Greater China

Banks are welcoming plans by the Hong Kong Stock Exchange (HKEx) to solve the outstanding settlement issues for the Shanghai-Hong Kong Stock Connect. The introduction of delivery versus payment (DVP) settlement model from next April also provides business opportunity as brokers seek out more liquidity.

Korea Development Bank (KDB) is returning to a tried and tested formula for its latest offshore renminbi outing, opening books for a single tranche dual-listed bond on November 24.

A $200m loan for China Water Affairs Group has been launched, with the Asian Development Bank providing half the fundraising and the remainder to come from lenders in syndication.

Although a strong dollar persists, Aberdeen Asset Management Asia (Aberdeen) says that Asia is in reasonably good shape and China has been a great investment, particularly onshore market.

Bank of Jinzhou Co started taking orders on Monday for its up to HK$7.31bn ($943.25m) IPO in Hong Kong, with just one cornerstone investor taking up 15% of the shares in the Chinese city commercial lender.

East Capital, an asset manager that focuses on emerging and frontier markets, has named socially responsible investments specialist Francois Perrin as a portfolio manager in charge of Greater China.

Hong Kong property giant New World Development made a successful return to the dollar bond market last week, using its rarity value to price a $950m trade inside its curve.

Huaneng Power International has raised HK$5.69bn ($734m) via a private placement of H-shares as the company shores up funds to repay outstanding loans and to supplement its working capital requirements.

A pair of issuers based in southern China – Guangzhou Metro Group and Guangdong Rising Assets Management (GRAM) – are planning to make their respective debuts in the dollar bond market this week.

Bank of Qingdao Co is looking to raise up to HK$5.2bn ($666m) in a Hong Kong listing, with the trade opening books on November 20. This makes it the first of a handful of Chinese city commercial banks to launch their IPOs in the city.

Hong Kong property company New World Development was out in the dollar bond market on November 20, marking its first offering this year.

Powerlong Real Estate Holdings returned to the dollar bond market following a hiatus of nearly three years, pricing a $200m deal inside its existing curve.