Greater China

Hong Kong’s Airport Authority (HKAA) raised $500m from a dollar bond sale on Wednesday, ending a hiatus of nearly 16 years from the market.

It can be rough living in one of the world’s most expensive cities. Tai Tai and I are fortunate enough to afford a lovely home with plenty of room for my Scotch collection, but I know most people in Hong Kong aren’t so lucky.

China’s Chow Tai Fook and Vietnam’s Vingroup have returned to the offshore loan market, with both borrowers inviting banks to join senior syndication.

Right Lane, a wholly-owned subsidiary of Chinese conglomerate Legend Holdings, has paid a higher margin than previously for a $300m-equivalent dual currency borrowing. It is the latest in a series of Chinese and Hong Kong companies that have hiked margins on their return to the loan market this year.

MSCI is to add nine stocks with dual-class voting structures to its global benchmark, it said this week. Chinese technology companies Meituan-Dianping and Xiaomi Corp are among the new names included.

Chinese property developer Dexin China kicked off bookbuilding on Thursday for an IPO that could raise up to HK$1.73bn ($220.3m).

Sunac China Holdings priced a large three year callable bond, taking advantage of the abundant liquidity in the market following Chinese New Year. But investors appeared to hold back when it came to less familiar names.

Chinese regulators published a draft of new rules for corporate Panda bond issuers at the start of February. Bankers say the rules have done little to address one of the biggest headaches for potential issuers, but they do represent a step forward.

The People's Bank of China held the tender of its second offshore renminbi issuance in Hong Kong on February 13. Both the Rmb10bn three-month note and the Rmb10bn one-year note were priced significantly lower than the first auction in November.

Chinese chemicals company Risun Group is kicking off pre-IPO investor education next week. The company wants to raise up to $200m before its listing application expires in May, according to a source.

Clawback columnist Philippe Espinasse turns his attention to one of the ECM world’s best-guarded secrets: the profits banks can make from stabilisation.

Chinese real estate companies Zhenro Properties and China Aoyuan Group reopened the Asian offshore bond market with a bang, as cash rich investors flocked to their transactions.