Hong Kong SAR

Property developer China Evergrande Group opened books for a HK$23bn ($2.9bn) perpetual convertible bond on Tuesday evening, a deal that was much sought after by banks.

Future Land Development Holdings and Powerlong Real Estate Holdings sold their respective equity-linked notes with almost similar results on Monday. Both deals were fully increased and priced near the investor-friendly end of terms.

Chinese conglomerate Ping An Group is planning to spin off its healthcare technology subsidiary through a potential $1bn IPO this year on the Hong Kong Stock Exchange, according to a source close to the deal.

Renminbi bullishness has served Luxembourg well. The tiny country has enjoyed substantial China-related fund flows in 2017, largely thanks to a wider offering of investments, Marc Andre Bechet, director of legal and tax at the Association of the Luxembourg Fund Industry (Alfi), told GlobalRMB.

Nomura has hired Charles Wang as chairman of China investment banking to strengthen its client coverage there, according to a memo seen by GlobalCapital Asia.

Two Chinese property developers are in the market on Monday evening to sell convertible bonds with nearly identical structures.

China and the UK have still not announced the launch date of the London-Shanghai Stock Connect, but international investors are already positioning themselves to get the most out of the new link, Gary O’Brien, a senior custody banker at BNP Paribas, told GlobalRMB.

A HK$13bn ($1.66bn) three year financing to support a consortium’s acquisition of retail properties in Hong Kong is in limited syndication, with the underwriter title on offer.

International investors increase their stake in Chinese bonds and equities, Hong Kong Exchanges and Clearing (HKEX) records the second highest trading volume for its USDCNH futures, and Luxembourg Stock Exchange promotes green bonds issued by Agricultural Development Bank of China (ADBC).

Hong Kong-based insurer FWD sealed a $200m subordinated perpetual note on Thursday, but the trade lacked the kind of demand received for a similar deal last year.

Cifi Holdings raised HK$2.79bn ($356.7m) in short-term financing with the sale of a sub-one year convertible bond, priced at the tight end of guidance on Thursday evening.

China’s Panda bond market looks set to spring to life this year, with long-awaited guidelines said to be coming within the next two weeks. GlobalRMB takes an in-depth look at the potential for Panda bonds — and the hurdles that need to be cleared.