Greater China

Hutchison China MediTech hit the market on Wednesday with a view to raising around $262m from a follow-on sale of American depository shares (ADS), according to a term sheet seen by GlobalCapital Asia.

While China has presented Panda bonds as a key pillar of renminbi internationalisation, the market has long been dominated by Chinese red chip companies raising cash for their onshore operations. Regulators are now looking to change that by bringing more sovereign issuers into the market, experts told GlobalRMB.

Nasdaq-listed Weibo Corp has opened books for the sale of up to $800m in convertible bonds, in its first outing to the equity-linked market.

China’s Ministry of Finance (MoF) has criticised international credit rating agencies for their rating downgrades in a statement on October 24, in which it also explained its rationale for issuing the country’s first dollar bond since 2004.

China Huaneng Group, one of the country’s biggest state-owned electric utility enterprises, priced a $500m senior perpetual bond on Monday. Execution was smooth thanks to the company’s status as a central state-owned enterprise (SOE) and its market position, but time is needed for it to perform in secondary.

Recent deals are breathing life into a dim sum bond market that has faced a drought in supply. And with market conditions turning in the sell side’s favour, more issuers should syphon off this renminbi funding stream.

CCB Frontier Capital (Hong Kong), the overseas arm of financial services firm CCB Trust, is tapping the international syndicated loan market for the first time, for a $200m borrowing.

HSBC has taken two veteran bankers from rival firms to drive its combined strategic equity financing and equity-linked businesses in London and Hong Kong.

Deutsche Bank has hired a senior executive from a rival to lead its technology, media, and telecom investment banking efforts in Asia Pacific.

Hong Kong’s financial secretary has weighed in on the push for dual class shares in the city, saying it should be allowed if the right safeguards are in place.

BOC Aviation is looking to add to its September 2027s, a month after the aircraft leasing company sold the initial $500m deal.

Bank of Jinzhou Co raised $1.496bn from its first additional tier one transaction on Friday, following the trend of other Chinese banks by selling a quick and dirty deal on the back of onshore investors.