China

Power Construction Corporation of China (PowerChina) sealed a two times covered senior perpetual bond on Tuesday, despite overall weak sentiment for such notes in a rising rate environment.

China Minsheng Banking Corp’s Hong Kong branch has raised $1bn from a dual-tranche transaction. While the fixed rate portion was supported by Mainland banks, demand for the floating rate note (FRN) was yet another testimony of the market’s deep interest in the format.

China Foreign Exchange Trade System (CFETS) has added the central limit order book and executable streaming price features to the onshore interbank FX market — a move which helps close the gap in FX trading technology between China and the international markets.

Chinese live streaming platform YY is looking to take its online game broadcasting platform Huya public with a US IPO.

China Development Bank Financial Leasing Co (CDB Leasing) sealed an opportunistic $100m tap on Monday. But like other borrowers that came to the market on the same day, paying a new issue premium was inevitable because of a weak backdrop and heavy expected supply.

China Minmetals Corp’s perpetual bond sale on Monday was a demonstration of the market’s strength after a volatile few weeks, but the deal came at a cost.

China may be one of the world’s largest green bond markets, but its issuer base offshore has only seen limited growth. The market regulator may want to pick up cues from the development of its domestic green debt market to boost international issuance.

SAIC-GMAC Automotive Finance has sealed its first asset-backed securities deal this year in the Chinese interbank bond market, raising Rmb3bn ($473.3m) from two floating-rate tranches on Monday.

A pair of chunky fundraisings in Asia have been lapped up by banks, as China National Chemical Corp (ChemChina) and Zhejiang Geely Holding Group look to wrap up syndications next week.

China Resources Land is lining up the Panda bond market’s first deal after the Chinese New Year holiday. The Rmb6bn ($946.6m) three year bond, the biggest offer in the asset class in six months, may kick start a streak of onshore transactions, said onshore DCM bankers.

The People’s Bank of China (PBoC) updated its regulations on capital bonds last week, encouraging lenders to supplement their capital with new issuance and start getting ready to comply with international standards on meeting total loss absorption capacity (TLAC) requirements. But it also clarified loss absorption terms — a move that may impact offshore additional tier one volumes from the Mainland.

Chinese lawmakers are gathering in Beijing for their annual conference, with premier Li Keqiang already announcing measures to further open up financial markets. China’s parliament is expected to consolidate regulations overseeing foreign investments, and analysts are anticipating announcements on who will take the helm at the People’s Bank of China after Zhou Xiaochuan.