Northeast Asia

The friendly meeting between US president Donald Trump and his Chinese counterpart Xi Jinping last week has ushered in warmer relations, with Trump stating on April 12 that the US Treasury will not label China a currency manipulator. Meanwhile, the two sides are working on a framework for greater market access to be delivered in just over three months.

Japanese lender Daiwa was the only borrower to hit the US market this week ahead of an expected uptick in issuance as big US banks emerge from earnings blackout.

China Huishan Dairy Holdings’ credentials have gone from bad to worse after it said on Monday that an event of default has been declared on its $200m loan, once again turning the spotlight on lending to non state-backed firms. While some bankers shrugged off the matter as a one off, others fear that getting lending approvals is set to become even more difficult. Shruti Chaturvedi reports.

Bank of China hit Asia's debt market hard on Tuesday, unleashing a huge deal spanning four currencies and six tranches. The $3.1bn-equivalent deal was designed to make a statement to the market that it should not forget China’s Belt and Road initiative, DCM bankers said. Morgan Davis and Addison Gong report.

Lianyungang Port Group and property developer Golden Wheel Tiandi Holdings Company raised a combined $500m on Tuesday, wrapping up their fundraisings ahead of Easter.

South Korean ECM got a treat this week, with Netmarble Games opening books on Tuesday for what is set to be the country’s largest IPO of the year, with the deal fully covered by the first day. The listing marks a strong start for South Korea, which will move to the top of the region’s 2017 league tables when the trade wraps up, writes Jonathan Breen.

Chinese corporates and FIGs contributed to most of the primary supply in Asia DCM on Tuesday, with China Oil and Gas Group, Yida China Holdings and Citic Securities snapping up a combined $1.45bn.

The Singapore Exchange (SGX) and Shanghai Pudong Development Bank (SPDB) signed a memorandum of understanding (MOU) on Wednesday aimed at strengthening cross-border capital market access.

Korea Expressway Corp snapped up $400m on a busy Tuesday that saw eight bonds marketed in Asia ex-Japan. Although floating rate notes are gaining popularity in a rising rate environment, the region’s bond market will continue to be focused on fixed rate deals, reckoned market participants.

The annual Hong Kong Sevens rugby tournament is infamous for being the city's premier weekend of debauchery. Drinks flow and tongues wag, but the matches and related events also offer great opportunities to see and be seen.

Kingboard Chemical Holdings raised HK$1.2bn ($152.5m) after paring down its stake in Kingboard Laminates Holdings on Tuesday via a block driven by reverse enquiry.

The slightly softer tone in the Asian markets on Tuesday did not deter issuers from flocking to the debt market, with as many as eight borrowers bagging new bonds. And the momentum continued on Wednesday, with a handful of firms opening their transactions.