Northeast Asia

Leoch International Technology is in the market for a $150m fundraising that launched into general syndication via three mandated lead arrangers and bookrunners.

Beijing-based Poly Culture Group Corp is seeking shareholder approval for an H-share placement that could raise around HK$1.1bn ($138.8m), according to a filing with the Hong Kong Stock Exchange.

China Orient Asset Management International Holdings is deciding whether to increase the size of its $300m loan after attracting a blowout response in syndication.

Korea Resources Corporation, or KoRes, wrapped up its annual return to the dollar bond market with a $425m five year transaction. However, bankers said the issuer paid up due to tensions on the Korean peninsula and an unexpected imminent UK election.

Stock Connect investors are demanding a multi-broker delivery versus payment (DVP) solution to limit counterparty risk issues that have thrown up by the different settlement cycles, Cindy Chen, country head of securities services at Citi, told GlobalRMB. Brokers are lining up to the join platforms despite the competitive challenges.

Wednesday proved yet another robust day for Asian bonds, with rubber company Halcyon Agri Corporation, Industrial and Commercial Bank of China’ Singapore branch and Chinese developer Times Property Holdings out for funds in the primary market.

Embattled China Hongqiao Group’s banks have given it a reprieve from a credit crunch, after consenting to a covenant waiver on its $700m syndicated loan.

Korea Resources Corporation, or KoRes, is marketing a 144A/Reg S bond on Tuesday. The issuer was recently downgraded by Moody’s – a second time the agency dropped its rating in under a year.

China Southern Power Grid Co. is preparing investors for its debut dollar, 144A/Reg S deal.

Chinese regulators are keeping a tight control on offshore bond flows this year, as issuers report a lengthy registration process and an inconsistent approach to approvals. With borrowers itching to go offshore before the market backdrop becomes unreceptive, China’s overbearing approach could very well backfire.

Minsheng Financial Leasing has closed its latest syndication on a high note, with the loan increased to $335m as banks gobbled up the deal.

China’s National Development and Reform Commission (NDRC) announced a second batch of 11 firms as part of a pilot programme, which allows firms to choose their funding windows in the international debt market without needing to seek the regulator’s blessing.