China

A handful of rare visitors came to the marker this week to place debt in dollars and yen, and bankers scrambled for a QNB mandate.

The People’s Bank of China (PBoC) has published a set of long-overdue guidelines to select the country’s domestic systemically important banks (D-Sibs). Banks selected will probably face more stringent capital requirements as Chinese regulators finally launch tougher supervision for the country’s biggest banks.

Macau casino operator Melco Resorts & Entertainment, Philippine power company AC Energy and a local government financing vehicle from Jiangxi were among the crop of issuers to hit the bond market on Tuesday.

Pharmaceutical research and development platform Pharmaron Beijing Co has bagged HK$4.6bn ($588m) after sealing its Hong Kong public offering at the top of the price guidance.

China deepened its dollar debt curve on Tuesday with a $6bn jumbo bond. With its biggest dollar deal yet, the sovereign has set a new benchmark for issuers from the country.

Hong Kong hosted Alibaba Group Holding’s jumbo IPO in tough political times this month, yet the deal received overwhelming support in primary and the shares soaring in the aftermarket. While this success gave the city’s stock market a much-needed boost, other issuers would be mistaken in thinking that such liquidity is also available to them.

Chinese power company SDIC Power Holdings is moving forward with its plan to list global depositary receipts on the London Stock Exchange to fund global expansion and its clean energy drive.

MSCI will complete its third and largest step of including China A-shares in its MSCI Emerging Markets Indexes and the MSCI China Index after the market closes on Tuesday. In preparation, foreign investors bought Rmb21.4bn ($3bn) of A-shares by 3pm through the two Stock Connect schemes — surpassing the record high of Rmb17.4bn achieved last year.

Chinese government-owned China State Construction International Holdings (CSCI) raised $500m from a subordinated perpetual bond, after investors put in orders that covered the transaction by more than 10 times at the peak.

Haitong International Securities is in talks with its relationship banks to raise a HK$10bn ($1.2bn) three-year loan to refinance an old club deal signed in 2017.

Zhongrong Xinda Group, based in China’s Shangdong province, has been downgraded to CCC- for rising bond refinancing risk. The company is one of a number of firms from the same province facing financial pressure.

Biotechnology company Venus Medtech (Hangzhou) has kicked off bookbuilding for its Hong Kong listing, eyeing a HK$13bn ($1.66bn) valuation.