Hong Kong SAR

A $240m dividend recapitalisation loan for Asia Satellite Telecommunications' (AsiaSat) sponsor Carlyle has seen seven banks commit so far, with one more lender awaited.

Property developer HKR International has increased the size of its borrowing to HK$8bn ($1.032bn) to accommodate the 14 lenders that have formed the syndicate group.

China Reinsurance Corp (Chine Re) has kicked off a soft pre-marketing for its $2bn IPO on the Hong Kong Stock Exchange, as investors remain in a risk-off mood amid global volatility.

Hong Kong-listed HNA International Investment Holdings has announced plans for a HK$2.97bn ($383m) rights issue that will hit the market in October.

In this round-up, Stock Connect trading surges this week, HKEx reports record levels of RMB futures trading, AIIB chooses a Chinese national as its president.

Kingboard Chemical Holdings has increased its borrowing to HK$6bn ($773m) from a launch size of HK$5bn, after 18 banks came on board during general syndication.

Nationwide Building Society has splashed out in the Hong Kong dollar market, selling its largest ever note in the currency. The deal comes amid a “revival” for the currency and as European financial issuers are “in vogue” in Hong Kong, but dealers are divided over whether more issuance is likely.

Several former bankers from Royal Bank of Scotland have joined new institutions recently, as the UK firm continues to dismantle a large part of its Asia business.

Everbright Securities Co navigated cautious markets on its first outing to dollar bonds, thanks to the presence of anchors orders and a standby letter of credit (SBLC) from China Merchants Bank’s Shanghai branch. As the first triple-B rated SBLC backed trade, it has set a benchmark for future issues.

Bank of Qingdao Co, a Chinese city commercial lender, is considering a Hong Kong listing this year. Citic CLSA Securities and Goldman Sachs are joint sponsors, with Rothschild acting as financial adviser.

It’s tough being a banker. Long hours, stiff drinks, more stiff drinks, and some work in between. At least that’s how it was in my day.

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