Hong Kong SAR

International investment banks are taking a knife to their Asian operations amid slower capital markets activity, even as competition from Chinese lenders intensifies.

Commitments have rushed in for separate borrowings by two Hong Kong real estate investment trusts, despite their syndication deadlines being still some time away.

CK Hutchison Holdings is seeking fresh funds to refinance debt, and is eyeing a dual-tranche dollar bond with five and 10 year tenors.

China Securities Finance Co and Minsheng Education Group are looking to list in Hong Kong and filed draft prospectuses with the city’s exchange on Monday.

Natixis has created three new business lines for its Asia Pacific corporate and investment banking (CIB) business, putting Damien Cleris, Bruno le Saint and Raghu Narain in charge.

Renminbi adoption has surged in the United Arab Emirates while lagging behind in the Eurozone, according to the latest data by the Society for Worldwide Interbank Financial Telecommunication (Swift). The Chinese authorities also seem ready to increase RMB connectivity with the Middle East through a number of new initiatives.

A veteran loans banker most recently with Bank of America Merrill Lynch is tipped for a senior role at Bank of Tokyo-Mitsubishi UFJ.

China Minsheng Hong Kong International Leasing is planning to raise at least $300m from its latest loan, more than the initial $200m, after receiving a good response during general syndication.

China Merchants Securities Co has kicked off bookbuilding for a HK$11.4bn ($1.5bn) IPO, over half of which has been propped up with cornerstone investors. Meanwhile, peer-to-peer lender Lufax has hired a quartet to lead its $5bn float.

King & Wood Mallesons has hired John Baptist Chan as a partner in the corporate and securities practice in Hong Kong as the law firm looks to boost its IPO team.

Evergreen Products Group, which makes hair goods like wigs, hairpieces, braids and extensions, is seeking a listing in Hong Kong and has filed a preliminary prospectus with the regulator.

Hong Kong is getting ready for a slew of $1bn-plus deals with China Resources Pharmaceutical Group preparing for its listing, as the city sees off the world’s largest IPO since 2014.