Northeast Asia

Deutsche Bank has appointed Beng-Hong Lee to the newly created position of head of institutional client group, China, according to an internal memo seen by GlobalCapital Asia.

Dong Yin Development, a unit of China Orient Asset Management Co, has closed its $100m three year loan with close to 10 Taiwanese and Chinese participants, said sources close to the deal.

Coal mining company Mongolyn Alt (MAK) is understood to have extended the bookbuilding process for a five non call two year transaction that was opened for orders on Tuesday.

China’s Guangzhou R&F Properties Co, the once troubled China Hongqiao Group and a local government-owned entity in Xinjiang all managed to pull off new dollar bonds on Tuesday, albeit with some difficulty.

United Overseas Bank’s subsidiary in China has printed its first bond in the country, a Rmb1bn ($159m) three year note. The Singaporean lender joins a small group of foreign financial institutions that have raised onshore funding through their China arms.

China’s cautious approach to credit default swaps (CDS) has left the market a minnow compared with other large financial systems. Paolo Danese investigates.

Ping An Healthcare and Technology Co, a subsidiary of Chinese conglomerate Ping An Group, will launch bookbuilding for its Hong Kong IPO next week, according to a source close to the deal.

Japanese telecoms group Softbank opened the week in the European high yield market with a multi-billion refinancing deal to redeem its old 2013 bonds — and delete a covenant that could get in the way of its flotation.

German residential property company Grand City Properties brought its third corporate bond deal of 2018 to the market on Tuesday, while the return of seed company Syngenta with a jumbo multi-tranche deal neared.

The World Bank has raised HK$1bn ($127.39m) from its debut green bond denominated in Hong Kong dollars, making it the first supranational issuer to sell a syndicated green bond in the city.

Hanwha Life Insurance Co became the latest South Korean name to raise funds from the dollar bond market on Monday, as the country’s insurance firms prepare to adhere to new capital standards.

Four high yield property companies, Sunac China Holdings, Central China Real Estate, Jingrui Holdings and Yanlord Land Group, raised a total of $2.05bn on Monday, with some of them focusing on price and the others on size. But irrespective of their strategy, recent heavy supply pushed their bonds lower in the secondary market.