Northeast Asia

South Korean game developer Netmarble Games is set to rake in W2.7tr ($2.4bn) from its IPO as books were multiple times covered at the top of guidance, according to a banker on the deal.

Fufeng Group has raised HK$777.0m ($99.9m) after selling a top-up placement of its shares through a subsidiary.

People’s Bank of China (PBoC) relaxed capital controls for the first time since 2015 last week, scrapping an order introduced in January. Experts say the move is an attempt to rebuild foreign investors’ confidence, and may even signal a return to full blown renminbi internationalisation.

Chinese property developer Greenland Holdings is accessing the loan market through a subsidiary called Gluon Xima International for a $250m three year bullet.

Bank of Gansu, a Chinese city commercial lender based in Lanzhou, has hired five banks to jointly sponsor its IPO in Hong Kong, sources said.

Fosun International has opened a tap of its March-issued $800m 5.25% 2022s, following reverse inquiry.

HCP Global has distributed its $540m facility among 17 banks, with mostly Taiwanese lenders receiving an allocation.

Taiwan-listed GlobalWafers Co is selling Global Depositary Shares (GDSs) worth up to $440m, the first time it is tapping equity investors after acquiring SunEdison Semiconductor.

Asia’s bond markets are preparing for record China offshore issuance this year, driven by the ambitious funding plans of city commercial banks. Bankers expect at least $20bn of bank capital transactions to hit screens with pricing likely to be tight thanks to support from onshore investors.

Beijing this week picked five commercial banks as the second batch of a pilot programme that allows the issuance of asset-backed securities using their non-performing loans (NPLs).

Three Chinese companies have been hit by difficulties that resulted in them breaching covenants on international syndicated loans. Despite the cluster of problems, bankers says this does not point to more systemic failure in China Inc. John Loh and Shruti Chaturvedi report.

China Everbright Greentech opened books for its HK$3.3bn ($424.5m) IPO this week, while BoCom International Holdings began premarketing a potential $300m Hong Kong IPO, and China’s Zhongyuan Bank Co also laid out plans to list in the city.