Hong Kong SAR

The visit of president Xi Jinping to the UK this week has stirred much debate about the degree of kowtowing by British politicians and royals to the Chinese leader. But politics aside, the glut of new measures and transactions that accompanied the visit means the London RMB hub advanced in leaps and bounds.

Hong Kong and London’s futures and commodities exchanges have singed a pact to develop a trading link between Hong Kong Futures Exchange (HKFE) and the London Metal Exchange (LME), alongside a clearing link to be called the London-Hong Kong Connect.

China Reinsurance priced Hong Kong’s third largest IPO of the year at the top of the range to raise HK$15.58bn ($2.01bn), drawing an outpouring of interest from global investors. The trade has buoyed hopes among ECM bankers, as they seek to put a sullen summer behind them.

Abu Dhabi Commercial Bank this week made a rare appearance in Hong Kong dollars, selling what is only its second private MTN in the currency in nearly eight years.

China Reinsurance has pulled off one of the year’s largest IPOs in Hong Kong, and all signs are pointing to an equally positive finish for China Huarong Asset Management. But while their success bodes well for market sentiment, participants would be wise not to oversell a recovery too quickly.

China Reinsurance priced Hong Kong’s third largest IPO of the year at the top of the range to raise HK$15.58bn ($2.01bn), drawing an outpouring of interest from global investors. The trade has buoyed hopes among equity capital markets bankers as they seek to put a sullen summer behind them.

China’s BeiGene is eyeing a listing on the Nasdaq, with the drug maker tapping three banks for a $100m IPO.

Bank of China has received the green light from its board of directors to spin off and list BoC Aviation on the Hong Kong Stock Exchange.

Bank of Jinzhou Co has filed afresh for a $600m IPO in Hong Kong, which was delayed in June due to regulatory issues and scrutiny around its loan exposure to the Hanergy Group.

In this round-up, Moscow Exchange sees drop in RMB swap and spot trading in September, RMB denominated trade settlement reaches new record in Q3 2015, Taiwan RMB deposits see slight fall in September, HKEx plans launch of new RMB metal contracts, and BAML finds investor sentiment improved on China.

HSBC has rejigged its debt syndicate team in Hong Kong, relocating Agustin Gargallo from New York. The change comes at the same time that Edward Morgan, part of the firm’s syndicate team in Hong Kong, is leaving the bank.

Asia ex-Japan’s morose equity-linked market is poised for a shake-up after China’s National Development and Reform Commission (NDRC) overhauled its rules for foreign debt sales, allowing H-share issuers to dive back into convertible bonds.