Northeast Asia

Chinese department store operator Golden Eagle International Trading is back in the overseas loan market after a gap of three years for a $500m financing.

Sinochem Hong Kong (Group) Company has raised Rmb1bn ($158m) from a dim sum bond, reviving the sector for corporate issuers from the Mainland. Although market sentiment was not ideal, the issuer still managed to achieve a ‘good saving’ compared to both its onshore funding level and the likely funding cost it would face with a dollar deal.

Mainland consumer electronics giant Qingdao Haier is considering launching a flotation of Chinese D-shares on the Frankfurt-based China Europe International Exchange (Ceinex).

Fantasia Holdings Group Co managed to take advantage of a stock market rebound that proved to be short-lived on Thursday, raising $300m from a 364-day trade. The company has around $1.6bn of onshore and offshore bonds maturing in the coming months, but managed to convince investors it has a plan to deal with this looming maturity risk.

Hong Kong’s markets regulator has sounded off another warning on cryptocurrencies, taking action against a number of exchanges and issuers of initial coin offerings (ICOs).

South Korean firm Aekyung Industry Co is preparing to launch an IPO that could be up to W231.9bn ($213.3m), according to filing with the Korean market regulator on Thursday.

Eva Zhong, who ran Credit Suisse’s equity-linked business in Asia, is rejoining Morgan Stanley to take up a senior equity capital markets role, sources close to the move said.

The People’s Bank of China eyes bond market reforms, China’s FX reserves stand at $3.16tr after another month of growth, and Cambodia moves closer to replacing the dollar with the renminbi for trades with China.

The viability of short volatility strategies in derivatives markets was dealt a severe blow this week, after a historic spike in equity volatility torpedoed popular exchange traded notes. Costas Mourselas reports.

Leverage finance bankers are bracing themselves for a rise in mezzanine financing in Asia, buoyed by talk that part of the HK$32bn loan to back a record-breaking Hong Kong property deal will be financed with junior debt.

GLP has raised Rmb1.2bn ($191m) from a nine year Panda bond on the Shenzhen Stock Exchange. The size of the Belt and Road branded deal was expanded, surprising some in the market.

Local government financing vehicles (LGFVs) from Fujian and Jiangxi braved the offshore debt market this week, after share prices across Asia and the US recovered from a bout of volatility. The two companies raised $500m between them.