Northeast Asia

The successes and failures of a handful of deals last week showed that floating rate notes are not just for financial credits, but can also serve corporations well — especially in times of real need.

While Bond Connect has opened up China’s booming securitization market, most international investors are only tapping deals originated by foreign auto finance companies. But this is starting to change as Chinese banks prepare to sell residential mortgage-backed securities (RMBS) through the bond link.

Chinese online consumer finance provider VCredit Holdings began investor education for its Hong Kong IPO on Monday, according to a banker familiar with the matter.

An unnamed vendor has raised W236.1bn ($217.6m) after paring its stake in Samsung Engineering Co through an equity sale, according to a source close to the deal.

Chinese tutoring service provider Puxin Education & Technology Group has filed draft documents for an IPO of American Depository Shares (ADS), targeting $300m, according to a banker on the deal.

Société Générale has appointed Mark Liu as the group country head for Taiwan, succeeding Godwin Chang who is stepping away from banking.

The Chinese central bank ushers in measures to support offshore renminbi liquidity ahead of MSCI’s A-share inclusion, the London Stock Exchange (LSE) showcases a grand plan to link its stock market with Shanghai, and Beijing and Washington hold back on tariffs after Liu He’s visit to the US.

An unnamed vendor rumoured to be BlackRock is in the market with an overnight equity sale in Samsung Engineering worth up to W237.8bn ($220m).

China Great Wall Asset Management Corp snapped up $600m from a five year bond on Thursday, a modest size compared to its last offshore outing.

A challenging market backdrop pushed China Vanke Co to go down the floating rate note route for its bond return on Thursday. It wasn’t disappointed, with bankers saying the $650m bond was priced around 15bp inside a hypothetical fixed rate deal.

Zhongyuan Yuzi Investment Co, a provincial level local government financing vehicle (LGFV), has postponed a planned dollar bond amid weak sentiment for the sector. On the other hand, Nan Hai Corp, which pulled a deal last September, managed to get its second bond attempt past the finish line by opting for a private placement style execution.

Haidilao International Holding, a Chinese hotpot restaurant chain, has filed for an IPO in Hong Kong that could raise around $1bn.