Northeast Asia

Road King Infrastructure is hoping to revive the spin-off and IPO of its toll road subsidiary in the fourth quarter of this year.

A special purpose vehicle under India’s Greenko Energy Holdings is ready to market a dollar green bond, while Hong Kong’s Castle Peak Power Company is looking to sell what it is calling an energy transition bond.

South Korean agricultural lender Nonghyup Bank began marketing a five year dollar transaction on Monday morning, returning to the debt market after about nine months.

Asset manager Pimco said the launch of Bond Connect addressed important concerns by foreign investors, but added that the outlook for the RMB remained somewhat bearish.

Chinese iron and steel company Metallurgical Corporation of China (MCC) is looking to add to its dollar bond sold just over a month ago, opening a tap on Monday following investor meetings in Hong Kong, Singapore and London.

Standard Chartered’s Renminbi Globalisation Index fell to a 39-month low in May as the offshore renminbi (CNH) liquidity pool shrinks. But the bank said the index figures do not yet reflect China’s recent efforts to internationalise the renminbi, such the launch of Bond Connect.

An institutional investor bagged HK$2.1bn ($268.8m) after offloading a chunk of its shares in property firm China Vanke last Friday, taking advantage of a jump in the company’s share price.

Oceanwide Holdings International is joining the rush of issuers selling bonds with tenors of less than one year, marketing a 363-day Reg S transaction to refinance debt.

Greentown China Holdings and ENN Energy Holdings are courting investors for new dollar deals this week.

China’s State Administration of Foreign Exchange (Safe) says the country will not devalue the renminbi, Hong Kong’s renminbi deposits fall in May, and China welcomes Japan to participate in One Belt One Road (OBOR).

Hong Kong Exchange (HKEX)’s chief executive Charles Li opened trading for the first RMB denominated gold futures contract on the exchange.

More banks now have the opportunity to join a HK$28bn ($3.6bn) financing to support the take-private of Hong Kong-listed footwear company Belle International Holdings, following a senior phase that attracted nine lenders.