Hong Kong SAR

Baosteel Hong Kong Investment Co sold a $500m exchangeable bond this week at terms that were aggressive even at the bottom end. Bankers clashed over whether the mandate process, conducted like an accelerated bookbuild, was good for the market, writes John Loh.

Logan Property Holdings Co raised HK$1.55bn ($200m) from a top-up placement on November 25, which was well received despite investors’ lack of familiarity with the company.

OCBC has hired David Cheng from Deutsche Bank to be head of corporate finance. He will run the Singapore bank’s equity capital markets, M&A and equity syndication teams.

Bank of Qingdao priced its HK$4.7bn ($606.5m) IPO at the bottom of guidance on November 25, leaning on a heavy cornerstone tranche and investors from Hong Kong and China to get over the finish line.

China’s Ministry of Finance (MoF) completed most of its Rmb14bn ($2.2bn) offshore bond auction this week, with just a Rmb2bn retail tranche for Hong Kong residents left to wrap up.

Logan Property Holdings Co raised HK$1.55bn ($200m) from a top-up placement on November 25, pulling off a successful trade despite the huge chunk of shares on sale and investors’ lack of familiarity with the company.

Baosteel Hong Kong Investment Co priced Asia’s first H-share equity-linked offering since 2007 on Tuesday, selling a $500m exchangeable bond that bankers are hailing as a market opener.

Swiss lender UBS has promoted Edmund Koh to lead its Asia Pacific wealth management business from next year.

Bank of East Asia (BEA) opened books for a dollar-denominated additional tier one (AT1) on November 25, with the Hong Kong lender looking to use the proceeds to fund the purchase of its outstanding legacy tier one instruments.

Lee & Man Paper Manufacturing is seeking a HK$2.4bn ($310m) term loan to refinance existing debt and for its general corporate funding requirements.

UNV Digital Technologies has decided not to go ahead with its $150m IPO in Hong Kong after completing investor education, as the issuer felt that market conditions were not in its favour.

China Energy Engineering Corp has kicked off bookbuilding for its HK$15.22bn ($1.96bn) listing in Hong Kong, with the state-owned construction firm squeezing 20 cornerstone investors into a deal some bankers are calling expensive.