Northeast Asia

Huadong Medicine seeks $150m debut — Indomobil revs up $200m club — PLN delays loan — Jih Sun plans April syndication

China's Minsheng Financial Leasing Co sold a rare loan-backed bond on Wednesday, replicating a structure it has favoured in the past.

Toyota Motor Finance (China) Co has sealed the senior tranches of its auto ABS deal at negative spreads to onshore benchmarks thanks to strong backing from Japanese investors, putting the post-Chinese New Year securitization market on strong footing.

A significant widening of China South City Holdings’ dollar bonds issued in January forced the company to offer a juicier yield for its return to the international market this week.

Hong Kong is exploring the possibility of getting in on the craze around special purpose acquisition companies (Spac), which has begun to gain ground in Asia this year.

Coupang, an e-commerce company, has kicked off bookbuilding for an up to $3.6bn IPO that is set to be the largest ever US listing by a South Korean issuer.

Korea Development Bank has set a new benchmark for Asia by selling the region’s first SEC-registered Sofr-linked floating rate dollar note. It gives further momentum to the use of the new Libor replacement rate, amid an expected spurt in FRN issuance due to volatility in interest rates. Morgan Davis reports.

Online car marketplace Autohome has launched the roadshow for a secondary listing in Hong Kong. The float of new and existing stock could raise up to HK$7.6bn ($983.2m).

Two companies have brought out green and sustainable bond frameworks this week that take the product in new directions — EU Taxonomy compliance and introducing a completely new word to the sustainable finance lexicon: “woven”.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 1. The source for secondary trading levels is ICE Data Services.

Chinese companies mulling new loans are taking inspiration from the recent thinly priced deals from technology giants Tencent Holdings and Baidu to push pricing down on their own transactions. This is a risky proposition.

A bout of volatility in US Treasury rates has slowed down primary bond flow in Asia and forced borrowers to pay up for their deals. While the turbulence has kept issuers at bay, it will offer a much-needed reset for the region’s bond market.