HSBC
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China Reinsurance’s HK$15.6bn ($2.01bn) listing in Hong Kong is multiple times covered, with the leads on the deal telling investors that pricing is expected in the upper half of guidance. -
China Construction Bank sealed a successful offshore renminbi bond on October 12, marking the first time it has listed dim sum notes in London. The trade is set to breathe new life into the CNH market, which had been shut for more than two months following a devaluation of the currency.
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China is boosting its capital markets collaboration with the UK with Agricultural Bank of China launching a dual-currency, triple-tranche bond on October 13. It would be the second Chinese lender to sell notes in London in as many days, and its offering will also mark the country’s first financial green bond.
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China's Yingde Gases Group has cut the size of its syndicated loan to $100m from $150m, in favour of raising additional funds from an onshore renminbi bond.
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China Reinsurance opened its HK$15.6bn ($2.01bn) IPO with a bang on Monday, putting around half the deal in the hands of cornerstones and sending out a covered book message just hours after launch.
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HSBC has hired Elena Garcia-Hernandez, who moved to Banca Itau from JP Morgan less than a year ago, for its London syndicate desk. The bank has also reshuffled global syndicate, moving two bankers to Hong Kong.
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China Construction Bank is set to price the first offshore renminbi bond in more than two months, which bankers say is part of the government’s initiative to open up the dim sum bond market. The notes will also mark the first CNH deal under the newly established NDRC rules.
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Chinese developer Soho China has extended the offer period to buy back its existing bonds by a week, after noteholders tendered just 36% of the company’s 2022s.
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An agency mandated for its first syndication in four years on Friday, with a deal to follow next week. The unconventional timeframe was in part to allow investors to reacquaint themselves with the borrower, said bankers on the deal.
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Hengtou Securities priced its HK$1.54bn ($198.32m) IPO at the wide end of guidance on October 8, with support coming mostly from Hong Kong and Chinese investors.
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The European Investment Bank brought a benchmark that public sector bankers hope can bring some stabilisation to the dollar market, as another supranational eyed up a potential new source of demand.
