Asia Pacific

China’s banking regulator prioritises deleveraging of financial institutions and individuals, the Chinese government tightens grip on overseas investment with new guidelines, and regulators encourage financing for the maritime industry in an effort to promote the Belt and Road Initiative.

Tsinghua Unigroup Co raised $1.85bn from a three-part bond on Thursday that included a last minute 10 year tranche on the back of reverse enquiry. But the chunky issuance size and the lack of ratings meant the borrower offered investors a generous return.

International investors increase their stake in Chinese bonds and equities, Hong Kong Exchanges and Clearing (HKEX) records the second highest trading volume for its USDCNH futures, and Luxembourg Stock Exchange promotes green bonds issued by Agricultural Development Bank of China (ADBC).

Bank of China-backed BOC Aviation executed a nimble Reg S only trade on Thursday, snapping up $300m. With the deal, the issuer managed to compress its curve, and is now trading more than 10bp inside its stronger regional leasing peers and as much as 30bp tighter than some others.

Hong Kong-based insurer FWD sealed a $200m subordinated perpetual note on Thursday, but the trade lacked the kind of demand received for a similar deal last year.

Trans Maldivian Airways has landed back in the Asian loan market for a $305m senior secured deal, following its acquisition by a consortium led by Bain Capital Private Equity at the end of last year.

Bangkok Bank has sold a chunk of its stock in Jasmine Broadband Internet Infrastructure Fund, raising Bt4.4bn ($140.7m) after boosting the size of the trade.

Cifi Holdings raised HK$2.79bn ($356.7m) in short-term financing with the sale of a sub-one year convertible bond, priced at the tight end of guidance on Thursday evening.

Ronshine China Holdings sold a three year puttable bond at a 9% handle on Thursday, in a deal catering to reverse enquiry demand. But the issuer’s challenges are far from over, with high leverage, tight liquidity and ballooning refinancing needs putting pressure.

Export-Import Bank of India took home $1bn in a carefully crafted single-tranche deal on Thursday that reeled in US investors.

The retirement of Zhou Xiaochuan, governor of the People’s Bank of China (PBoC), and the possible appointment of Liu He to the job will signal a shift in priorities for the central bank, according to Zhu Haibin, chief China economist at JP Morgan.

Bilibili, a popular Chinese video-streaming website for Japanese animation, is eyeing a $400m IPO in New York later this year.