Northeast Asia

China Huarong Asset Management Co is gearing up a return to the offshore bond market for the third time this year. The mandate came right as China completed its first international bond in over a decade achieving a oversubscription of over 10 times.

Weibo Corp delighted investors on Thursday with an $800m print in the equity-linked market, the largest convertible bond by a debut US-listed Chinese issuer.

The return of Taiwanese bank liquidity to the Hong Kong and China dollar loan market is proving a boon for borrowers seeking funds for riskier deal structures. Aviation leasing companies looking for aircraft pre-delivery funding have been emboldened in particular. CMIG Aviation is the latest of that bunch to dip its toes into the offshore market, writes Shruti Chaturvedi.

Korean Housing Finance Corp (KHFC) enjoyed a strong reception for a five year covered bond this week. But the fact the deal was priced 25bp inside initial price talk yet still offered triple the pick-up to Canadian deals compared with last year, suggested a degree of uncertainty in the price discovery process.

Mongolia proved this week that it has gone some way to shaking off the twin stigmas of political uncertainty and reliance on commodity income by pulling off a liability management exercise, the new debt portion of which attracted $5.5bn of orders. Addison Gong reports.

Hutchison China MediTech pocketed $300m this week after executing a follow-on offering of its Nasdaq-listed American Depository Shares, increasing the deal size as it went.

Deutsche Bank has hired a senior executive from a rival to lead its technology, media, and telecom investment banking efforts in Asia Pacific.

The People’s Republic of China opened books on Thursday for its highly anticipated $2bn bond, its first issuance in the offshore dollar market in more than a decade.

Hainan Airlines Holding Co sold another short dated bond on Thursday as the company deals with the consequences of the Chinese regulator’s offshore sale approval process.

Korean Housing and Finance Corporation (KHFC) has opened order books in dollars, Muenchener Hypothekenbank (MuHyp) is set to price a small Swiss Franc deal and Piraeus Bank has finalised terms for its floating rate bond that was mainly placed with supranationals.

China Grand Automotive Services Co redeemed itself in the offshore bond market on Tuesday, grabbing $400m from a much smoother deal than its December debut.

The Export-Import Bank of Korea (Kexim) sold a $2bn deal on Tuesday that looked almost identical to the issuer’s January trade.