China

A HK$28bn ($3.6bn) financing to support the take private of Hong Kong-listed footwear company Belle International Holdings is open for participation at the sub-underwriter level.

Huachen Energy Co is prepping investors for its inaugural appearance in the international bond market, meeting fixed income accounts next week.

Bank of China’s Singapore branch raised $600m from a three year floating rate bond on Thursday, marking the lender’s second issuance this year supporting the Chinese government’s Belt and Road initiative.

In this week’s round-up, Fidelity’s Shanghai-based wholly foreign-owned enterprise (WFOE) launches its first private fund, only two foreign investors were given qualified foreign institutional investor and RMB QFII quotas in April, and the dim sum bond market continued its decline in the first quarter.

In the latest Clawback, columnist Philippe Espinasse turns his focus to the listing of infrastructure project companies in Hong Kong, saying that IPOs of Belt and Road issuers could be a big challenge.

Ant Financial subsidiary Alipay (Hong Kong) Holding will increase the size of its $3bn loan, taken to partly support its bid to acquire Dallas-based MoneyGram, according to bankers. The news comes about a fortnight after Alipay raised its offer for MoneyGram by around $300m.

Law firm Linklaters is boosting its China presence, hiring two new partners within its corporate and project practices for the Mainland.

Volvofinans Bank is preparing to issue Europe’s second green bond from the automotive sector. While the deal is already attracting interest from investors, its use to finance hybrid and electric cars may not tick the green box for all investors.

Volkswagen Finance (China) is returning to the ABS market with its Rmb4.5bn ($652.66m) Driver China six, having sold three auto ABS in the Mainland last year.

The Hong Kong Exchange’s China Ministry of Finance Treasury bond (T-bond) futures were given a lukewarm reception by investors in the first two weeks of trading. But experts say demand will pick up as China’s onshore bond market opens up further later this year.

HSBC has reported a drop in overall profits for the first quarter of 2017, but strong growth in its Asian businesses as it continues to focus on the region.

Sinochem Group subsidiary Sinochem International Corp is looking to raise $300m from a five year bond, according to a filing with the Shanghai Stock Exchange.