China
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The People’s Bank of China has started to allow banks seeking quotas to sell non-performing loan securitizations to shift from the old approval-based system to a registration-based system, onshore bankers told GlobalCapital China this week. The reform is set to speed up the pre-issuance phase and ease banks’ increasing pressure to dispose of bad loans. -
Industrial and Commercial Bank of China raised a smaller than planned $2.9bn from its additional tier one outing, buffeted by a surge in supply this week and a softer market backdrop. Alice Huang reports.
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Haitong hires IB vice-chairman – Bank of America recruits from HSBC
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US-listed Chinese companies Zai Lab and Baozun have kicked off secondary offerings on the Hong Kong Stock Exchange, adding further momentum to the city’s already hot equity capital market.
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Bank of China took yet another step this week to build China’s sustainability market by selling Asia’s first blue bond to benefit ocean-related projects — opening the door for similar deals from the region. Morgan Davis reports.
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Beijing Construction Engineering Group has returned to the debt market for a $350m term loan.
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China’s Avic International Holding Corp raised $300m from its bond outing on Tuesday.
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Ganfeng Lithium, the world’s largest producer of lithium metals, has raised HK$1.46bn ($187.8m) from the sale of primary shares.
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Tensions between the US and China dealt a blow to state-owned utility firm China Three Gorges Corp’s $1bn bond outing, which fell short of the lead banks’ pricing expectations.
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The local government of Inner Mongolia paid a heftier premium than usual for its bonds in China this week, raising some concerns over whether higher yields will remain as Beijing urges issuers to speed up deal flow.
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Ming Yuan Cloud Holdings is set to wrap up bookbuilding for its up to HK$6.2bn ($796.7m) Hong Kong IPO on Thursday, following a flood of demand from global investors, according to two sources close to the deal.
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Haitong International Securities Group has appointed David Ng as vice chairman of investment banking.
