Greater China

Troubled Chinese local government financing vehicle Beijing Haidian State-owned Assets Investment Group (Haidian SAIG) finally managed to sell a bond without mishaps on Wednesday. The trade is a win for the issuer, especially since it has been receiving the cold shoulder from the market since July, but the LGFV may need to address deeper-seated problems in future outings, said bankers. Rebecca Feng reports.

Ke Holdings sealed a $2.12bn IPO on the New York Stock Exchange this week, the largest US listing by a Chinese firm in more than two years, defying the shock caused by US sanctions against one of its largest shareholders, Tencent Holdings. Jonathan Breen reports.

Hong Kong rail operator MTR Corp priced a larger and tighter green bond than expected this week, with investors showing their faith in a company that has been forced to battle protests and the pandemic in the past year. Morgan Davis reports.

Chinese delivery company Yunda Holding Co made its debut in the dollar market on Wednesday, raising $500m.

OneConnect Financial Technology Co, a Chinese technology-as-a-service platform, raised $324m this week from a larger than expected follow-on offering of its US-listed stock.

Deutsche promotes Elalingam to IB coverage job — JPM hires Aus head of financial sponsors

Chinese local government financing vehicle (LGFV) Shandong Guohui Investment Co used its leasing arm to return offshore for $200m on Wednesday.

Chinese real estate company Cifi Holdings (Group) Co returned to offshore renminbi bonds this week, raising Rmb1.2bn ($172.8m) from the biggest dim sum deal from a corporation in more than a year.

China Great Wall Asset Management Co reopened bond supply from the country's bad debt managers this week with a tightly priced $500m deal.

After months of lockdown in countries across the world, a few of my banker friends are now slowly heading back to their offices. It is not easy.

Hangzhou Qiantang New Area Construction and Investment Group Co, a Chinese local government financing vehicle (LGFV), found strong support from banks for its maiden dollar bond, allowing it to tighten price guidance by 70bp during the day.

Hong Kong-based Li & Fung used a coupon step-up in case of a rating downgrade to attract investors to its $300m bond on Tuesday, as it gears up for a big hit to its business this year as a result of Covid-19.