Greater China

Grand Baoxin Auto Group launched a primary equity raise on Tuesday morning that could fetch up to HK$1.03bn ($132m).

China Everbright Bank’s Hong Kong branch launched a new dollar three year floater on Tuesday morning, just a few months after sealing a $500m 2020 fixed deal.

One Belt One Road has graduated from diplomatic talking point to economic imperative after China pledged a series of investments at the Belt and Road Forum for International Cooperation in Beijing in mid-May. Now, banks are lining up to get a piece of the action in a field that is traditionally dominated by governments and policy institutions.

China Huishan Dairy has found a discrepancy in its cash position, which as at March 31 was much higher than confirmations received from banks, according to a Monday filing.

Chinese real estate developer Agile Group has sealed a HK$624m ($80m) financing with one bank.

Hong Kong-listed Fosun International has hiked the size of its syndicated loan to $806m-equivalent from $650m. The company raised the money in two currencies, with the final deal split between a $673m portion and a €118m tranche.

Korean Air Lines is trying to take off with a new dollar bond following an aborted attempt in September last year. Also on Monday, GS Caltex Corp is out with a five year 144A/Reg S deal, while SOCAM Development has reopened its recent notes.

China Three Gorges Corp is set to make its debut in the green debt market with a euro offering, and is gauging investor appetite with a week-long roadshow.

Guangzhou Rural Commercial Bank Co has opened books for a HK$8.34bn ($1.07bn) IPO in Hong Kong after a short delay, with Chinese funds anchoring the deal.

Mainland banks continue to be active in the floating rate bond market, with China Merchants Bank Co looking to sell its inaugural dollar FRN on Monday.

UBS has lost a banker in its Asia debt syndicate team in Hong Kong, according to sources.

In this week's round-up, the People’s Bank of China says it will maintain a neutral monetary policy, Silk Road Fund and European Investment Fund sign memorandum of understanding for Belt and Road financing, and Luxembourg holds international renminbi forum.