One of China’s top securities regulators has called for a review of price caps on newly listed stocks in the domestic A-share market, adding to a push to introduce market-based pricing for new listings.
Japan Hotel REIT Investment Corporation is set to raise ¥32bn (US$295m) from an international follow-on offering of units after pricing the deal at the narrow end of an indicative discount range.
Philippines-listed Puregold Price Club has launched a Ps5.3bn (US$102m) share placement at a range of Ps45–Ps46 a share, according to a term-sheet.
PH Resorts Group of the Philippines is planning to launch a US$100m–$150m follow-on offer in the first quarter, people with knowledge of the transaction said.
Mitsubishi has raised Ps11.7bn (US$224m) through the sale of 13m Ayala shares at Ps900, according to a person with knowledge of the transaction.
Renesas Electronics Corp signed a ¥897bn (US$8.26bn) five-year financing on Tuesday to take out a bridge loan completed last October for its US$6.7bn acquisition of US chip-design firm Integrated Device Technology, the Japanese chipmaker said in a statement.
The books of Kepei Education Group’s Hong Kong IPO of up to HK$954m (US$122m) are covered.
Smartphone and computer maker Lenovo Group has raised US$675m from the sale of a five-year put-two convertible bond.
An undisclosed institutional seller has raised HK$2.18bn (US$278m) from the sale of a stake in Chinese smartphone maker Xiaomi.
An undisclosed institutional seller is in the market selling a stake in Chinese smartphone maker Xiaomi to raise up to HK$2.22bn (US$283m).
Top Stories from this week's IFR Asia magazine
Friday 1600 Hong Kong / Friday 0900 London
The Asian G3 bond market has got off to a surprisingly strong start, but it would be wrong to assume this means sentiment is going to rebound simply because people think things cannot get any worse than last year.
Talk of the death of Chinese acquisition financing has been, to coin a phrase, greatly exaggerated. The first leg of a €4.2bn (US$4.8bn) debt package for Anta Sports Products hit syndication last week, and it is already clear that market participants have both the means and motive to pursue more deals.
The volatility that took hold in Asian credit markets last year looks set to continue into 2019, but the year has begun with enough momentum to raise hopes that issuance volumes could nevertheless resume climbing.
Singapore-based Agritrade Resources is planning to tap the US dollar bond market to acquire stressed power assets in India, marking the first offshore financing in a wave of restructurings in the sector.
ECM bankers in Asia Pacific are facing challenges to maintain deal activity in 2019 given the lack of multi-billion IPOs from China and increased market volatility.
Banks have asked for unusually high fees to underwrite State Bank of India’s up-to-Rs200bn (US$2.9bn) qualified institutional placement in view of current market volatility.
Riding on improved market sentiment, new dollar bond issuance from Chinese corporates was in full swing last week as issuers seized the short new issue window before the Lunar New Year holidays in early February.
The Republic of the Philippines, rated Baa2/BBB/BBB, achieved competitive pricing for the first Asian sovereign bond of the year, taking advantage of improved market conditions to keep the new issue premium in the low double digits.
Chinese banks could soon have a new route to raise capital, expanding the range of investors who can buy their securities, following an announcement by the central bank.
The Asian Development Bank smashed Green Kangaroo bond records last Tuesday, with a debut A$1bn (US$713m) five-year sale that underlines the benefits of placing socially responsible labels on new issues Down Under.
BNP Paribas (Aa3/A/A+) successfully raised ¥140.2bn (US$1.29bn) from a dual-tranche callable senior non-preferred euroyen offering, taking the recent market volatility in its stride as both absolute yield levels and spreads were hefty enough to attract Japanese investors.
Anta Sports Products has launched syndication of a five-year multi-billion loan with a foreign bank-dominated arranger group, demonstrating that sentiment among international lenders remains strong for Chinese privately owned enterprises despite the overhang of the trade war between the US and China.
Commonwealth Bank of Australia (Aa3/AA–/AA–) reopened the domestic bond market last Tuesday with a self-led A$2.5bn (US$1.78bn) dual-tranche senior unsecured five-year issue that confirmed a further rise in wholesale funding costs.
Citigroup has agreed to sell its stake in its China securities joint venture as the US bank plots to set up its own brokerage in which it will hold a majority stake.