Northeast Asia

A number of banks are processing approvals for a club loan being arranged by Hong Kong-based personal loan provider PrimeCredit.

There has been plenty of market attention this week on the movement of the onshore renminbi with China resuming normal service following the end of the Golden Week holidays. While the CNY did break through the psychological Rmb6.7 barrier against the US dollar, more volatility is expected thanks to a strengthening greenback.

Hesteel Hong Kong Corp, part of China’s Hesteel Group, is seeking liquidity for a $150m three year bullet in the offshore loan market.

China Resources Pharmaceutical Group has lined up eight cornerstone investors for its HK$15.6bn ($2.0bn) Hong Kong IPO, with the group agreeing to buy $916m worth of shares.

Chinese issuers are returning to the international bond market after a one week national holiday, with TUS Holdings and Zhuzhou City Construction Development Group heading out with their deals.

Renminbi globalisation has been successful so far, but now the low-hanging fruit has been picked, Chinese authorities will struggle to push through the next round of reforms, according to Eswar Prasad, professor at Cornell University and senior fellow at the Brookings Institution.

It has been three years since China launched the landmark Shanghai Free Trade Zone with the area originally envisioned as the blueprint for further reforms throughout the country. While market participants are disappointed by the authorities’ continued grip on capital controls, they are happy with the overall direction of the FTZ scheme.

South Korea’s KEB Hana Bank has received positive feedback from investors for its dual-tranche 144A/Reg S trade, launched on Tuesday morning.

Former UBS veteran Honggui Li has joined Credit Suisse as managing director and head of investment banking and capital markets, China, effective immediately, according to a memo seen by GlobalCapital Asia.

China Resources Pharmaceutical Group will raise as much as HK$15.6bn ($2.0bn) via a Hong Kong IPO after firming up the price range.

South Korea's Hyundai Capital Services is set to meet international fixed income investors starting Monday next week.

Chinese local government financing vehicles Huai’an Traffic Holding and Jiangsu Zhongguancun Science Park Holding Group are hitting the road this week ahead of their first dollar offerings.