Northeast Asia

Kia Motors Corp found nothing but clear roads in the bond market on Thursday, after a moment of traffic briefly delayed its $900m dual-tranche transaction.

China Merchants Bank priced its debut Basel III-compliant additional tier one dollar bond on Thursday, closing the bond 10bp inside its main comparable after a small size and some rarity value proved decisive.

Nasdaq-listed China XD Plastics Co is in the loan market for a $300m financing, returning one year after signing its last deal.

China Forestry Group has tied up its first international syndicated loan at HK$4bn ($513m), twice the launch size, as commitments flooded in from 18 banks during syndication.

Pharmaceutical firm TissueGene has raised W202.5bn ($178.9m) after pricing its IPO on South Korea’s second board at the top of guidance, according to a banker close to the deal.

A slew of new dollar deals hit the debt market on Thursday, with all of them easily gobbled up by investors.

China’s Ministry of Finance (MoF) has decided not to acquire a credit rating for its forthcoming dollar bond issuance – the country’s first dollar bond in over a decade. The news came as MoF mandated 10 banks as bookrunners and managers, including four foreign entities.

The head of China Banking Regulatory Commission (CBRC) says financial regulations in China will become stricter in future, the Chinese economy grows by 6.8% in the third quarter, the US backtracks from labelling China a currency manipulator ahead of president Donald Trump’s visit to China.

China Merchants Bank priced its debut Basel III additional tier one dollar bond on Thursday, 10bp inside the main comparable, as the small deal size and rarity value proved attractive.

Expectations were low for breakthrough announcements on financial markets reform ahead of the Communist Party Congress, which started Wednesday. But regulators have dropped a few hints at what might be in store for the renminbi internationalisation (RMBi) agenda and the opening of the banking sector.

China-based Rise Education has wrapped up a Nasdaq IPO worth $159.5m after pricing the stock above the initial guidance range, according to a source close to the deal.

Two credit rating downgrades of Dalian Wanda Commercial Properties (DWCP) have put its offshore loans in lenders’ cross-hairs. DWCP is talking to its lenders, who have the power to force an acceleration of payments. Shruti Chaturvedi reports.