China Merchants Bank Co

ZhongAn Online P&C Insurance Co has opened books for its much-anticipated Hong Kong IPO, which could raise up to HK$11.9bn ($1.5bn).

The $1.5bn Hong Kong IPO of Chinese insurtech firm ZhongAn Online Property and Casualty Insurance Co is set to be a splashy affair, with the punchy valuations on offer stirring debate among ECM bankers. But the leads are already predicting a successful outcome. John Loh and Jonathan Breen report.

Bank of China Hong Kong has sold its second Panda bond, raising a staggering Rmb9bn ($1.37bn) from a one year note. The transaction was the largest Panda sold in the interbank bond market, and caught the attention of foreign investors, which made 50% of all bids.

A chunky $4.108bn leveraged buyout financing, for the acquisition of Global Logistic Properties by a consortium of Chinese investors, has entered into general syndication.

Haitong UniTrust, the leasing arm of Haitong Securities, is eyeing an end-September window to launch its $500m IPO in Hong Kong.

Investors have been receptive to ZhongAn Online Property and Casualty Insurance Co’s $1.5bn IPO in Hong Kong despite the punchy valuations on tow, said bankers.

Bank of Qingdao is whetting investors’ appetite with a dollar-denominated Basel III additional tier one bond, only the second from a Chinese city commercial bank, and coming ahead of an expected flood of supply from the country.

Red chip property developer Joy City has hit the Panda bond market for the first time, raising Rmb1bn ($153.1m) from a three year bond on September 5. Although the deal was small in size, it caught the attention of some Bond Connect investors thanks to the issuer’s reputation.

Action in Asia ex-Japan’s offshore bond market picked up on Wednesday, with property developers from Greater China announcing new transactions.

Chinese banks have long played a leading role in Asia’s syndicated loan market through their Hong Kong branches. But a greater use of onshore branches, as well as those based in the West, is presenting new opportunities for borrowers in the region. Shruti Chaturvedi reports.

Ford Automotive Finance (China) has pulled off an impressive return to China’s auto ABS market. The company raised an eye-catching Rmb3.46bn ($518.4m) from its latest deal — and brought in the first crop of foreign investors tapping Chinese ABS through Bond Connect.

China Merchants Bank Co has received the blessing from the China Banking Regulatory Commission to raise Rmb35bn ($5.25bn) in additional tier one capital from the domestic and foreign markets.