Greater China

A handful of Chinese companies have registered their plans to sell offshore foreign currency bonds with the National Development and Reform Commission, with potential issuers ranging from state-linked entities, government financing vehicles and corporates.

The Chinese Golden Week holidays meant not a lot was going in China, but there was still plenty of renminbi news occurring in the rest of the world. In this round-up, more updates on Shenzhen Connect rules, China-domiciled funds land on Clearstream, and Fred Bergsten says China is not a currency manipulator. Plus, a recap of our coverage this week.

China’s Cofco Meat has begun pre-marketing a potential $300m Hong Kong IPO and is set to open books within two weeks, according to bankers close to the deal.

Hong Kong-listed ITC Properties Group became the only international debt issuer from Greater China this week, selling its notes during the country’s week-long national holiday.

Avolon Holdings, indirectly owned by China’s HNA Group, has tapped Morgan Stanley and UBS to provide $8.5bn of debt for the acquisition of the aircraft leasing business of CIT Group.

Investors are looking past China Industrial Securities International Financial Group’s status as a Growth Enterprise Market listing, with books building strongly for the HK$1.39bn ($179m) Hong Kong IPO.

Bankers in China have warned Emerging Markets that much of the debts taken on to fund China’s giant $1.8tr One Belt One Road programme could go bad, threatening another financial crisis

The Western financial system could learn a thing or two about ensuring transparency in the primary debt markets by studying an approach adopted in China, according to the treasurer of the World Bank — while new technologies like blockchain could also help restore trust in the financial system

Deutsche Boerse, together with its Chinese JV partners, is gearing up to launch a new market called "D-shares" that will help to Chinese companies raise equity overseas. The shares will be documented in English, listed in Frankfurt and, crucially, match up to German standards of disclosure and transparency

A recent fine by US regulators on the New York branch of Mega International Commercial Bank has led to demands for overseas branches of Taiwanese lenders to collect more comprehensive information about their clients. This is causing fears that the credit approval process for syndicated loans will lengthen, while banks will also find it tricky to lend to smaller borrowers. Shruti Chaturvedi reports.

Details about a $350m-$400m financing for private equity firm Permira’s acquisition of corporate services provider Tricor Group have emerged.

Chinese data firm GDS Holdings has begun pre-marketing its $300m US listing with bookbuilding expected in the next two weeks. Logistics company ZTO Express has also chosen to float in the US.