China

A-Living Services has priced its Hong Kong IPO below the midpoint of guidance. The company raised HK$4.1bn ($524.2m) after the deal was well-received across all tranches.

Chinese companies in sectors from construction to technology are preparing to tap the dollar bond market. Despite rates continuing to push higher, particularly in the long-end of US Treasuries, more and more debut issuers are eyeing deals.

Chinese property company Greenland Holding Group raised $700m last week, returning to the bond market to refinance a pair of short-dated deals it sold in the first half of 2017.

China launches onshore trading for Thai baht, NPC chairman says Hong Kong remains important to China’s effort to promote the renminbi, and China Construction Bank opens a new branch in Auckland.

China agreed to $12.8bn of deals with the UK during the British prime minister’s state visit, RMB returns as the fifth most used global payments currency, and Aberdeen Asset Management grabs Rmb5.3bn ($842.8m) new renminbi qualified foreign institutional investor (RQFII) quotas.

China Cinda Asset Management Co raised a smaller than anticipated $2.5bn from a four-tranche deal on Thursday, despite having an order book that was about 6.6 times covered at its peak.

China Logistics Property Holdings Co (CNLP) and Future Land Holdings Co both sold bonds with less than one year tenors on Thursday, sidestepping the Chinese regulator’s tight handle on offshore fundraising.

Singapore's GLP will approach Chinese investors on Monday with a nine year Panda bond, one of the longest-dated deals ever to feature in the asset class.

It has now become common for bond issuers to stress their 'Belt and Road' credentials. But China Merchants Port has become one of the first issuers to get the official blessing to use the term.

Shanghai Pudong Development Bank is set to open its newly authorised UK branch for business next week, with initial plans for wholesale banking and vanilla securities trading.

Chinese property developer Yango Group Co was forced to call off a $250m bond this week, amid heavy Asian dollar bond supply and a spike in US Treasury yields. But while market conditions played their part in the underwhelming demand for the deal, the issuer’s credentials were also called into question. Addison Gong reports.

Asia’s equity-linked market joined in the sub-one year bond party this week, as issuers and investors both found something to like in the structure. Two Chinese property developers successfully priced nearly identical 363-day deals, though they had slightly different results in the aftermarket. John Loh reports.