Japan is ready to take all necessary steps to counter excessive currency movements, vice finance minister Masato Kanda said today, Nov. 1.
Hong Kong's economy expanded 4.1% year on year in the third quarter, according to official advance estimates
released Oct. 31. The growth was lower than the expected 5.2%, signaling that the Asian financial hub's post-pandemic boost may be cooling,
Bloomberg reported.
The People's Bank of China is expected to inject liquidity into the money market following an interest rate surge on Tuesday,
Bloomberg reported. Annualized borrowing costs for non-bank institutions rose as high as 20%. State media blamed unidentified financial institutions, the report said.
Hong Kong's Hang Seng Index went up 0. 08% to
17,387 as of 2:22 p.m. HKT, while the Shanghai Composite Index went up 0.26% to
3,027 as of 2:22 p.m. Beijing Time. Japan’s Nikkei 225 Index rose 2.41% to close at
31,602 while Australia's S&P/ASX200 went up 0.85% to close at
6,838.
Australia
The
GenesisCare debtors’ auction for the
sale of their U.S. assets has been adjourned to Nov. 8 at 10 a.m. ET, from Wednesday, Nov. 1, according to a
notice filed on Oct. 31 in the US. The notice states that the debtors and their advisors “are reviewing the Bids received and are coordinating with bidders as necessary regarding additional information.” The debtors added that the deadlines for filing objections to the proposed sale and to proposed cure amounts are adjourned pending further notice (both deadlines were previously set for Oct. 11). The sale approval hearing remains adjourned to a date and time to be determined.
China China Vanke Co. Ltd. has been
in talks with predominantly larger Chinese banks as it seeks new syndicated loans totalling about HKD 7 billion ($894.7 million) to HKD 8 billion, with proceeds earmarked to repay the company’s offshore notes maturing in 2024. Lender banks involved include Industrial and Commercial Bank of China and Bank of China. The company had previously arranged an offshore syndicated loan back in March and used the proceeds to help repay the offshore notes due in 2023. Vanke has three offshore notes due in 2024, comprising $630 million notes due March 2024, CNY 1.445 billion ($197 million) notes due May 2024 and $600 million notes due June 2024.
The company’s front-end offshore notes were up about five to six points today, Nov. 1, with its $630 million 5.35% due March 2024 notes indicated around 90.5/ 92.5, and its $600 million 4.2% due June 2024 notes were indicated around 79/ 81, according to two buysiders.
Gemdale Group’s CNY 2 billion ($273.4 million) 3.93% onshore bond due 2026, “21 Jin Di 01”, was indicated about 32 today, down two points, according to two buysiders.
GLP China Holdings’ CNY 1.5 billion ($204.9 million) 4.4% onshore bond due 2024, “21GLP05”, was indicated about 73.3, up 1.3 points, said two buysiders.
Longfor Group’s CNY 1 billion ($136.6 million) 4.3% corporate bond due 2027, “20 Longhu 06”, was indicated about 53 today, down one point, said two buysiders.
Two holders of
China SCE Group’s $450 million 5.95% USD due 2024 notes told Reorg that they have yet to receive a due Oct 30
coupon payment under the notes as of Oct. 31. The coupon payment - totaling about $13.4 million - was originally due Sept. 29. The interest payment comes with a 30-day grace period, which ended Oct. 30 as Oct. 29 fell on a non-trading day, said the sources. The company told investors that it has begun searching for a financial advisor with a view to assist it on a potential holistic restructuring for its offshore debt, as
reported.
Guangxi Investment Group Co. Ltd., parent company of
Guangxi Financial Investment Group,
announced to the Shenzhen Stock Exchange on Oct. 25 that it is proposing to issue up to CNY 1 billion ($136.6 million) 3+2 year corporate bonds due Nov. 8, 2028. Proceeds will be used to replace the funds used to redeem its CNY 1 billion corporate bond due Aug. 12, according to an offering circular.
India
The New York Stock Exchange, or NYSE, has
notified the US Securities and Exchange Commission, or SEC, that it intends to remove the entire class of equity shares of
Azure Power Global Ltd. from the exchange on Nov. 13. The NYSE said it had resolved that the company's shares are not suitable for listing due to the delay in filing with the SEC its annual report on Form 20-F for the fiscal year ended March 31, 2022, and the current report on Form 6-K for the half year ended Sept. 30, 2022.
Adani Green Energy Ltd. management
said during an earnings call on Oct. 31 that the company has created a liquidity pool of around $1.3 billion at the promoter level, which will be used for repaying near-term liabilities, including $750 million 4.375% holdco notes due September 2024. The holdco notes will be paid at maturity. The management added that it plans to announce repayment plans by December 2023 in accordance with the bond’s financial covenant.