Northeast Asia

Samsung Heavy Industries Co’s shares were battered on Wednesday after the South Korean shipbuilder announced its second rights issue in as many years.

Hong Kong-based infrastructure company CK Infrastructure sold its first euro corporate bond issue on Tuesday, despite having owned a variety of utilities and infrastructure companies across Europe for more than seven years. The response was solid if not overwhelming.

Nissin Foods Co has raised HK$950.8m ($121.6m) from its IPO after pricing the shares just off the bottom of guidance, according to a source close to the deal.

Hong Kong’s equity market is finally shaking off its fusty image as a home for unloved Chinese IPOs, with overstuffed bank syndicates and cornerstone tranches, and friends and family deals increasingly becoming a thing of the past. There will be naysayers, but all the signs show that the change is here to stay.

China General Nuclear Power Corp (CGNPC) raised around $1.5bn from a dual currency, triple-tranche transaction on Monday, which included a green bond. The issuer’s ambition to raise funds at the long end of the curve meant it offered a juicy pick-up on the five-to-10 year dollar curve compared to other A-rated state-owned names.

Indonesian power producer Paiton Energy returned to the international debt market on Monday to add another $100m to its August bonds, in a bid to extend its debt maturity profile.

Dongxing Securities (HK) Financial Holdings has found success with its maiden loan outing, managing to raise the size of the deal to $400m from $300m.

State-authorised asset operator China Reform Holdings Corp found only marginal international support for its debut dollar bond on Monday, as the buyside struggled to relate to the company’s story and the deal’s structure.

Regulators in Hong Kong and mainland China are in no urgency to launch a primary equity link, also known as IPO Connect, senior executives at Hong Kong Exchanges and Clearing (HKEX) and the Shenzhen Stock Exchange (SZSE) have said.

Market participants in Hong Kong have welcomed plans by regulators to introduce investor identification (ID) for northbound Stock Connect transactions, noting that the proposal strikes a balance between regulatory transparency and market efficiency.

Deutsche Bank’s Sunil Khaitan is joining Bank of America Merrill Lynch to lead its capital markets team in India, according to a source familiar with the matter.

Supply from China’s Qingdao city is continuing strong, with Qingdao Conson Development (Group) Co becoming the latest company to head to the international bond market.