China

The Hong Kong real estate developer is coming to the Chinese onshore market for the first time. The deal is as much about the issuer getting familiar with the onshore bond market as it is about fundraising, GlobalRMB understands.

The Hong Kong arm of China’s Founder Securities priced a small two year bond on Friday, in a deal that saw the syndicate group rejigged significantly since the mandate announcement in mid-October.

Online fashion platform Mogu is planning to float on the New York Stock Exchange for up to $200m, according to a filing with the US regulator.

In this round up, American Express (Amex) becomes the first global credit card firm to receive an onshore RMB settlement licence, Chinese traders using the new London-Shanghai Stock Connect are not required to open new accounts, and the Singapore Exchange (SGX) sees a 91% annual growth in its China stock index futures.

Chinese technology giant Baidu grabbed $1bn from a bond on Thursday, while a local government financing vehicle (LGFV) in Hunan raised $300m from a deal that was less than twice covered at its peak.

China Development Bank Financial Leasing Co (CDB Leasing) raised $400m through its aviation leasing arm on Thursday, paying around 10bp of new issue premium for a three year floating rate note.

State officials provide strong verbal commitment to private sector development, the China Securities Regulatory Commission promises more stringent stock trading suspension rules, and China’s State Council says it will enhance the domestic business environment for domestic and foreign companies.

In this round-up, China’s foreign reserves in October decrease $34bn due to the stronger dollar, monthly exports climbed more than expected, Singapore Exchange signed cooperation agreements to develop more opportunities for Chinese enterprises in Singapore.

TFI Tab Food Investments, the owner of the Burger King chain in Turkey and China, has formally withdrawn its $220m IPO in the US after delaying it in February.

UBS hires for China strategy – New tech board for Shanghai – HKEX eyes blockchain for Stock Connect – PBoC warns against Evergrande, Fosun, HNA

Equity fundraising activity in Asia should not be dampened by any impact from the US mid-term elections, market observers said this week. However, issuers are set to stay on the sidelines while they await more clarity.

Hong Kong-listed Man Wah Holdings and China Water Affairs Group are seeking offshore loans of $100m and $200m respectively.