Greater China

FIT Hon Teng opened books this week for its potential HK$3.0bn ($384.3m) IPO and found investors scrambling to get in.

Chinese property developer Modern Land (China) Co is making a comeback to the international green bond market, opening books for a short-term trade on Thursday morning.

The RMB regained its position as the sixth most used currency for payments globally in May, beating the Swiss franc to the title by a very narrow margin, according to Swift's RMB tracker. The Chinese currency accounted for 1.61% of all payments last month.

The entry of A-shares into MSCI’s emerging market index was quickly dismissed by China bears as a non-event, given the tiny weighting Chinese equities will have in the index. But sceptics should learn from history that small weightings often make a big difference to RMB internationalisation — and MSCI’s A-share inclusion might just be an example of that.

Shandong Ruyi Technology Group Co rattled over multiple speed bumps on its way to a $200m bond on Tuesday, having to navigate picky investors as well as concerns around cross-guarantee of bonds in China’s domestic market.

Hong Kong conglomerate Swire Pacific closed a $300m seven year bond on Tuesday, opting for a tight price over size with the debt-raising.

Melco Resorts Finance added $350m to its existing 2025 bonds on Tuesday, managing to capture the interest of some Asian investors that had previously shunned the credit.

FIT Hon Teng, a subsidiary of Taiwanese electronics manufacturer Hon Hai, has opened books for its all primary IPO on the Hong Kong Stock Exchange, with a price range that could value the company at up to $2.6bn.

Asian issuers flooded into the debt market on Tuesday, as seven credits battled for attention amid a somewhat positive tone in the market. Greenland Hong Kong Holdings grabbed $200m, while China Gold International Resources Corp nailed a $500m three year and Shimao Property Holdings sealed a tap.

China Huarong International Holdings has approached lenders for a $800m short-term fundraising, making it the third unit of parent China Huarong Asset Management Co to access liquidity in the syndicated loan market this year.

Aluminium giant Rusal hit the limelight in March when it became the first Russian corporate to issue a Panda bond. But Oleg Mukhamedshin, deputy chief executive, told GlobalRMB that high onshore yields are delaying the company’s return to the Panda market.

Inner Mongolia Energy Engineering Co is putting a Hong Kong IPO of up to $300m on the table for investors as it starts drumming up interest for the deal, according to a source familiar with the matter.