Greater China

China's Jiayuan International Group made any unusual move by coming to the bond market on Friday last week, for the refinancing of a November maturity.

Innovent Biologics launched its Hong Kong IPO on Monday to raise HK$3.3bn ($422.2m), with over 60% of the shares already sold to a large contingent of cornerstone investors — many of them double-dippers.

Taiwan’s Mei Ta Industries has returned to the offshore market after three years for a €220m ($254m) dual tranche borrowing.

Asia International School (AISL) is tapping the offshore market for a debut loan of up to $180m.

The People’s Republic of China, acting through its Ministry of Finance (MoF), priced a $3bn return to the international bond market, pushing out its maturity profile to 30 years. But a weaker backdrop meant that the order book was not as strong as its dollar trade last year.

Qingdao Haier has set final price guidance for its D-share IPO. The Chinese white goods maker is eyeing proceeds of up to €397.5m from a smaller than expected debut for the asset class.

Standard Chartered’s RMB internationalisation index hit a nearly two-year high, State Street entered the RMB qualified foreign institutional with a splash, and index provider IHS Markit partnered with a Chinese clearinghouse for a new set of bond indices.

IMF data shows the renminbi saw a nearly 40% jump in global foreign exchange reserves in Q2, the US Treasury introduced interim rules to monitor Chinese investment in US firms, and the US Treasury is also likely set to name China a currency manipulator as early as next week.

China Fortune Land Development Co added $70m to its existing 2020 bonds in a quick tap this week.

The Ministry of Finance (MoF) second offshore RMB (CNH) auction in 2018 raised Rmb5bn ($720m) on Wednesday. Despite recent RMB depreciation, the demand for CNH bonds remains, albeit in modest amounts.

Dafa Properties Group raised HK$840m ($107.2m) when it priced a Hong Kong IPO a few cents above the middle of the marketed range this week.

China’s Niu Technologies has launched bookbuilding for a $103.8m Nasdaq IPO, but despite plenty of pre-deal interest, sources said they did not expect the trade to be a blowout.