Greater China

Semiconductor Manufacturing International Corp pulled off a double-whammy this week, bagging $972.9m from equity and equity-linked investors. The trade was not only SMIC’s first time raising close to $1bn overnight, but also represented a rare offering of an Asian convertible perpetual bond. John Loh reports.

The Chinese Ministry of Finance has successfully completed its second offshore renminbi bond auction of the year, raising Rmb7bn ($1.06bn) from three tranches on Thursday. But poor investor demand for the offering raises questions about the future of the CNH bond market, analysts told GlobalRMB.

I’ve been lucky to spend the years after my retirement never too far from my local, swilling drinks at Captain’s Bar with some good company. But the new crop of bankers retiring these days doesn’t seem content becoming a Hong Kong relic.

The inaugural issuance of Baikal bonds — denominated in renminbi and issued in Russia — has come closer this week as the Russian Ministry of Finance toured Hong Kong and Mainland China on a non-deal roadshow, sources told GlobalRMB.

Alibaba Group Holding navigated every roadblock on its way to a $7bn issuance on Wednesday, sealing the second largest corporate bond from Asia after its own $8bn debut three years ago. The unexpected sell-off in tech stocks and US Treasuries posed only a small challenge to the tech giant’s debt market return, writes Addison Gong.

One of the last batches of the year’s Hong Kong IPOs kept the market busy this week, even as investors started to wind down for the holidays.

Chinese local government financing vehicle (LGFV) Gansu Provincial Highway Aviation Tourism Investment Group Co launched a euro bond on Thursday, returning to the debt market a year after its international debut.

Huarong Real Estate Co and Fosun International approached investors with different trades on Tuesday, with the former nabbing €500m from its inaugural offshore bond and the latter taking $300m from an opportunistic deal.

A local government financing vehicle from China’s Yiwu city leveraged on its strong credentials to raise $500m from a five times covered bond on Tuesday.

Anton Oilfield Services Group, rated Caa1/—/CCC, ventured into the volatile market on Tuesday to close its exchange and new money offering, taking home $300m in the process.

China’s Hebei Construction Group is preparing to launch its potential $300m Hong Kong IPO on December 4, according to two sources close to the transaction.

Hong Kong-listed Semiconductor Manufacturing International Corp raised $969m on Tuesday from an unusual multi-tranche offering of equity and convertible perpetual bonds.