China

Hong Kong-listed Angang Steel has sealed its debut in the international equity-linked market with a HK$1.85bn ($236m) five year put three trade.

Discussions around the co-existence of two renminbi markets, one onshore and one offshore, are once again picking up pace, market participants told GlobalRMB. It will be up to China’s central bank to clean up the mess once and for all.

ZTE Corp’s travails have taken a toll on the Chinese telecommunications firm and its bank lenders, with the company seeking a waiver after a covenant breach on a $450m loan. Despite the Chinese government throwing its weight behind ZTE, smaller lenders in the syndicate are worried about the ramifications, writes Pan Yue.

Nomura Holdings has applied to the China Securities Regulatory Commission (CSRC) to establish a joint venture securities firm in the country.

Asia’s high yield market has been volatile throughout much of the year, but it has now gone from bad to worse. Secondary prices are diving, investors are becoming increasingly tight-lipped and bankers are starting to play the blame game. Morgan Davis and Addison Gong investigate.

Bank of Communications Hong Kong branch priced two dollar floaters alongside a Hong Kong dollar fixed rate bond on Wednesday, raising close to $1.7bn. A local government financing vehicle from China, Guangzhou Finance Holdings Group Co, wrapped up a $250m maiden bond.

Beijing Enterprises Water Group (BEWG) is the latest Panda issuer to appeal to Bond Connect investors. The red chip company is hoping to make the most of the growing flows through the bond link. But given a short issuance timeline, the issuer is not holding its breath.

ICBC Financial Leasing broke the silence in Asia’s offshore bond market on Tuesday, returning with a popular $1.5bn dual-tranche floating rate transaction that served as a reminder of just how enthusiastic investors can get when there is the opportunity to hedge away interest risk.

There is an eerie silence in Asia’s high yield bond market. Issuers have pressed the pause button as they reflect on a nosedive in the secondary market and rising fears about investors hoarding cash.

The Belt and Road Initiative (BRI) may be highlighting the dollar’s dominance rather than the renminbi’s potential in the global economy. But Beijing has other aces up its sleeve, Paola Subacchi, an economist at Chatham House, said at the Asian Development Bank’s annual meeting.

More widespread use of the International Monetary Fund's special drawing rights could prevent a currency war, Thierry de Longuemar, chief financial officer at the Asian Infrastructure Investment Bank (AIIB), said on May 4. But the treasurer got little sympathy from other experts at the Asian Development Bank’s meeting.

China's Ascletis Pharma has emerged as the first biotechnology firm to test the waters of Hong Kong’s new listing regime, after filing a draft prospectus on Monday.