Greater China

PCCW chased away the blues in Asia’s blocks market with a jumbo HK$8.53bn ($1.10bn) sell-down in subsidiary HKT last weekend — it was the region’s biggest overnight bookbuild this year.

Sogo department stores operator Lifestyle International has firmed up the bank group for a HK$9bn ($1.16bn) loan to finance a project on a plot of land it acquired last year.

The Greater China debt market started the week in full force, with Bank of Communications, ICBC and Road King Infrastructure opening books on Monday.

Indian telecom hardware company Tejas Networks is just a few steps away from its IPO, having filed a draft prospectus with the market regulator more than eight years after first proposing the idea of going public.

China’s Huawei Investment & Holding Co is gauging investor appetite for its third international bond, having picked five banks to work on the transaction.

The growth of renminbi trade has stalled, but it has forced a turning point to how corporates use the Chinese currency.

Valentine’s Day celebrations may be upon us, but the onshore RMB is not feeling much love, as the fix and spot rates against the dollar start on a weak note. In other news, FX spending by PBoC grew by over $100bn in 2016 and the Hong Kong stock market is soaring on the back of heightened inflows from Mainland investors.

The opening of the China interbank bond market (CIBM) has allowed more foreign investors to dip their toes into the market. But despite the reforms and the increasing likelihood of a bond inclusion in global indices, global investors are still wary of the market.

Future Land Development Holdings’ new three year notes garnered massive investor interest for a $350m capped deal, as Chinese property names benefit from market support.

Daniel Murphy has joined UBS in Hong Kong as the Asia Pacific head of equities sales trading, alongside two new hires in equity derivatives.

In this round-up, the offshore RMB (CNH) nearly eliminates its spread with the onshore RMB, a Standard Chartered index on RMB internationalisation ends 2016 poorly, and the Hong Kong Exchange (HKEX) sees new records set in RMB futures contracts in January. Plus, a recap of our stories.

Shandong International Trust Co’s $300m IPO in Hong Kong has been given the go-ahead by the China Securities Regulatory Commission.