Didi weighs US listing option

How much capital is enough? It is a question New Zealand’s banking regulator posed two years ago before it introduced world-beating capital requirements. It now has another one to ponder: What if it is too much? The Reserve Bank of New Zealand raised capital requirements for major banks in late 2019 to a hefty 18%, with 16% to come in the form of Tier 1 capital – the toughest capital rules in the world. The rules are designed to ensure the local banking system could stand on its own feet in the event of a crisis. That concept may be tested...

The US Securities and Exchange Commission on Wednesday said it would begin implementing legislation passed in December that threatens to delist foreign companies that are unable to comply with US audit requirements for three years running. Investors took fright at that notice, sending an index of US-traded Chinese companies down as much as 9% by Thursday’s close. Baidu tumbled 22% over two days; Tencent Music dropped 36%. But US threats won’t stop Chinese companies from going public stateside, as long as there is a chance of regulators reaching...

National Highways Authority of India has fixed the yield at 6.81% to raise Rs8.50bn (US$117m) from 13-year bonds, according to market sources. The state-owned issuer was targeting Rs2.5bn plus a greenshoe of Rs7.5bn. Care, Crisil, Icra and India Ratings have assigned a AAA rating to the bonds. The issuer is yet to make an official announcement on the final yield and size.

The Indian government has raised Rs5.5bn (US$76m) through the sale of 200.9m Rail Vikas Nigam shares at Rs27.50 each, according to a person with knowledge of the transaction. The offer for sale comprised a base deal of 208.5m shares in the rail infrastructure company with an upsize option of 11m. The institutional tranche, which closed on Wednesday, was 1.05 times subscribed, while the retail portion, which closed on Thursday, was subscribed 16%. On Wednesday evening the government announced it would fully upsize the offer but did not receive...

Subsidiaries of Reliance Industries have launched Rs8.5bn (US$117m) and Rs2.69bn respective offers for sale in cable television companies Hathway Cable & Datacom and Den Networks, according to a term-sheet. Up to 338m Hathway shares, or 19% of the share capital, are on offer at a floor price of Rs25.25. The floor price is at an 11.7% discount to the previous close of Rs28.60. Up to 55.48m Den shares or 11.62% of the shares outstanding, are being sold at a floor price of Rs48.50. This represents a 10.8% discount to the pre-deal close of Rs54.40...

Renewable energy solutions provider Sunseap Group is working with Credit Suisse and Morgan Stanley on a S$600m (US$446m) Singapore Exchange IPO planned for later this year, people with knowledge of the matter said. More banks are likely to join the syndicate. The company has a portfolio of completed and pipeline projects totalling 2 gigawatts in Singapore and elsewhere in South-East Asia and the Pacific. CEO Frank Phuan is the co-founder of the company which is also backed by Thai energy firm Banpu, Dubai-based conglomerate Dutco and...

Lionbridge Capital, rated B1 (positive)/B+ (positive)/ BB (stable) by Moody’s/Fitch/Lianhe Global, on Friday was marketing a 364-day US dollar Reg S note offering at final price guidance of 6.5%. The unrated issue has received significant anchor orders, according to the leads. The deal was not yet priced at the time of writing. The senior unsecured bonds will be issued by wholly owned subsidiary New Lion Bridge and will be guaranteed by Lionbridge. The notes will also have a keepwell deed support from CCB Trust, a subsidiary of China...

Casino operator MGM China Holdings has priced US$750m 5.8-year non-call 2.8 senior notes at 99.97 to yield 4.75%, the tight end of final guidance of 4.75%–4.875%, and well inside initial guidance of 5.125% area. The issuer is rated Ba3/B+/BB– and the 144A/ Reg S notes have expected ratings of Ba3/B+ (Moody's/S&P). The final pricing was slightly tighter than the fair value estimate of around 4.8% by Nomura's trading desk, which referenced MGM China's own curve as well as other Macau casino operators. "We do not view the broader Macau gaming...

Indian non-banking financial company Tata Cleantech Capital has signed an agreement with Japan International Cooperation Agency and Sumitomo Mitsui Banking Corp for a loan of up to ¥10bn (US$91.6m). The facility will be provided through JICA’s Private Sector Investment Finance scheme and is co-financed with SMBC, the Japanese government agency said in a media release on Thursday. The financing will help Tata Cleantech mitigate the impact of climate change by offering green finance to businesses across India that focus on renewable energy...

Soechi Lines, rated B2/B (Moody's/Fitch), is offering to purchase its 8.375% guaranteed senior Reg S notes due 2023 that were issued by Soechi Capital. For each US$1,000 in principal amount, the purchase price is US$800. The 2023s were seen at a bid cash price of 72 on the day the offer was launched, according to Refinitiv data. The Indonesian oil and gas shipping services company intends to buy up to US$20m in aggregate principal amount of the outstanding notes. The expiration date on the offer is 5pm, central European time, on April 1, and...

Reddy Veeranna Investments is eyeing Rs5bn (US$69m) from 18-month zero-coupon bonds, according to a filing on BSE. The redemption premium is 11.5% per annum. Icra has assigned a BB rating to the bonds, while IIFL Wealth Management is heard to be arranger for the deal.

AGS Transact Technologies has sold Rs5.5bn (US$76m) six-year bonds at 12%, according to a filing on NSE. Around 26% of the principal will be repaid by the third year, 20% by the fourth year, 30% by the fifth year and the remaining 24% by the sixth year from the pay-in date of March 26 2021. The notes have a put option after three years. Crisil has assigned a A+ rating to the bonds..