Hong Kong SAR

Goodbaby China has kicked off pre-marketing for a potential $200m IPO and could start the roadshow next week, according to market sources.

The drop in offshore RMB (CNH) deposits in Hong Kong, and the further tightening of CNH liquidity due to the intervention of the Chinese central bank, is being touted as examples of how investors are ready to sell out of RMB assets. But a glance at liquidity trends across other RMB hubs reveals that the picture may be more nuanced.

China’s central bank drew a lot of criticism this week for its decision to intervene in the offshore renminbi market. But David Bloom global head of foreign exchange strategy at HSBC, says the People’s Bank of China was correct in trying to stop the CNH depreciation.

Chinese peer-to-peer lender Lufax is calling on banks to pitch for its $5bn listing in Hong Kong, expected to be the city’s largest float in 2016.

Hong Kong’s Hsin Chong Construction Group managed to get a difficult $150m bond away this week, braving volatile markets with a two-day execution and private bank backing.

In this round-up, China's RMB trade settlement touches a new high, Hong Kong RMB clearing grew by 30% in 2015, South Korea's RMB deposits shrank by 75% over the year, Singapore plans closer cross-border RMB co-operation with China, and several Belt and Road initiatives were announced. Plus, a recap of GlobalRMB's top stories this week.

Standard Chartered has revealed the new management structure of its global capital markets team following a highly publicised restructuring last year. Leading the revamped capital markets unit is Henrik Raber, who told GlobalCapital Asia this week that he is confident the bank will be able to stand strong amid changes. Rev Hui reports.

A big spike in the interbank rate for offshore renminbi has cast doubts over the development of the nascent CNH Hibor loan market. The changes in the overnight rates unnerved bankers, who responded that a wait-and-watch approach would be the most sensible, writes Shruti Chaturvedi.

Citi has created a consolidated Asia Pacific debt syndicate team to sniff out opportunities in local currency issuance, while Deutsche Bank has appointed a senior executive to head debt syndicate and origination in the region.

While nursing a whiskey at the China Club this week, I couldn’t help but notice a group of bankers crowded around some tables in the corner. While they typically wouldn’t catch my eye, what drew my attention was that they all had a tipple in their hands but seemed too busy muttering expletives to drink anything.

Bank of America Merrill Lynch is moving back to a co-head structure for its Asia Pacific global corporate and investment banking unit, with Elif Bilgi Zapparoli promoted to the role, according to a memo seen by GlobalCapital Asia.

Hong Kong Airlines had to navigate a crowded primary market on January 13 to price its first dollar bond and raise $180m in the process.