Greater China

China Jinmao Holdings Group is offering to buy back its $600m perpetual convertible bond, one of only four such deals to have been issued since 2010 in the region.

In this round-up, the Shanghai-Hong Kong Stock Connect see steady volumes on its southbound channel, the Sino-German exchange in Frankfurt marks its first six months and HKEX offers new details on its expanded RMB futures. Plus, a recap of GlobalRMB’s top stories this week.

A multi-currency transaction for Sino Horizon Holdings has wrapped up with eight lenders joining mandated lead arranger and bookrunner DBS in the dollar tranche.

Guangzhou Rural Commercial Bank has sent out a request for proposals to banks to lead its up to $1.5bn Hong Kong listing, said a source who has received the RFP.

Bad debt manager China Huarong Asset Management executed one of the largest dollar-denominated transactions from Asia this year with a $2.5bn triple-tranche offering that was multiple times covered.

Hong Kong’s Jacobson Pharma Corp is preparing to launch its IPO in early July and is seeking $150m from the float, according to a source close to the situation.

The position of treasurer at the Asia Pacific Loan Market Association (APLMA) has changed hands after eight years.

Midea Group found a strong following this week for its international debut bond. While the lack of deals from its industry peers posed a challenge in finding comparables, the notes thrived on their rarity value.

China had no problem selling its first offshore renminbi bond outside of Hong Kong as a strong showing from central banks pushed the deal to be more than twice subscribed.

A recent flurry of developments related to Chinese offshore and onshore bond markets, coupled with a burgeoning (but not yet flowing) pipeline of Panda bonds is sparking talk that the next great leap forward for cross-currency basis swaps is within touching distance, writes Roger James of Total Derivatives.

Financial institutions have been propelling loan activity this year raising $4.2bn in Asia ex-Japan to become the third largest contributor to total volumes year-to-date. While Indian, Indonesian, Malaysian and Philippine banks have been regulars in the market, banks from geographies as far away as Latin America and the Gulf are also tapping Asian, specifically Taiwanese, liquidity, write John Loh and Shruti Chaturvedi.

China Hongqiao Group is in the market for a $700m three year refinancing that launched on May 16, via seven bookrunners. The loan offers fees that encourage lenders on a 2015 loan to up their exposure to the company.