Bank of Communications

Akesobio has bagged HK$2.58bn ($332.9m) from its IPO after sealing the trade at the top of the marketed price range, according to a banker on the deal.

Bankers working on Akesobio’s IPO are preparing for a tough allocation process as a flood of retail demand for the Hong Kong listing is set to leave little for institutional accounts, said a source close to the deal.

Akesobio, a Chinese biopharmaceutical firm, has launched an online-only roadshow for its up to HK$2.58bn ($332.9m) IPO amid numerous country-wide lockdowns globally to combat the Covid-19 coronavirus pandemic.

China Cinda (HK) Holdings Co priced a $2bn four-tranche transaction on Wednesday, paying a premium to reach its size target as the fast-spreading novel coronavirus, or Covid-19, continued to rattle global markets.

Chinese property developer Jingrui Holdings made its first dollar outing of 2020 on Wednesday, raising $180m from the bond.

LVGEM (China) Real Estate Investment Co raised $450m as part of a new money and exchange offer on Tuesday. The borrower opted for an exchange offer on its old 2020 bond as a way of reducing the impact of recent volatility.

Independent television producer China Bright Culture Group has launched bookbuilding for its IPO, aiming to raise up to HK$1.35bn ($172.9m).

Perpetual tenors were in favour this week as four borrowers from Greater China sealed perps in a yield-hungry environment.

Bank of Communications’ Basel III-compliant additional tier one bond issuance went as expected on Tuesday, despite a dip in investor sentiment due to the rapid spread of the coronavirus.

Bank of Communications Financial Leasing Co (BoCom Leasing) found strong support from investors for its $800m dual-tranche floating-rate deal on Monday, thanks to its status as a defensive credit in a volatile market.

Three Chinese issuers visited the dollar bond market on Thursday, raising $1.2bn between them.

China Huarong Asset Management Co courted investors with a four-tranche deal this week, mixing fixed and floating rate tranches.