Northeast Asia

Honma Golf has started taking orders for its HK$1.5bn ($193.3m) listing, while China Merchants Securities Co is set to kick off its IPO next week.

Jiangsu Fang Yang Group is set to become the latest Chinese local government financing vehicle to issue a dollar-denominated bond, picking banks to arrange the offering.

Three Hong Kong real estate investment trusts are tapping the loan market for funds, with DBS launching two new deals and Hang Seng Bank wrapping up a third transaction, bankers said.

Hong Kong-based WeLab is set to dip its toes in the Asian syndicated loans market for a $50m borrowing, potentially fuelling a trend of fintech start-up lenders hitting the wholesale market for funds.

Postal Savings Bank of China and its potential HK$62.7bn ($8.1bn) IPO got off to a roaring start due to hedge fund demand. Oversubscribed on day one, it is on track to be the world’s largest IPO in two years. But an order book so far dominated by regional names is about to get a lot more global as management leaves Hong Kong for roadshows in the UK and US. Jonathan Breen reports.

Hon Hai Precision Industry sealed $1bn from a dual-tranche offering, seizing what is thought to be the last good window before the Fed’s decision on a September rate hike.

The yen market, for so long held back by an in-built caution as well as unfavourable swap rates, is rapidly re-establishing itself as crucial source of capital for some of the world’s biggest banks.

In this round-up, China is keen to expand FTZ sphere, yield differential continues to narrow between offshore and onshore bonds, and London reiterates desire to promote RMB internationalisation. Plus, a recap of our coverage this week.

Hong Kong’s Securities and Futures Commission has reprimanded HSBC and fined it HK$2.5m ($$322,260) for regulatory breaches and internal control failings linked to position limit failures, it said in a statement.

China Construction Bank (CCB) is set to become the fourth Chinese lender to securitize nonperforming loans (NPLs) with a Rmb702m ($105m) offering scheduled to launch on September 20.

Taiwanese electronics company Foxconn (Far East) has set its sights on a dual-tranche dollar offering, launching the bond on Wednesday morning in Asia.

Hong Kong’s Jacobson Pharma Corp has wrapped up bookbuilding for its IPO, bagging HK$659.4m ($85m) following a strong turnout from long-only accounts.