Greater China

CRCC High-Tech Equipment Corp, a unit of Chinese state-owned China Railway Construction Corp, opened books on Monday for a HK$3.06bn ($395m) IPO, with the company counting on the unique nature of its business to appeal to investors.

Doosan Power Systems (DPS) and the Sydney branch of Industrial and Commercial Bank of China started attracting interest from bond investors on November 30, opening books for their respective dollar deals.

China Greenland Rundong Auto Group has become the latest auto dealer from the Mainland to increase the size of its borrowing thanks to strong demand.

Chinese authorities are expected to allow the renminbi to depreciate following the decision on the IMF Special Drawing Rights (SDR) basket, though there is a debate about how severe that fall will be. Either way, it is likely a hike in rates by the Federal Reserves (Fed) could hold more sway on the RMB's future than SDR inclusion.

The Province of British Columbia (BC) has moved one step closer to selling a Panda bond after it secured a quota of Rmb6bn ($973m) to issue renminbi-denominated notes in China’s interbank market.

Citic CLSA Securities has appointed Yu Zhao as its head of China corporate finance and capital markets, in a newly created position aimed at boosting the firm's coverage of the country.

DM Wenceslao and Associates has trimmed the maximum offer price on its IPO of up to Ps10.73bn ($227m) to Ps25 from Ps44, as it gears up to launch and price the deal in the coming weeks.

Chinese conglomerate HNA Group ventured into the dollar bond market on Thanksgiving and managed to raise $250m from a two times covered book.

Morgan Stanley has made a series of high level changes to its business with Eric Ma taking the helm as vice-chairman for southeast Asia, according to an internal memo seen by GlobalCapital Asia.

SinoPac Securities has signed a $120m three year bullet loan, netting commitments from a group of roughly 15 lenders.

In this round-up, ANZ launches free trade units in the Shanghai FTZ, RMB deposits drop in Macau and Taiwan, ECB and PBoC complete testing of swap line, JP Morgan starts RMB money market fund transfer solution, and China might begin a RMB fund in collaboration with CEE countries. Plus, a recap of our top stories this week.

Bank of East Asia (BEA) executed a landmark trade this week, completing Asia’s first dollar liability management exercise into a Basel III instrument. With old style bank capital instruments losing capital value, market observers hope there will be more such transactions, writes Rev Hui.