XPeng completes HK listing

Five years ago Mongolian credit was only for the brave, but since then the country has set a glowing example for other frontier issuers. While holders of Sri Lankan bonds wait to see whether it can meet a US$1bn redemption this month, and Laos’s noteholders breathed a sigh of relief at redemption on Wednesday, Single B Mongolia’s long-term approach has paid off. An IMF programme in 2017 helped reform public finances, but since then its prudent approach has been its own idea. Every new issue in recent years has been debt neutral, with proceeds...

South Korean game developer’s Krafton’s hit game PlayerUnknown’s Battlegrounds is all about attrition, but the company probably didn’t expect its IPO to be whittled down by the regulator. Krafton had been hoping to bring the country’s biggest IPO, but after the Financial Supervisory Service put the US$5bn float on hold for unspecified reasons the offering that emerged six days later was somewhat smaller. The IPO is now on track to raise US$3.8bn, which would be nothing to complain about, but the reasons for the FSS’s intervention are unclear....

AIM Vaccine is looking to raise US$800m–$1bn from a Hong Kong IPO this year, said people with knowledge of the matter. The Chinese vaccine maker filed a listing application on Wednesday without mentioning the fundraising size. CICC, China Securities International, Goldman Sachs and Macquarie are the joint sponsors. Founded in 2011, AIM Vaccine is the largest privately owned vaccine company in China in terms of 2020 approved lot release volume of about 60 million doses. The company currently commercialises eight vaccine products against six...

IIFL Finance and Toyota Financial Services India have raised Rs7bn (US$94m) from bonds, according to a filing on NSE. IIFL Finance raised Rs5bn from 10-year bonds redeemable in four equal instalments at the end of the seventh, eighth, ninth and tenth year at 8.33%. Crisil has assigned a AA rating to the bonds. The coupon will step up by 25bp if the issue rating is downgraded to AA– or below. Toyota Financial Services India issued Rs2bn from bonds due June 28 2024 at 5.68%. Icra has assigned a AAA rating to the bonds.

India Infradebt sells Rs5bn (US$67m) five-year bonds at 7.15%, according to a filing on BSE. It was eyeing Rs100m plus a greenshoe of Rs4.9bn. Crisil and Icra have assigned a AAA rating to the bonds. India Infradebt is an infrastructure debt fund whose major shareholders are ICICI Bank (42.3%), Bank of Baroda (41%), Citicorp Finance India (10%) and Life Insurance Corporation of India (6.7%).

Ashoka Concessions has raised Rs2.5bn (US$34m) from four-part bonds, according to a filing on BSE. The subsidiary of highway infrastructure company Ashoka Buildcon raised Rs500m each from bonds due December 2022 at 9.01%, June 2023 at 9.11% and December 2023 at 9.21%, and Rs1bn from June 2024 bonds at 9.24%. Crisil has assigned a AA– (credit enhancement) rating to the bonds due to an unconditional and irrevocable guarantee extended by Ashoka Buildcon, The coupon will step up by 50bp for every notch rating downgrade. If the rating falls below A+...

Export-Import Bank of Korea has launched its environmental, social and corporate governance agenda with a new roadmap that includes a plan to raise US$20bn from ESG bonds by 2030. The Korean policy bank (Aa2/AA/AA–) said on Thursday that it aims to support the ESG competitiveness of local companies and Korea's national objective to achieve carbon neutrality by 2050, under its "We Export Sustainable Growth" plan. Kexim plans to focus on raising funds from the offshore bond market for the ESG bonds with mid to long-term tenors, according to an...

Horizon Construction Development, a spin-off from Hong Kong-listed Far East Horizon, is looking to raise up to US$500m from a Hong Kong IPO, said people with knowledge of the matter. The equipment leasing provider filed a listing application on Wednesday without mentioning the fundraising size. Citigroup, CMB International, DBS and Huatai International are the joint sponsors. Horizon Construction offers operating lease services of equipment and materials, as well as engineering and technical services. The company posted a profit of Rmb493m...

Insurers FWD Group and FWD have won consent from bondholders to amend certain terms of their US dollar notes by the early offer deadline of June 30, after their parent company announced plans for a US IPO. Richard Li's PCGI Intemediate Holdings, which holds a 72.68% stake in both FWD Group and FWD, on June 16 filed for a US IPO. Under the consent solicitation approval from a majority of bondholders of not less than 75%, PCGIIH will replace FWD Group and FWD as the issuer of their US dollar bonds, while other amendments to the terms of the bonds...

Qatar Petroleum, the world's largest LNG producer and exporter, on Wednesday sold a US$4bn 30-year Formosa, as part of a US$12.5bn multi-tranche offering. The 30-year priced at par to yield 3.30%, equivalent to Treasuries plus 119.4bp. Initial price thoughts were Treasuries plus 155bp area, and guidance narrowed to 130bp area. The 144A/Reg S bonds are expected to be rated Aa3/AA–/AA–, in line with the issuer. Citigroup and JP Morgan were global coordinators. Citibank Taiwan, Deutsche Bank, Taipei branch, Goldman Sachs, Taipei branch, HSBC...

Moody's on Wednesday downgraded China Evergrande Group and its 60%-owned onshore subsidiary Hengda Real Estate Group, as the Chinese property developer tackles its large debt maturities. The rating agency has cut their corporate family ratings to B2 from B1, and the ratings on their senior bonds to B3 from B2. The ratings are on review for possible further downgrade. "The downgrade reflects Evergrande's weakened funding access and reduced liquidity buffer given its large debt maturities in the coming 12-18 months amid the tight credit...

Chinese property developer Sunshine 100 China Holdings has priced US$219.6m 364-day green bonds at par to yield 13%. Proceeds from the unrated senior unsecured issue will be used to refinance debt. Haitong International was sole global coordinator, bookrunner, lead manager and green structuring adviser. S&P rates Sunshine 100 at CCC– with a negative outlook, and warned that the developer would struggle to redeem a US$293m 11.5% bond due on July 5 and a US$170m 10.5% bond due on December 5.