Northeast Asia

I have been told that March 8 was International Women's Day. It’s a relatively new one to me, but I applaud the efforts people are making to celebrate the hardworking women in our lives.

Secondary listings in Hong Kong got a fresh boost this week with online car marketplace Autohome pricing its deal and internet giant Baidu getting ready to roll out its transaction. More homecomings by US-listed Chinese companies are in the pipeline, but the number of viable candidates is shrinking, writes Jonathan Breen.

Coupang, a South Korean e-commerce company, scooped up $4.2bn from its IPO this week, after pricing the deal above the marketed range. It is the largest US listing from Asia since Alibaba Group Holding raised $25bn seven years ago.

Jardine Matheson, one of Hong Kong’s oldest business giants, is planning to fund a $5.5bn acquisition of a minority stake in its subsidiary through a combination of loan and internal cash.

Tricor Holdings is planning a return to the loan market to refinance a HK$2.8bn ($360m) borrowing it sealed in 2016 for a leveraged buyout by investment firm Permira.

China Hongqiao Group and Guangdong Lingyi iTech Manufacturing Co are seeking loans worth a total of $350m.

Asia’s debt market was hit with volatility this week, putting pressure on secondary trading, denting primary bond supply and forcing investment grade borrower Indian Railway Finance Corp to pull its dollar transaction. Is there any respite on the way? Morgan Davis finds out.

Chinese car manufacturer BAIC Motor Corp sold a popular $350m bond on Wednesday. While the issuer offered a premium to investors in the primary market, the notes ended up trading tighter in secondary.

Woori Card Co, a South Korean financial services firm, targeted investors in Taiwan on Wednesday for a $200m social bond.

While European banks have been ducking the covered bond market in favour of central bank liquidity, issuance from the asset class’s newer markets has also been light, but for different reasons. Attention is now on South Korea and Japan, which are seen as the most promising sources of new issuance, according to a senior S&P ratings official.

US-listed Autohome, an online car marketplace, has wrapped up its HK$5.34bn ($687.8m) secondary offering in Hong Kong, pricing the deal even as its US stock dived amid a market rout.

Shaoxing Shangyu State-owned Capital Investment and Operation Co priced a $500m international bond on Tuesday, in a trade that ended up resembling a club deal after investors dropped out due to aggressive price tightening.