Northeast Asia

Chinese logistics firm Best hit the road on Thursday to start drumming up demand for its $931.5m IPO of American depositary shares (ADS).

Chailease International Finance Corp has sealed a $250m term loan after obtaining more funds than initially planned, in its second outing to the market this year.

Shandong-based Weichai Power Co became the sole G3 bond issuer to hit the debt market on Thursday, marketing a senior dollar perpetual deal to help repay acquisition-related loans.

Market demand from smaller companies, rather than regulatory action, is driving China’s asset-backed securitization market, said Kristal Hou, executive general secretary of China Securitization Forum, an industry association.

Seed company Syngenta has mandated banks for a global dollar transaction, its first foray into the market since China National Chemical Corp (ChemChina) completed its acquisition of the company this summer.

China Minsheng Banking Corp raised $800m from a dual-tranche floating rate deal on Tuesday, with some bankers describing it as a club-style bond because of the 18-strong syndicate group behind it.

Beijing Hyundai Motor Group is gearing up for a Rmb3.5bn ($535.9m) deal in China’s asset-backed securitization market, just over three months after completing a transaction of the same size.

Taiwan’s TPK Holding raised $236.3m on Tuesday evening from a placement of Global Depository Receipts, pricing the deal near the bottom of guidance.

UBS has hired a handful of senior bankers for its Japanese equity and fixed income units from Mizuho and other rivals, boosting its bench strength amid growth in client activity and deal flow.

South Korea’s Pearl Abyss has raised the full W185.4bn ($163.3m) it was targeting in its IPO, as the recent military tensions with its northern neighbour proved to be no hurdle.

Red chip property developer Joy City has hit the Panda bond market for the first time, raising Rmb1bn ($153.1m) from a three year bond on September 5. Although the deal was small in size, it caught the attention of some Bond Connect investors thanks to the issuer’s reputation.

China Petrochemical Corp (Sinopec) is making a rapid comeback to the dollar bond market. It announced a triple-tranche transaction on Wednesday, just five months after nabbing an impressive $3.4bn from investors.