Greater China

Bank of Communications’ investment banking arm has scooped up HK$1.8bn ($231.2m) from its IPO, pricing near the bottom of guidance to ensure a quality book.

Industrial and Commercial Bank of China’s Dubai branch is out on Monday with a dual-tranche floating rate transaction, while logistics group ESR is meeting fixed income accounts in Hong Kong and Singapore this week.

Nissin Foods Company, part of the Japanese instant noodle giant, has filed a listing application with the Hong Kong Stock Exchange.

China pledges fresh cash for One Belt One Road (OBOR), KraneShares plans to launch Chinese bond fund, and CFOs are becoming more positive on China’s outlook.

Cheung Kong Property Holdings (CKP) wrapped up Asia’s largest fixed-for-life perpetual on Thursday with a 4.6x covered $1.5bn bond. The group’s credentials and the rarity value of high grade corporate perps added to the deal’s success, helped also by the fact that the instrument has its own following, said bankers.

Bank of America Merrill Lynch’s head of Asia Pacific M&A Stephen Gore is leaving the firm, according to sources.

Details of the Bond Connect are set to be revealed soon, but Sean Chang, head of Asian debt management at Baring Asset Management, told GlobalRMB that access to a desirable supply of onshore bonds will be key for investment flows to materialise.

The head of Greater China healthcare in the investment banking division of Nomura has left the firm for Credit Suisse, said sources.

Standard Chartered’s Renminbi Globalisation Index (RGI) fell by 0.9% to 1,770 in March. The bank attributed the fall to weak corporate confidence in renminbi’s recent stability and worries over China’s tight grip on capital flows.

In this round-up, China will allow foreign credit rating agencies to operate in the country following an agreement with the US, the Belt and Road Forum for International Cooperation begins on May 14, and Hong Kong RMB clearing volumes fell again in April 2017.

Bank of East Asia wrapped up a new Basel III additional tier one deal on Thursday, applying the lessons it learnt from its previous subordinated note outing.

Veteran banker Michael Guan is understood to be relocating to Hong Kong from London to join Deutsche Bank’s Asia M&A team in a senior position.