Northeast Asia

An International Swaps and Derivatives Association (ISDA) determinations committee this week 'cleverly' dismissed the controversial question of whether Noble Group defaulted on its debt in June, but the move has prompted questions about reform of the decision-making process.

Chinese investors warmly welcomed Mercedes-Benz Auto Finance’s second outing this year in China’s securitization market, helping the originator raise Rmb4.98bn ($760m) from the senior tranche of its deal.

Kingboard Chemical Holdings is tapping banks for a HK$5bn ($641m) four year borrowing, after a two year hiatus from the loan syndication market.

Chinese logistics firm Best raised $450m from its US IPO this week, slicing the deal size by as much as half.

Hong Kong’s Sun Hung Kai Financial had a rousing welcome to its debut in the offshore loan market, raising HK$4.5bn ($576m) versus the HK$1bn it had initially sought.

Beijing Infrastructure Investment Co priced its first dollar bond in three years, raising $700m from a six times covered deal on Tuesday. The notes tightened around 10bp in secondary, putting the spotlight on what some considered generous pricing.

The Export-Import Bank of Korea is continuing the deluge of South Korean issuers venturing offshore, marketing a Singapore dollar transaction on Wednesday morning.

Property developer Sunshine 100 China Holdings, rated CCC+ by S&P and B- by Fitch, is taking bids for a new dollar bond, in a bid to address its looming debt maturity.

Trade between Russia and China has slowed over the last few years, hurt by a depreciating renminbi and domestic economic challenges in both countries. But the trend has now largely reversed — and dealmaking between the two countries is booming.

It’s been 13 years since China last sold a dollar bond. Since the news this summer that the Middle Kingdom was eyeing a return to the offshore debt market, bankers and investors have kept a close eye on any official news of the transaction. But as the end of the year nears, it appears as though China missed its mark for issuing an earth shattering bond.

Geopolitical tensions around North Korea did not close the primary debt market this week, as Hyundai Motor Group’s US arm snapped up $1bn from a triple-tranche deal and Kookmin Bank priced a $500m trade on Monday.

A group of seven Chinese companies have successfully registered with the National Development and Reform Commission (NDRC) to raise foreign currency bonds, according to an update on the regulator’s website on Tuesday.