Northeast Asia

Three Chinese domestic credit rating agencies downgraded Sichuan Languang Development Co due to higher refinancing risk on Monday, sending its bond prices lower.

Asia's investment grade bond market is off to a busy start for the week, while pressure on the high yield sector continues to keep borrowers at bay.

An investor consortium led by the local government of Jiangsu has agreed to channel Rmb8.82bn ($1.36bn) into troubled Chinese electric appliance retailer Suning.com, giving a boost to the company’s share price.

China’s cybersecurity task force has ordered online platforms Full Truck Alliance (FTA) and Kanzhun, both recently listed in New York, to stop signing up new users. The move came immediately after the regulator ordered ride-hailing service Didi to be removed from mobile app stores.

South Korea’s busy IPO market is continuing to pump out deals, with the latest listings coming from Kakao Pay and Covid-19 test maker SD Biosensor. But issuers still have to be realistic, as Krafton found out when it shot for, but missed, the country’s largest ever IPO.

Yunnan Provincial Energy Investment Group, a Chinese state-owned company, has returned to the loan market after three years for a sustainability-linked facility.

Bank of China has notched yet another first in Asia’s debt market. The firm’s Hong Kong arm has raised Rmb1.5bn ($232m) from an offshore dim sum bond tagged as a ‘sustainable and smart living’ green deal, aimed at meeting the Mainland’s ambitious carbon neutrality goals.

Xpeng bagged HK$14bn ($1.8bn) this week from the first secondary listing in Hong Kong by a Chinese electric vehicle maker.

Rowena Chu, vice-chair of Greater China investment banking coverage at Deutsche Bank, has retired.

Crédit Agricole has tapped Romain Voisin as head of the energy and infrastructure group for Asia, replacing Quentin Slight, who has relocated to London.

A senior debt capital markets banker at HSBC in Hong Kong is moving to Barclays, GlobalCapital Asia has learnt.

Hong Kong property developer Sino Group has converted a HK$1bn ($129m) loan sealed last year into a sustainability-linked deal, in line with its goals of embracing ESG across its operations.