Greater China

Chinese names are continuing their resurgence with State Grid Corp of China returning for a dollar/euro combo while China International Capital Corp (Hong Kong) has opened books for its debut offshore appearance.

China Nuclear Engineering Group Corp (CNEC) is set to issue its debut dim sum this month, after failing to pull off a deal last year amid poor sentiment around offshore renminbi (CNH) bonds, GobalCapital Asia's sister publication GlobalRMB learnt this week.

There are fresh signs that the China Securities Regulatory Commission is looking to crack down on backdoor listings by overseas-listed Chinese companies, with talk that it could move to block such deals. While clamping down on excessive speculation for reverse takeovers will do the market some good, the regulator should refrain from meddling.

Agricultural Bank of China New York raised $1.25bn from a dual-tranche offering on Monday, hitting the market early given expectations of more supply over the week. The issuer sealed a bigger floating rate note as it provides protection against volatility induced by the Federal Reserve, but executed the trade in an unusual manner.

China’s authorities are moving to liberalise the commodities market and introduce renminbi pricing for more and more asset classes as the country puts its focus on furthering global usage of the currency.

As the $100bn-plus IPO of Saudi Aramco nears its launch, the UK’s Telegraph has most recently hinted at a three-way foreign listing, conducted across London, New York and Hong Kong. Columnist Philippe Espinasse looks at the practicalities and advantages (as well as disadvantages) for the oil behemoth of listing in Asia.

Bank of China International has hired Daniel Ng as head of the investment banking division, according to sources.

BOC Aviation will launch bookbuilding for its $2bn Hong Kong IPO next Monday and is in the process of finalising the involvement of cornerstone investors, according to sources with knowledge of the situation.

Industrial and Commercial Bank of China plans to build its tier two capital buffer and will ask shareholders to approve the proposal in a general meeting.

China Securities Regulatory Commission has flagged concerns at the trend of overseas-listed Chinese companies returning to the Mainland for A-share IPOs and the increased use of shell companies for such floats.

BNP Paribas could let go of up to 40 people in its Asia cash equities unit, affecting about 20% of the division's workforce in the region, as it seeks a buffer against the continued soft patch in the market.

Agricultural Bank of China New York has returned to the offshore bond market, having started bookbuilding for a dual-tranche dollar transaction on Monday morning.