Asia Pacific

In this round-up, the CBIRC head condemns US trade policy, China's premier Li Keqiang says country is open for business, the HKMA announces enhanced currency conversion arrangement under stock connect, and FTSE Russell officially includes China A-shares.

Nasdaq-listed 360 Finance has kicked off an up to $122.5m follow-on offering of new and existing American Depository Shares (ADS).

Cromwell European Real Estate Investment Trust has raised €150m from a share placement that was oversubscribed, allowing the issuer to exercise an increase option.

Veteran loans banker Phil Lipton is leaving HSBC after 15 years.

Barclays returned to the Australian dollar market this week for its second Kangaroo, placing a triple tranche trade that was four times covered. The demand for Kangaroo paper could see more issuers follow Barclays, according to one DCM banker.

China Railway Construction Corp has priced an unusual $1bn subordinated perpetual bond, with more issuers expected to adopt a similar structure in the wake of new guidelines on accounting treatment for corporate perps.

Investors swarmed Philippine National Bank’s (PNB) $750m bond sale, as they sought out diversity in a market overrun with Chinese paper.

Maybank completed its second Rmb2bn ($291.5m) Belt and Road Panda trade on Thursday, pricing both tranches at the bottom of the price range.

In this round-up, China’s holdings of US treasuries reached the lowest level in two years, the Ministry of Commerce (MoC) promised to unveil foreign investment negative lists in 10 days, and Bank of China (UK) can now provide clearing services in London.

SriLankan Airlines made a triumphant return to the dollar market on Thursday, pricing a $175m bond on the back of a $1bn order book.

Hong Kong financial institution AMTD International is seeking to raise up to $200m through a US float.

Malaysia’s utilities and infrastructure company Malakoff Corp has launched a A$140m ($96.8m) refinancing loan into general syndication.