Hong Kong SAR

Zhongsheng Group Holdings gave convertible bond investors a rare taste of sub-one year paper this week, replicating a structure that has gained popularity in the debt capital market for its ability to sidestep Chinese regulatory restrictions.

Don’t write an obituary for the dim sum bond market just yet. BOC Aviation and BMW showed there are still signs of life this week, pricing a pair of three year bonds that added variety to a market that clearly needs it.

There is little that can affect a veteran bond banker more than experiencing the joy of a debut issuer. Whether they’re happy with the funding costs, impressed by the deal size, or just basking in surprise that no-one took a closer look at their accounts, new issuers often bring a child-like innocence to the debt markets. Sometimes, however, they go too far.

CSPC Pharmaceutical Group opened books for HK$1.98bn ($253.6m) primary share placement on Thursday morning, according to a term sheet seen by GlobalCapital Asia.

Victory City Co has hit the syndicated loan market for a HK$2.6bn ($333m) fundraising with five bookrunners at the helm.

Shareholders in Russia’s United Co Rusal raised HK$2.5bn ($320.3m) through an overnight bookbuild, following a rally in the stock as its parent EN+ Group is seeking a $1.5bn IPO.

BOC Aviation and BMW set out to sell offshore renminbi bonds on Wednesday, marking a return to the market for both issuers.

Crystal International Group is sounding out investors for its $600m-$800m Hong Kong IPO and could launch the offering as soon as next week.

China Power Development International is planning a rights issue to raise at least HK$2bn ($256.3m), helping the company fund acquisitions of various clean energy project companies.

CICC has lost one of its equity capital markets bankers in Hong Kong, according to sources close to the move.

Credit Suisse expanded the responsibilities of two veteran bankers, naming one as the chairman of its Hong Kong operation and another as chief executive for Greater China.

Haitong UniTrust is preparing for a late October or early November launch of its potential $500m Hong Kong listing, according to a banker working on the transaction.