarantee that swayed investors.

Bond index providers are racing to include Chinese bonds in their benchmarks. But before taking the leap, they should study a recent decision on A-share inclusion — and the sceptical response it got from investors.