Northeast Asia

Shanghai Fosun Pharmaceutical (Group) Co has raised HK$2.3bn ($298.4m) from an overnight bookbuild after selling the entire increase option, in a trade embraced by long-only investors.

Mid-sector CNY swaps have been well offered today but Société Générale says deleveraging efforts will back more steepening across the 2s/5s NDIRS slope, writes Deirdre Yeung of Total Derivatives.

BOC Aviation is out with a five year bond while Industrial and Commercial Bank of China Dubai branch is making a swift return to the market with a euro offering following a dollar outing on Monday. More deals are also in the pipeline.

Bright Scholar Education Holdings, which is set to price its $150m US float at the end of Wednesday, has received a big thumbs up from investors.

People’s Bank of China has given the green light to the Bond Connect scheme, which banks expect will launch in early July. However, investors using the CIBM Direct scheme will be shut out from the new link to China’s $9.4tr bond market, GlobalRMB has learned.

Société Générale started marketing its a non-preferred senior transaction in yen on Tuesday, as French banks flood back to calmer markets following Emmanuel Macron’s victory in the country’s presidential election.

Hong Kong-listed Flat Glass Group has approached the loan market for a $150m fresh money borrowing with one bank at the helm.

Less than two months since its last ABS outing, SAIC-GMAC Automotive Finance has already set its sights on its second China auto ABS of the year. The four-portion Rmb4bn ($580m) Rongteng 2017-2 Retail Auto Mortgage Loan Securitization is set to open next Monday.

Industrial and Commercial Bank of China Dubai sold a dual tranche $700m deal on Monday, and is looking to quickly follow it up with a planned euro-denominated bond.

MBK Partners has shed part of its stake in South Korea’s Coway Co, netting W370.5bn ($329.8m) with the shares pricing at the bottom of guidance.

Melco Resorts Finance is set to go on a global roadshow for an eight year bond to redeem its outstanding 2021s, as China’s Hong Yang Group Company and Indonesia’s Soechi Lines also prepare investors for new deals.

Korea Water Resources Corp as well as developers Sun Hung Kai Properties and Logan Property Holdings launched new dollar deals on Tuesday morning.