Greater China

Singapore-based V3 Group has begun pre-marketing its Hong Kong IPO, which could raise as much as $400m, according to a banker close to the deal.

In an unusual debut in the Panda bond market, television manufacturer Skyworth approached investors with an equity-backed note. The effort grabbed attention and helped Skyworth bag Rmb2bn ($303.6m) – the maximum it could raise – from a five year non put three on the Shenzhen Stock Exchange on September 19.

Citi is moving an experienced banker from London to take up one of its most senior capital markets positions in Asia Pacific.

Chinese steel company Shougang Group Co is returning to the dollar debt market with a new five year bond, while Yuzhou Properties Company is drumming up interest for its debut senior perpetual transaction.

Panda bonds issued by non-red chip foreign names are being snubbed by Chinese investors with a home bias – an opportunity international investors should not overlook, Wilfred Wee, portfolio manager at Investec Asset Management, told GlobalRMB in a wide-ranging interview.

A leading Chinese think tank recommends regulators loosen control over the renminbi’s’ exchange rate, the China Securities Regulatory Commission (CSRC) calls for the opening up of the domestic agricultural commodity futures market, and China International Payment System (CIPS) adds four indirect participants.

Nan Fung International Holdings began marketing a new dollar bullet on Monday morning, the property developer’s second international bond this year.

Cromwell European Real Estate Investment Trust has cancelled its potential €738.8m listing on the Singapore Exchange due to market conditions, after first trying to get past the finish line with a smaller offering.

The Hong Kong Stock Exchange (HKEX) plans to bar issuers from carrying out heavily dilutive equity raisings, as it seeks feedback on a raft of proposals aimed at tightening governance of listed companies.

Postal Savings Bank of China Co’s $7.25bn Basel III additional tier one bond from Thursday was one for the books, breaking numerous records with its size and price, while navigating around a downgrade of the sovereign.

China’s Nan Hai Corp has mandated two firms to work on a dollar-denominated deal, its third outing of the year but its first without a standby letter of credit (SBLC).

China’s downgrade by S&P caused an initial wave of surprise in the market on Thursday, but the rating change will ultimately be a non-event, despite the sovereign plotting a return to dollar bonds shortly.