China

China Jinjiang Environment Holding Co has told investors that its S$184.34m ($137m) Singapore IPO is comfortably covered, as the fixed price offering appears poised to sail through.

Oversea-Chinese Banking Corp has merged its two subsidiaries in the Mainland — OCBC Bank (China) and Wing Hang Bank (China) — in a bid to comply with the country’s single presence policy for foreign lenders.

Kaisa Group Holdings, which last year became the first Chinese property developer to default on its offshore notes, plans to wrap up its debt restructuring by the end of this week after reaching an agreement with creditors in May.

The Michael Bloomberg-led working group is seeking to establish a RMB clearing hub in the US. Michael Knorr, head of payments and liquidity risk management at Wells Fargo, and a member of the group’s operating model options subcommittee, gave GlobalRMB his views on the challenges ahead.

Chinese sportswear maker 361 Degrees has announced the results of a tender offer for its offshore renminbi-denominated notes.

A unit of e-commerce platform Cogobuy Group has launched a $100m borrowing into general syndication via a single mandated lead arranger and bookrunner.

China is continuing its push to establish the renminbi as an investment currency by opening up its private fund industry to wholly foreign-owned firms. While this is likely to spark plenty of interest, market participants said foreign asset managers need to be ready to launch even before registering for a licence.

ICBC Asia made its debut in the additional tier one market on Thursday with a bang, netting $1bn from a deal that boasted the lowest coupon on record for an AT1 in Asia ex-Japan.

In this round-up, Singapore Exchange reports strong trading of RMB currency futures, China’s RMB cross-border trade settlement jumps and sales under Mutual Recognition of Funds (MRF) pass Rmb2bn in May. Plus, a recap of GlobalRMB's coverage this week.

China Railway Group, China Minmetals Corp and Greenland Hong Kong Holdings are set to hold roadshows with investors next week ahead of their respective dollar offerings.

Tencent is sounding out banks for yet another multibillion dollar borrowing, this time to back its acquisition of mobile game maker Supercell. The Chinese technology company is used to getting an easy ride in the loan market, where it has raised $6.89bn since December. But the structure for the latest deal means it will have to pay up to lure banks, writes Shruti Chaturvedi.

Kunlun Energy Co printed a Rmb3.35bn ($500.99m) convertible bond this week that was settled in US dollars, but came with a rare rating that soothed fears about the renminbi's possible depreciation.