Greater China

Baosteel Hong Kong Investment Co sold a $500m exchangeable bond this week at terms that were aggressive even at the bottom end. Bankers clashed over whether the mandate process, conducted like an accelerated bookbuild, was good for the market, writes John Loh.

Logan Property Holdings Co raised HK$1.55bn ($200m) from a top-up placement on November 25, which was well received despite investors’ lack of familiarity with the company.

OCBC has hired David Cheng from Deutsche Bank to be head of corporate finance. He will run the Singapore bank’s equity capital markets, M&A and equity syndication teams.

Credit Suisse Founder Securities (CSFS) has won approval to provide brokerage services in Shenzhen Qianhai from the China Securities Regulatory Commission.

Guangdong Rising Asset Management (GRAM) has completed its inaugural offshore outing with a standby letter of credit from China Development Bank, with the leads finding it a challenging process to pick the best comparables.

Bank of Qingdao priced its HK$4.7bn ($606.5m) IPO at the bottom of guidance on November 25, leaning on a heavy cornerstone tranche and investors from Hong Kong and China to get over the finish line.

Guangzhou Metro Group has raised $600m from its first foray into the international bond market, with its sector of operation and government backing attracting investors.

China’s Ministry of Finance (MoF) completed most of its Rmb14bn ($2.2bn) offshore bond auction this week, with just a Rmb2bn retail tranche for Hong Kong residents left to wrap up.

Logan Property Holdings Co raised HK$1.55bn ($200m) from a top-up placement on November 25, pulling off a successful trade despite the huge chunk of shares on sale and investors’ lack of familiarity with the company.

Hungary is planning a renminbi-denominated government bond in the hope of laying the foundation for eastern European entities to borrow from the RMB market and encourage related investment activity, its Ministry for National Economy said this week.

The People’s Bank of China (PBoC) admitted a first batch of seven foreign central banks, sovereign wealth funds (SWF) and supranational agencies to the onshore interbank foreign exchange (FX) market, according to a November 25 announcement.

Baosteel Hong Kong Investment Co priced Asia’s first H-share equity-linked offering since 2007 on Tuesday, selling a $500m exchangeable bond that bankers are hailing as a market opener.