Greater China

Hong Kong’s IPO sponsors are in the spotlight again after the top enforcer at the city’s regulator called them out for poor work this week.

Yuexiu Real Estate Investment Trust, a subsidiary of Yuexiu Property Co, is tapping the offshore market for a HK$2.8bn ($357m) loan.

With its latest dollar bond, China's Ministry of Finance may have demonstrated the sovereign’s market access and its credit strength even in a hostile trade environment, but a potential repricing of the China state-owned enterprises (SOEs) curve still seems unlikely, writes Addison Gong.

It never ceases to amaze me how much the world has changed since I started my banking career. Today it seems like there is so little you can get away with. What was once a quirk has become a personality flaw.

Four Chinese state-owned enterprises (SOEs) were out in the dollar bond market on Wednesday, looking to seal trades ahead of a China sovereign bond sale on Thursday. But the volatility in the market presented a short-lived opportunity for debt sales and the borrowers’ new notes all slumped in the secondary market.

Hong Kong-listed Logan Property is making a quick return to the offshore loan market for a HK$1.2bn ($153m) borrowing, six months after sealing a HK$900m deal in April.

The speech by US vice president Mike Pence, delivered at the Hudson Institute on October 4, was the closest to a cogent China strategy formulated by the Trump administration since it took over the White House. Market participants should beware, as the picture those words paint is far from pretty.

In this round-up, the People’s Bank of China announced a further cut to banks’ reserve requirement ratio (RRR) on Sunday, the Mainland’s foreign exchange reserves dipped in September, and China’s state council prepares measures to support foreign investment.

Trafigura, the Singaporean commodity trading company, issued its third Panda bond this year on September 28. As for its previous outings, the third tranche was placed in the interbank market as a three year private placement. Meanwhile, The Wharf Holdings and China Gas Holding also made their return to the market in the same month.

Studio City International Holdings launched its $359.4m New York Stock Exchange listing on Wednesday, in a deal heavily anchored by its controlling shareholders.

Better policy measures are needed as the mainland bond market connects with the rest of the world, Hong Kong Exchanges and Clearing (HKEX) said in an October 4 research paper.

Robust investor demand and reverse enquiry propelled Maoye International Holdings to make a rapid comeback to the bond market with a tap of its September issuance.