Greater China

Hsin Chong Construction Group has ended the two-month lull in the equity-linked market with a $100m convertible bond led by China Merchants Securities, marking the bank’s first solo mandate for a deal in this asset class.

ICBCIL Finance has made its debut in the 144A format with a triple-tranche dollar offering, meeting its objectives on both pricing and diversification.

China Life Insurance could soon be making another appearance in the international bond market, having obtained board approval for raising up to $3bn.

Dali Foods Group Company has provided a burst of excitement to the Hong Kong IPO market, launching a HK$10.4bn ($1.34bn) listing that could become the biggest float by a privately-owned company in the city this year. Bankers are touting it as the first deal in a long time to conduct a real institutional bookbuilding, and it is also offering some diversification to investors.

China Universal Leasing, which is seeking to change the benchmark of an offshore renminbi borrowing, is now simultaneously looking for a new Rmb800m ($126m) onshore loan.

Avicem HK, a subsidiary of Shenzhen-listed Avic Electromechanical Systems Co, has wound up a €350m ($384.6m) loan with a group of four banks.

The Privatisation Commission of Pakistan has issued a request for proposals to firms to help lead a sell-down in State Life Insurance Corp (SLIC).

Shandong Gold Group launched a capped $300m trade on November 4, the first time it is venturing into the international bond market for funding.

China’s decision to reform its parity mechanism has ushered in a new phase of volatility for both the onshore RMB (CNY) and its offshore counterpart (CNH). Beijing has said markets should welcome the volatility as a signal of its reduced influence on the currency. For market watchers, external forces will be equally crucial to its success.

Chinese regulators have been moving at record speed to smooth market access issues arising from its capital account opening initiatives, but the timing and manner of regulators’ interventions were still hard for markets to swallow, said the world’s largest asset management firm.

One to two year CNY swaps have been bid on the back of the PBOC's lower USD/CNY fixing today. The short-end has underperformed and the curve has flattened as a result, writes Deirdre Yeung of Total Derivatives.

Chinese state-owned enterprise Shandong Gold Group is planning to issue its first international bond with the help of a standby letter of credit from Bank of China’s Shandong branch.