China Construction Bank

Baosteel Hong Kong Investment Co priced Asia’s first H-share equity-linked offering since 2007 on Tuesday, selling a $500m exchangeable bond that bankers are hailing as a market opener.

Baosteel Hong Kong Investment Co launched a $500m bond exchangeable into shares of Hong Kong-listed China Construction Bank Corp on Tuesday evening, with HSBC and UBS leading the trade.

Tata Chemicals Europe’s £140m ($216m) dual-tranche facility has been launched into limited syndication, marking the borrower’s return to the syndicated loan market after a four year break.

Avicem HK, a subsidiary of Shenzhen-listed Avic Electromechanical Systems Co, has wound up a €350m ($384.6m) loan with a group of four banks.

The Financial Stability Board made three changes to its list of global systemically important banks (G-SIBs) on Tuesday.

China Cinda Asset Management has sent out a request for proposals for a loan of around $5bn to back its bid for the acquisition of Nanyang Commercial Bank, according to sources.

In this round-up, the Swiss franc set to become directly convertible with RMB, CCB gets a Zurich branch, QDII2 could launching in Shanghai FTZ, booming RMB trade in Korea, Los Angeles tries to get the edge, DBS launches in Qingdao to leverage Belt and Road plans, and CSOP launches two new China ETFs in New York.

The visit of president Xi Jinping to the UK this week has stirred much debate about the degree of kowtowing by British politicians and royals to the Chinese leader. But politics aside, the glut of new measures and transactions that accompanied the visit means the London RMB hub advanced in leaps and bounds.

China Construction Bank sealed a successful offshore renminbi bond on October 12, marking the first time it has listed dim sum notes in London. The trade is set to breathe new life into the CNH market, which had been shut for more than two months following a devaluation of the currency.

China Construction Bank is set to price the first offshore renminbi bond in more than two months, which bankers say is part of the government’s initiative to open up the dim sum bond market. The notes will also mark the first CNH deal under the newly established NDRC rules.

China Construction Bank (CCB)’s plans to sell its first offshore renminbi bond in the UK by its head office next week also marks the first CNH bond to be approved under the new pre-issuance registration system set by the National Development and Reform Commission (NDRC) last month.

China Securities (International) Finance Holding Company sold its inaugural offshore bond on September 10. Although markets were jittery, the debutant took comfort in the fact that books were already covered by the banks working on the deal.