Northeast Asia

Iron and steel company Metallurgical Corporation of China raised $500m from the sale of its three year bond on Monday, after enthusiastic investors flocked to the deal.

Beijing Gas Group Company and China Construction Bank (Hong Kong) have opened books for a fixed five year bullet and a three year floater, respectively.

China’s Putian Communication Group is vying for approval to list in Hong Kong, according to a draft prospectus filed with the city’s exchange on Monday.

The Export-Import Bank of Korea (Kexim) priced a five year euro benchmark on Monday, nipping in with a one day execution ahead of a trio of deals scheduled for Tuesday.

The leads have priced the senior fixed rate notes of Beijing Hyundai Motor Group’s Rmb3.5bn ($508.7m) Autopia China 2017-1 Retail Auto Mortgage Loan Securitization Trust, its largest ABS in the country to date.

S&P has raised Indonesia’s long-term sovereign credit rating to BBB- from BB+ with a stable outlook, on the back of reduced risks to the country’s fiscal metrics. Seven corporates were also upgraded by the agency last Friday.

Kia Motors has approached lenders for a financing to support the construction of a production plant in India that was announced late last month.

Property developer Hong Yang Group Company is marketing its inaugural international bond, while Chinese private telecommunications operator Dr Peng Telecom & Media Group Co is set to hold a conference call with investors on Tuesday for a dollar deal.

Private equity firm CDH has sold off a block of shares in Chinese meat processing company WH Group, netting HK$5.79bn ($744.9m) on the back of strong long-only demand.

The Asian market has shrugged off North Korea’s missile test over the weekend, with Nan Fung International Holdings and Metallurgical Corporation of China launching new deals on Monday morning.

Nanyang Commercial Bank is seeking a dollar-denominated Basel III compliant additional tier one deal.

In this round-up, People’s Bank of China renews currency swap agreement with New Zealand, regulators make all bonds on Shanghai Clearing House (SHCH) available via Bond Connect, and the Shanghai free trade zone is set to provide Belt and Road financing.