CITIC Securities

China Energy Reserve and Chemicals Group and CEFC China Energy Company managed to drum up investor interest for their respective dollar bonds on Thursday despite a choppy market backdrop.

An unexpected change to China’s education policies that threatens to upend the business model of private schools has put a question mark over some of their Hong Kong IPOs.

Unrated CEFC China Energy Company and China Energy Reserve and Chemicals Group are wooing investors for their respective dollar-denominated notes, with the former making its debut and the latter returning for a second time this year.

China Aluminum International Engineering Corp (Chalieco) and Ping An Real Estate are conducting roadshows this week to test investor interest for new dollar offerings.

Volkswagen Finance (China) has opted for a new structure with its latest return to the China auto ABS market with its upcoming Rmb3.98bn ($587m) Driver China Auto five trust set to feature a revolving pool for the first time.

Asia’s equity capital markets recovered quickly in the wake of Donald Trump winning the White House, with most of the indices regaining their losses in Thursday’s trading. Primary issuance also took off, with some keen issuers pulling the trigger on their IPOs. Jonathan Breen reports.

Citic Securities is consolidating its Hong Kong-based units to create a single platform for all its offshore businesses under the CLSA brand, with a committee being formed to complete the process within 12 months.

Datang Environment Industry Group Co has bagged HK$2.0bn ($257.9m) after sealing its second attempt at an IPO.

PNB Housing Finance and Varun Beverages priced their respective IPOs in India at the top of the range this week, fetching Rp41.1bn ($616.9m) between them.

Hydropower firm China Yangtze Power Co debuted in the equity-linked bond market this week, raising $521.9m with a dual currency exchangeable bond — a product rarely seen in Asia. The liquid nature of the underlying stock and the credit quality of the issuer helped reel in demand, writes Jonathan Breen.

China’s Datang Environment Industry Group Co has launched bookbuilding for a potential HK$2.6bn ($330.1m) listing on the Hong Kong Stock Exchange — its second attempt at floating in the city.

PNB Housing Finance is set to price its Rp30bn ($450m) IPO in India at the top of the expected range after investors piled into the trade, allowing it to wrap up with books 30x covered.