Hong Kong SAR

There is a lot of market interest in One Belt One Road, but there is little understanding of how OBOR’s financing will work, said Hong Kong’s secretary for financial services and the treasury KC Chan, who reckons the city will play a key role in bridging the knowledge gap.

Chicago-headquartered Kirkland & Ellis has poached a lawyer with 15 years of experience for its corporate practice in Hong Kong.

The upcoming Bond Connect has generated a lot of interest, but not all market participants are pleased with China’s latest attempt to entice foreign investors, with some seeing the new scheme as a confusing addition to an already complex investment landscape.

China's Ministry of Finance announced on Tuesday that it will be issuing a total of Rmb14bn ($2.06bn) of offshore renminbi treasury bonds this year, and will also sell its first dollar deal in over a decade in the second half.

Shui On Land priced its senior perpetual bond on Monday in a busy primary market in Asia ex-Japan. The $500m trade was multiple times covered, as demand for perps continues to be strong in the region.

ICBC International has lost its co-head of debt capital markets in Hong Kong, GlobalCapital Asia understands.

Rose Lee will retire as Hang Seng Bank’s vice-chairman and chief executive on July 1 and will be replaced by a senior HSBC Holdings banker.

RKE International Holdings (RKE) has kicked off pre-deal investor education for a listing in Hong Kong that could raise up to $300m.

Xin Point Holdings has opened books on a HK$855m ($110m) Hong Kong IPO with a single cornerstone investor taking up 25% of the deal.

People’s Bank of China (PBoC) plans new bitcoin regulations, Stock Connect southbound flows hit new highs, financing costs of renminbi bonds are cheaper offshore than onshore for the first time in 28 months.

China’s FX reserves rise for the fourth consecutive month in May, a Chinese securities regulator says the country will start allowing foreign investors to trade commodities futures onshore, and Ford Motor’s onshore financial arm issues RMB-denominated bonds.

FWD Group raised $500m from a rare zero coupon subordinated perpetual non call five on Thursday, which bankers said works for the Richard Li backed company but is unlikely to catch on with other issuers.