Northeast Asia

GDS Holdings, which is heading to the US to go public, has begun premarketing its IPO, with bookbuilding expected in the next two weeks, according to a source close to the transaction.

Zhou Xiaochuan, China

The Spanish bank has mandated leads for a roadshow to market what will be its first covered bond in six years.

Hong Kong has climbed to the top of the charts again for IPO volumes globally, but it is a victory that rings hollow. The city got there mostly thanks to the assistance of friends and family in the Mainland, as Chinese investors helped push Chinese listings across the line. It is time for the market to move on.

The Chinese Panda bond market is enjoying plenty of attention, having just passed the one year anniversary of its comeback in September 2015. However, while market participants expect the exuberance to continue, they have called for credit reforms to diversify the investor base.

With the renminbi now officially part of the special drawing rights basket, China is set to push on with its goal of making the SDR a real-world investment and reserve asset. But the obstacles to that plan are daunting.

Shandong International Trust Co has submitted an IPO application to the Hong Kong Stock Exchange for an expected $300m offering.

The speed at which Chinese financial firms have made a significant dent in the investment banking profits of bulge bracket banks has even surprised Clawback.

Samsung BioLogics Co has started gauging investor interest for an up to W2.25tr ($2bn) IPO on the main Kospi board in South Korea, with bookbuilding set to begin in mid-October.

Tullett Prebon is set to lose its European chief executive, who becomes the second senior departure in the past week from a planned Tullett-ICAP combined group as the two interdealer brokers look to merge by the end of this year.

China Merchants Securities Co raised HK$10.7bn ($1.4bn) in its Hong Kong IPO, pricing the shares below the middle of expectations as bankers on the deal voiced differing opinions on its execution.

Philippines' International Container Terminal Services (ICTSI) and Hong Kong’s ITC Properties Group are readying their respective dollar-denominated bonds, with both companies on the road to meet with investors this week.