ICBC

The UK’s National Grid Electricity Transmission made a barnstorming entrance to the green bond market on Monday, cutting its spread and winning a bumper book for its first euro bond issue in more than a decade.

Gradually over the past decade, Asian investors have become more and more important to European corporate private debt markets, to the point where they are now often indispensable. Asian borrowers have been slower to appear, but are now arriving. However, while these arrivals have largely benefited these markets, they have introduced a few complications.

Chinese technology company Tencent Holdings is set to sign a €1bn club loan to support its acquisition of a stake in Universal Music Group.

Yuexiu Transport Infrastructure, a Hong Kong-listed investor and operator of highways and bridges in China's Guangdong province, sealed its second Rmb1bn ($144m) Panda bond on Thursday.

German automaker Daimler began its 2020 renminbi debt market activity on Tuesday with a Rmb3bn ($432m) Panda bond sold through a new issuance vehicle, Netherlands-based subsidiary Daimler International Finance.

The UK’s National Grid Electricity Transmission is set to make its debut green bond issue in euros, when it returns to the currency for the first time for more than a decade.

Industrial Securities (Hong Kong) Financial Holdings, Zhengzhou Zhongrui Industrial Group Co and Shandong Iron & Steel Group Co priced international bonds during the last days of 2019, capping a strong year for Asia’s debt market.

Rising defaults by Chinese firms onshore have triggered sell-offs in numerous parts of the dollar bond market over the past few weeks. But international investors appear too complacent about the health of some of the largest debt issuers from the mainland. More scepticism is needed.

Chinese provincial lender Bank of Guizhou kicked off bookbuilding for its Hong Kong IPO on Monday, seeking HK$5.7bn ($736.8m) from the deal.

Investec has entered the loan market for the third time this year, taking a $450m two year term loan from a range of international lenders.

Langham Hospitality Investments has closed a HK$7.5bn ($958m) sustainability-linked deal with 11 lenders, marking the first loan of its kind from the hospitality sector in Asia.

JS Global Lifestyle Co, a Hong Kong-based small appliance manufacturer, has started taking orders for its second attempt at a listing, launching bookbuilding on Monday at a fixed price.