Greater China

Cheung Kong Infrastructure Holdings (CKI) made a strong comeback to the dollar hybrid bond market on Monday with a perpetual non-call five. Despite the tight pricing and a structure that some considered weak, investors were keen to participate thanks to the borrower’s credentials and a lack of supply in the primary market.

Khazanah Nasional started taking orders for its first Islamic bond in dollars on Tuesday, while Bank of China’s Hong Kong branch launched bookbuilding for a triple tranche senior dollar deal.

The RMB qualified foreign institutional investor (RQFII) programme has been a runaway success, expanding to sixteen jurisdictions and over 150 institutions in just five years since launch, quickly catching up to the popularity of sibling programme QFII. Yet, to retain its appeal amid market volatility and the evolution of competing investment channels, it may be time for RQFII to revamp.

Bank of Qingdao is poised to keep China’s green debt momentum rolling, winning approval to issue a bond of up to Rmb8bn ($1.23bn) into the onshore debt market.

China has appointed a new chairman to its stock market regulator, who bankers hope will take a hands-off approach to governing the country’s markets.

Cheung Kong Infrastructure Holdings (CKI) is on track for a comeback to the dollar hybrid bond market, while India’s National Thermal Power Corp kicked off bookbuilding for a 10 year Reg S offering on Monday.

With result season now in full swing after the Lunar New Year holidays, now is perhaps an opportune time to reflect on the fact that Hong Kong remains one of the few major markets around the world (and in Asia in particular) not to require companies listed on its Main Board to publish quarterly accounts. With talk of a third board to attract smaller companies with lower listing requirements, and recurring issues with disclosure (or lack thereof) by smaller listed businesses, a change in the rules is probably long overdue, writes Philippe Espinasse.

HSBC booked the lion’s share of its 2015 earnings from Asia, with the region contributing to more than 80% of the group’s profits before tax as the bank continues to look eastward for growth. But there are challenges ahead, with the firm under investigation by the US Securities and Exchange Commission (SEC) for its hiring practices.

China has become the biggest and arguably the most important capital market in Asia. The size and scope of transactions combined with the fast pace of reform is influencing capital markets well outside the country’s borders. In our first China Deals and Investment Bank of the Year Awards, we select the standout transactions and institutions. Our thanks to all those firms that took the time to pitch. Full write-ups of each award will be published in the next Asiamoney supplement in late March.

Evergrande Real Estate Group said on Monday that it has received the requisite consent from bondholders to relax terms on two of its outstanding dollar bonds.

Yangtze River Development is looking to raise as much as $57.5m for a project in Wuhan, China, by listing on the New York Stock Exchange, according to a filing with the US regulator.

United Asia Finance has launched a HK$600m ($77m) four year fundraising into syndication. The Sun Hung Kai-backed company is offering a high all-in compared to the sub-100bp being paid by other Hong Kong blue chip names.