Northeast Asia

Melco Resorts Finance added $350m to its existing 2025 bonds on Tuesday, managing to capture the interest of some Asian investors that had previously shunned the credit.

FIT Hon Teng, a subsidiary of Taiwanese electronics manufacturer Hon Hai, has opened books for its all primary IPO on the Hong Kong Stock Exchange, with a price range that could value the company at up to $2.6bn.

Asian issuers flooded into the debt market on Tuesday, as seven credits battled for attention amid a somewhat positive tone in the market. Greenland Hong Kong Holdings grabbed $200m, while China Gold International Resources Corp nailed a $500m three year and Shimao Property Holdings sealed a tap.

China Huarong International Holdings has approached lenders for a $800m short-term fundraising, making it the third unit of parent China Huarong Asset Management Co to access liquidity in the syndicated loan market this year.

Aluminium giant Rusal hit the limelight in March when it became the first Russian corporate to issue a Panda bond. But Oleg Mukhamedshin, deputy chief executive, told GlobalRMB that high onshore yields are delaying the company’s return to the Panda market.

Inner Mongolia Energy Engineering Co is putting a Hong Kong IPO of up to $300m on the table for investors as it starts drumming up interest for the deal, according to a source familiar with the matter.

Korea Development Bank (KDB) added a dash of variety to Asia’s green market on Tuesday with its inaugural $300m deal, finding support from a combination of dedicated green funds, as well as conventional investors. Typical of issuers from South Korea, the policy bank did not pay any new issue premium for its fundraising.

A busy Tuesday for dollar supply in Asia DCM is continuing unabated with a handful of launches and mandates, including one in euros, announced on Wednesday.

Hong Kong regulators on Tuesday decided that delta one warrants will not be classified as over-the-counter derivatives products, mirroring the actions of European Union authorities.

Nomura confirmed that it has begun applying for a licence in Germany to operate a new Frankfurt-based entity, as a preparation for the UK’s exit from the European Union.

Bank of China Group Investment debuted in the Panda bond market on June 23, raising Rmb1.5bn ($219.6m) from a three year note. Its deal marked the second Panda issuance by a financial institution this year, following China Citic Bank International’s deal in May.

Roadshows have begun for the IPO of Celltrion Healthcare, the South Korean marketing affiliate of Celltrion, in a deal that can reach W1.008tr ($897m) if priced at the top of the range.