Asia Pacific

Chinese textile manufacturer Ningbo Shanshan Co has won approval from its board to take a pair of its subsidiaries public in Hong Kong, according to a filing with the Shanghai Stock Exchange.

The CNY NDIRS curve is steeper on mid-sector paying interest and currency- and fixing-related strength in the short-end. Soc Gen sees the CNH CCS-CNY NDIRS spread widening. Meanwhile, China City Construction is planning to redeem an existing dim sum bond, writes Deirdre Yeung of Total Derivatives.

China Huarong Asset Management is looking return to the offshore bond market this month, while Sri Rejeki Isman (Sritex) has announced plans for a new international deal alongside a cash tender offer of its existing notes.

Chinese property developer Powerlong Real Estate Holdings has inked a $120m term loan with three banks to refinance its existing notes.

Axis Bank is on track for its debut green bond, marking the third dollar green offering to be sold by an Indian borrower.

ANZ has appointed Michelle Jablko as its new chief financial officer, giving her responsibility over all aspects of finance and treasury, mergers and acquisitions and investor relations at the bank.

Société Générale has announced several senior appointments to its South Korean business with Andrew Kim now helming the unit.

The direct trading of more currencies with the onshore RMB (CNY) will lead to an expansion of the trade-weighted reference basket of currencies introduced by People’s Bank of China (PBoC) in December 2015, HSBC said in a May 19 report.

Morgan Stanley is set to name Jing Qian, its co-head of China investment banking, as chief executive of Morgan Stanley Huaxin Securities Co, the US bank’s joint venture in China.

Property developer Frasers Centrepoint has begun investor education for a real estate investment trust IPO that could raise up to S$900m ($652.1m), according to a source close to the deal.

Zhejiang Geely Holding Group successfully priced its first international green bond on Thursday, keeping the momentum going for the asset class in China. The issuer opted for a standby letter of credit from Bank of China’s London branch in a bid to attract investors and cut its funding costs.

The securitization of non-performing loans in China is finally about to restart after having been mooted for months, with transactions from Bank of China and China Merchants Bank scheduled to launch next week.