Northeast Asia

Chinese e-commerce solutions firm Baozun has raised $73.5m after closing a follow-on placement multiple times covered, despite its stock having a wobbly start to the week.

Local government financing vehicles from China brought out a parade of deals on Friday, with issuers including those from Jiangsu and Shanxi fighting for investors' attention in the Asia ex-Japan debt capital markets.

Changde Urban Construction and Investment Group Co priced its inaugural international bond on Thursday, getting its deal done before the New Year. The local government financing vehicle (LGFV) snapped up $250m from the three year notes.

Hebei Yichen Industrial Group Corp opened books on a HK$839.6m ($108.3m) IPO in Hong Kong on Thursday, signing up three cornerstone investors.

In this round-up, China saw another sizeable drop to its foreign exchange reserves in November, the Shenzhen Connect saw subdued trading activity in its first four days, and Egypt signed its first currency swap line with China. Plus, a recap of our coverage this week.

Debut issuer Fujian Zhanglong Group Co started taking bids for a three year bond, following a roadshow in Hong Kong on Wednesday.

A HK$4.851bn ($625m) leveraged buyout financing to back the acquisition of Wharf T&T by MBK Partners and TPG Capital has closed in syndication, with 13 banks joining the leads.

Lloyds has become the third UK bank to soak up strong demand for holding company level senior debt in the Samurai market this year, though the lack of clarity around risk-weightings continues to limit bank treasury involvement.

Indonesia’s move to pre-fund its 2017 financing requirements with a bond last week surprised the market. Views are mixed on whether it made the right decision but DCM bankers in the region hope other sovereigns will also look to make an early start on funding plans.

China Railway Construction Corp (CRCC) has sold its second convertible bond of 2016, this time a renminbi-denominated, dollar-settled trade linked to the offshore RMB spot price. Chinese issuers are warming to the structure amid concerns about RMB depreciation, as investors bear the currency risks. John Loh reports.

Citi and ING have named new heads for their respective Asia debt syndicate teams, while Natixis has recruited a DCM banker from Commerzbank.

BAML loses Hong Kong IB chief to UBS — UBS hires from Deutsche for M&A — ANZ appointments — SGX names head of fixed income sales