Northeast Asia

With Asia’s sustainability-linked bond (SLB) market thrown wide open with the first transaction, there is a case to be made for the opportunities offered to both issuers and investors by this nascent asset class.

China Maple Leaf Educational Systems debuted in the equity-linked market on Tuesday with a $125m convertible bond.

State-owned electricity generator China Huaneng Group Co priced a dual-tranche $1bn bond on Tuesday, overcoming complications emerging from rising US Treasury rates and geopolitical concerns.

Lenovo Group and Megvii Technology are planning to sell Chinese depository receipts (CDRs) on the Nasdaq-style Star market in Shanghai.

Chinese video sharing and gaming platform Bilibili is on track to launch its Hong Kong secondary listing within a month. It is aiming to raise around $2.5bn, according to a source close to the deal.

Beijing Enterprises Clean Energy Group has made a quick return to the loan market after five months, seeking a $150m deal in general syndication.

Korea Development Bank returned to the bond market on Monday with a three-tranche transaction, marketing one of the notes with a green label. Despite pricing its trade at one of the tightest levels seen among the country’s lenders, the borrower still received strong demand.

Beijing Capital Group Co, which marketed a two-tranche deal on Monday, decided to ditch the planned perpetual note and instead price a larger senior tranche for cost reasons.

Yongcheng Coal and Electricity Group’s debt woes have continued into the New Year. The company has warned about a missed payment on yet another domestic bond, and more institutions involved in its bond issuance have been criticised by a Chinese regulator.

Agricultural Bank of China and Shanghai Pudong Development Bank Co competed for investor orders on Monday. ABC, the bigger of the two and offering a green bond to the market, got more attention, while SPDB faced an uphill battle.

China Construction Bank is set to price a Rmb5.14bn ($793m) RMBS transaction early next week, kicking off issuance under its Jianyuan series for the New Year after selling Rmb148bn of deals in 2020.

Greater Bay Area-based E-Star Commercial Management has submitted an updated prospectus to Hong Kong’s bourse after winning approval to list.