Northeast Asia

China Grand Automotive Services raised an additional $100m last Friday from a tap of its perpetual non call three notes, to repay debt and for general corporate purposes.

First Capital Securities will acquire JP Morgan’s 33.3% stake in its Chinese joint venture, according to a filing with the Shenzhen Stock Exchange.

Netmarble Games has received the green light to list on the Korea Exchange, paving the way for an estimated W2tr ($1.7bn) IPO next year.

Hebei Yichen Industrial Group Corp priced its Hong Kong IPO at the low end of its marketing range last week, netting HK$673.5m ($86.8m).

All eyes will be on the renminbi this week with the dollar fix edging closer to 7, despite a slight reprieve on Monday. Meanwhile, Shenzhen Connect fails to click with Korean investors, while CNH deposits are starting to recover in the country.

Australian casino tycoon James Packer sold his stake in Melco Crown Entertainment, his Asian joint venture with Hong Kong magnate Stanley Ho, in a $669.9m overnight bookbuild on Thursday.

China Vanke Co bagged $600m on Thursday from its first international bond in more than three years, sneaking into the market the day after the Federal Reserve announced a rate hike.

Xuzhou Hi-Tech Industrial Development Zone State Asset Management Co raised $200m in its inaugural offshore deal, paying up more than expected to appease investors.

In this weekly round-up, the US Federal Reserve interest rate hike is pushing the RMB even lower against the dollar, a fresh batch of free trade zones could be approved for an early 2017 launch, and Tunisia’s central bank is looking at a Panda bond deal. Plus, a recap of our coverage.

It’s that time of year when analysts dust off their crystal balls and make predictions for the next 12 months. In December 2015 not many were forecasting that Britain would vote to leave the EU, and even fewer were betting on a Donald Trump presidential victory, so investors would be wise to treat such missives with caution. Political risk is a capricious beast, even for the most seasoned market observers.

Next year’s Asian loan market could see a shift in dynamics as lenders juggle rate hikes and abundant liquidity. Borrowers could also turn away from bonds in favour of syndicated lending, setting the stage for a year of growth, writes Shruti Chaturvedi.

The many Chinese issuers seeking offshore funding will need to negotiate a delicate dance in the new year. Volatility has rocked markets in the last 12 months, meaning issuers will have to stay nimble if they want to garner investor attention. Morgan Davis and Addison Gong report.