Northeast Asia

Veolia Environnement became the first French issuer to tap China’s onshore debt market this month, pricing its debut Panda bond on September 1. The firm was also one of the first corporates to be allowed to repatriate funds out of China despite existing capital controls, according to its treasurer.

Postal Savings Bank of China (PSBC) made waves in the market this week, bringing its HK$57.6bn ($7.4bn) IPO in Hong Kong to a close as a third of investors were zeroed from the world’s biggest float in two years.

Non-performing loans (NPLs) securitization is heating up with China Construction Bank (CCB) scheduled for a Rmb1.56bn ($234m) return on Friday, just three days after making its debut in the asset class. It will not be alone, with ICBC also set for a Rmb1.08bn offering on Friday, while China Merchants Bank will cement its third appearance next week.

South Korea’s IPO market is on track for a surge of issuance, as Doosan Bobcat and Samsung BioLogics prepare to list in the fourth quarter. Mid-caps are also lining up to float, giving a fillip to the country’s equity capital markets. Jonathan Breen reports.

China Cinda Asset Management Co is set to be the first of the country’s four state-owned bad debt managers to hit the bank capital market for a dollar additional tier one trade.

China Petrochemical Corp, also known as Sinopec, is back in the debt market less than five months after its last transaction, and is seeking out a triple-tranche dollar trade.

South Korea’s Woori Bank printed a $500m Basel III additional tier one offering on Tuesday off the back of a modest $850m order book. Although the notes sold off a little bit in secondary, bankers on the deal reckon the issuer got away with a decent outcome ahead of expected market volatility.

Postal Savings Bank of China has raised HK$57.6bn ($7.4bn) from its Hong Kong IPO after pricing the shares off the bottom of the range, with allocations dragging late into Wednesday evening.

Chinese rubber and plastics producer Great Rich Technologies is preparing to float in South Korea for as much as W101.3bn ($90.8m), according to a filing with the Korean market regulator.

Dongxing Voyage, a wholly-owned unit of Dongxing Securities (Hong Kong), bagged $300m on Tuesday on the back of strong demand as a combination of anchor orders and indications of interest propelled the deal.

Country Garden Holdings Co sneaked into the bond market on Tuesday with a $650m deal, finding an opportunistic window ahead of the US Federal Reserve and Bank of Japan’s decisions on monetary policies.

Sun Century Group is looking to scoop up HK$960.7m ($123.8m) from a three-for-one rights offering to repay outstanding loans.