Greater China

Macau casino operator SJM Holdings has launched a HK$25bn ($3.2bn) dual-tranche financing into general syndication with proceeds to be used for the construction of a new project in the gambling hub.

ICBC Financial Leasing sold a 10 year note for the first time as part of a triple-tranche return to the bond market. The financial leasing company had wanted to extend its dollar curve but was also encouraged by the success of its industry rival BOC Aviation last month.

The Export-Import Bank of Korea (Kexim) is working on its debut Panda bond and has mandated two banks on the deal. However the trade still has to overcome a number of barriers including the ongoing issues around accounting, two sources have told GlobalRMB.

In this round-up, the AIIB gets ready for its first annual meeting as the president explains how the bank will work, the spread widens between offshore and onshore renminbi and Zimbabwe seeks trade settlement agreement. Plus, a recap of GlobalRMB’s top stories this week.

Hong Kong based Sun Hung Kai has announced the minimum yield for an exchange offer that will switch bondholders out of the firm’s 2017 notes into newer ones due 2021.

China Online Education Group is planning a US IPO of up to $100m and has filed a draft prospectus with the US Securities and Exchange Commission (SEC).

DBS has seen one departure each in its loans teams in Singapore and Hong Kong, according to sources.

After the European Commission blocked Hutchison 3G’s £10.25bn bid for O2, banks may push for different fee structures in future M&A deals, according to one senior loans banker.

Three banks have seen changes to their loan syndication teams in Asia following departures and internal moves.

Chinese tutoring service provider TAL Education is looking to raise $200m from an overseas syndicated loan in its first visit to the market.

ICBC Financial Leasing was out in the dollar bond market on Thursday, enticing bids for a Reg S/144A offering that is split into three portions.

CDH exited from Luye Pharma Group via a HK$717.96m ($92.51m) accelerated share sale on Wednesday, but the stock dropped well below the pricing level in the aftermarket.