Greater China

Bonds from Chinese real estate developers were some of the worst performing in Asia last week, dragged down by the global volatility and fears around property companies’ refinancing needs.

China Merchants Loscam has closed a $302m dual-currency club loan, making a comeback to the offshore market after a five-year absence.

Four mainland technology companies kicked off pre-deal investor education for their Hong Kong IPOs on Monday, gauging the market’s appetite ahead of bookbuilding in early November, according to sources close to the listings.

360 Finance has filed for a $200m IPO on the New York Stock Exchange through Citi and Goldman Sachs.

China and Japan confirm details of currency swaps and plans to invest more in third party markets, the Hong Kong Monetary Authority (HKMA) renews the license of nine authorised institutions as Primary Liquidity Providers (PLPs) for the CNH market in Hong Kong and Singapore sets up new government agency to bridge the funding gap facing Asia’s infrastructure projects.

Collaboration between IHS Markit and ChinaBond aims to launch a series of indices to expand foreign access to $11tn Chinese onshore bond market.

In this round up, Eastspring Investment Management can now offer onshore investment products to Chinese customers, SWIFT Business Intelligence outlines Australia’s role in renminbi internationalisation, and Industrial Commercial Bank of China (ICBC) gets approval from the European central Bank to set up a subsidiary in Austria.

Innovent Biologics, the fourth issuer to ride the wave of Hong Kong’s biotechnology IPOs, was so popular with institutional investors that allocations caused a headache, said bankers.

Chinese local government financing vehicle (LGFV) Gansu Provincial Highway Aviation Tourism Investment Group Co raised $150m from a tap on Thursday, getting ahead of potential supply expected from the sector next week.

In this round-up, China Securities Regulatory Commission (CSRC) updates rules for asset management industry, more loosening measures include setting up bailout funds and more credits for private companies, and the China Banking Regulatory Commission issued draft rules to enhance foreign banks' business scope in China.

A veteran debt banker at BNP Paribas is set to leave the firm at the end of October, according to multiple sources close to the situation.

Chinese outdoor leisure products developer Bestway Global Holding is tapping the offshore loan market for the first time for an up to $150m borrowing.