Greater China

With strong demand right off the bat, Chinese firm RYB Education has broken through the top of guidance to raise a higher $144.3m from its US flotation, according to a source close to the deal.

A HK$2bn ($256m) three year maiden loan for China Forestry Group Corp has been received warmly by international banks, resulting in a huge oversubscription, said a banker.

China Aircraft Leasing Group Holdings (CALC), which made its offshore loan market debut last year, has allotted its new $425m borrowing after bumping it up.

As the Belt and Road Initiative (BRI) opens up investment opportunities in emerging markets, it also exposes participants to high credit risks. But instead of seeking insurance coverage, some bankers are turning to securitization for an answer — a move that can lower risk and accelerate return on capital.

Chinese real estate developer Zhenro Properties Group has filed a draft prospectus with the Hong Kong Stock Exchange for an IPO that could raise up to $500m, according to a source familiar with the matter.

HSBC has hired a former Bank of America Merrill Lynch banker to its leveraged and acquisition finance team in Hong Kong.

China’s Yuzhou Properties pulled off a $300m bond on Monday, navigating a choppy equities market that saw stock prices of many Hong Kong-listed developers plunge amid cooling measures from the Mainland regulators.

Nan Fung International Holdings managed to get the best of both worlds on Monday, finding the ideal price for its bond while also bagging a size within its target.

Four mandated lead arrangers and bookrunners have rolled out Chinese e-commerce firm JD.com’s debut borrowing into syndication at razor-thin pricing levels.

Chinese steel maker Shougang Group Co took advantage of an impressive rally in its outstanding notes to bag a new bond on Monday, with a strong peak order book of $4bn allowing it to slash pricing substantially.

In the latest Clawback, columnist Philippe Espinasse puts the Hong Kong Stock Exchange’s (HKEX) recent consultation paper on capital raisings by listed issuers under the microscope.

Unis Leasing, a unit of Shenzhen-listed technology company Unisplendour Corp, has approached offshore banks for the first time with a $100m syndicated borrowing.