Greater China

Blue chip Hong Kong issuer New World Development Co has priced a 10 year bond worth $950m, after the leads decided to start bookbuilding at a generous level to build momentum.

Budweiser Brewing Apac has delayed pricing its jumbo float on the Hong Kong Stock Exchange, according to a source at the company.

Chinese local government financing vehicle (LGFV) Tianjin Binhai New Area Construction & Investment Group Co’s decision to postpone a planned three year bond has highlighted the debt crisis in the Tianjin area.

Barclays has appointed Matt Pecot as head of markets for Asia Pacific, succeeding Mark Dearlove who will be retiring this year after nearly 25 years at the bank.

JP Morgan has appointed Park Pu as head of investment banking of JP Morgan Securities China Company.

Genius Auto Finance, a joint venture between Geely Automobile and BNP Paribas Personal Finance, is planning a return to the auto loan ABS market on July 18 with a Rmb4bn ($581.6m) four-tranche deal.

In this round-up, trade talks resumed on shaky ground, the insurance regulator tightened rules on trusts investing in real estate companies, the State Council promised to ease the tax burden for smaller enterprises and the government completed the takeover of Anbang Insurance

In this round-up, S&P Global’s wholly-owned China unit gave its first onshore rating to ICBC Leasing, Italy will strengthen ties with the Mainland through a Panda bond and Bond Connect volumes rise.

The Shanghai Stock Exchange (SSE) has pledged to host at least 25 companies on the Star board by July 22, when it opens for trading. That tight deadline caused nine companies to open books on the same day this week.

Chinese property developers have started opting for longer tenors on their dollar bonds, as investors eagerly take on duration risk. As the interest rate outlook becomes clearer, the trend is set to continue — but only for a select few. Addison Gong reports.

BMW returned to the Panda bond market on Wednesday, raising Rmb3.5bn ($509m) from a privately-placed deal. The shortest tranche got plenty of demand from local investors, helped by flush short-term liquidity.

Budweiser Brewing Co Apac was set to price its multi-billion-dollar Hong Kong IPO at the bottom of guidance on Thursday, according to a banker on the deal.