Hong Kong SAR

Deutsche Bank has made a series of senior changes to its debt and loan teams in Asia, which will see Haitham Ghattas, the new head of debt origination for Asia, take charge of four origination units.

Hong Kong Broadband Network is raising a HK$700m ($90m) loan to fund its acquisition of telecoms businesses Concord Ideas and Simple Click Investments.

Asia’s desolate equity capital markets are about to be tested with new listings for the first time since Goodbaby China Holdings pulled a Hong Kong IPO in early February. But with bankers finding it harder than ever to convince investors to buy deals, little can be done in the primary market until some stability returns, write Jonathan Breen and John Loh.

Bank of China Hong Kong sneaked in to the bond market on Tuesday with a triple-tranche dollar deal in the midst of several other well flagged competing transactions. But the Chinese lender raised a hefty $2bn, which bankers said proved that it is one of the strongest credits in the region.

Hong Kong Broadband Network has hit the syndicated loan market for HK$700m ($90m) to fund its acquisition of telecom businesses Concord Ideas and Simple Click Investments.

Far East Consortium International has sealed a HK$1.35bn ($174m) three year loan, with the proceeds to go towards redeeming an outstanding renminbi bond and for general working capital.

Chinese logistics firm ZTO Express has sent out a request for proposals for an IPO that could raise as much as $1bn, according to sources.

Cheung Kong Infrastructure Holdings (CKI) made a strong comeback to the dollar hybrid bond market on Monday with a perpetual non-call five. Despite the tight pricing and a structure that some considered weak, investors were keen to participate thanks to the borrower’s credentials and a lack of supply in the primary market.

Khazanah Nasional started taking orders for its first Islamic bond in dollars on Tuesday, while Bank of China’s Hong Kong branch launched bookbuilding for a triple tranche senior dollar deal.

The RMB qualified foreign institutional investor (RQFII) programme has been a runaway success, expanding to sixteen jurisdictions and over 150 institutions in just five years since launch, quickly catching up to the popularity of sibling programme QFII. Yet, to retain its appeal amid market volatility and the evolution of competing investment channels, it may be time for RQFII to revamp.

Cheung Kong Infrastructure Holdings (CKI) is on track for a comeback to the dollar hybrid bond market, while India’s National Thermal Power Corp kicked off bookbuilding for a 10 year Reg S offering on Monday.

With result season now in full swing after the Lunar New Year holidays, now is perhaps an opportune time to reflect on the fact that Hong Kong remains one of the few major markets around the world (and in Asia in particular) not to require companies listed on its Main Board to publish quarterly accounts. With talk of a third board to attract smaller companies with lower listing requirements, and recurring issues with disclosure (or lack thereof) by smaller listed businesses, a change in the rules is probably long overdue, writes Philippe Espinasse.