Northeast Asia

Two shareholders pared down their stakes through separate block trades on Thursday as the stocks hit one-year highs, punctuating a relatively quiet week for overnight bookbuilds in Asia.

The head of BNP Paribas' renminbi competence centre is stepping in after the retirement of China head Peter Kwok.

Longfor Properties Co's debut in the investment grade debt market tested the leads’ abilities to find appropriate pricing for the deal. But the result was a thumbs-up in primary and secondary, as investors flocked to the $450m bond.

FIT Hon Teng has raised HK$2.67bn ($341.8m) after pricing its IPO near the midpoint of guidance following a flood of global demand, according to a banker close to the deal.

China’s FX reserves gained $3bn in June, the UK’s renminbi deposits grew in the first quarter of 2017, and China and Russia agreed to establish a joint investment fund for Belt and Road infrastructure projects.

Fixed income dollar accounts will soon have the opportunity to buy new names from China’s financial sector and southeast Asia's coal mining industry, with three debut issuers set to roadshow in Asia, Europe and the US next week.

Deutsche Bank Singapore is tapping the syndicated loan market for a $100m-$150m fundraising, and recently sent out a draft term sheet to potential lenders, said bankers.

The Chinese authorities have given their cross-border interbank payment system (CIPS) an even more central role in the global renminbi infrastructure, announcing that two domestic clearing houses have become direct participants of the platform to help settle Bond Connect trades.

Credit Suisse has hired a banker for its Asia Pacific loan syndications team in Hong Kong.

The launch of Bond Connect and MSCI’s A-share inclusion are prompting global investors to rebalance their portfolios towards renminbi bonds and equities. But although investors enjoy a handful of hedging tools in fixed income, they are hoping for more equity derivatives before adding A-share exposure.

Posco has launched a block sale of KB Financial Group's shares, and is looking to raise up to W443.5bn ($383.0m), according to a term sheet for the deal.

Chinese investment banks and brokerages had a dazzling performance in Asian DCM during the first half, remaining the preferred choice for the country’s offshore issuers while also making big leaps in boosting their international client base. With their rise have also come increasing concerns around best market practices – but even these may soon be a thing of the past. Addison Gong reports.