China

Bank of America Merrill Lynch’s head of China M&A has left after more than three years at the bank, according to sources familiar with the matter.

China Evergrande Group is selling a seven non call four bond, just a week after raising $1.5bn, while state-owned Hesteel Group Co has picked firms to work on a Reg S transaction.

In its first Panda bond issuance last week, Rusal hit double its target price. With Rmb9bn of issuance limit left on its programme, Oleg Mukhamedshin, deputy CEO of Rusal, told GlobalRMB that the Russian corporate will take its time before returning.

China Zheshang Bank sealed a massive $2.175bn from its debut international additional tier one on Wednesday, deciding to hit its regulatory limit with one deal rather than multiple outings.

Hong Kong-listed Fosun International is back in the syndicated loan market for $650m equivalent to refinance a $800m deal raised two years ago.

Cosmetics packaging company HCP Global has approached lenders for a $540m borrowing that will replace a $430m loan sealed last year, according to bankers.

A clutch of China’s technology stars had been expected to dazzle the market with their IPOs this year, but the evolving regulatory environment means many are ambivalent about whether to list onshore or off. Market watchers say fintech players could be pushed to the US, even as other tech firms consider an A-share IPO. John Loh reports.

Sino-Ocean Group Holdings has issued its first Panda bond, raising Rmb4bn ($580m) from a dual trancher. The debut followed German carmaker Daimler and Russian aluminium giant Rusal in a series of prominent issuances in March.

Emperor International Holdings, Xinjiang Guanghui Industry Investment (Group) Co, Japfa Comfeed Indonesia and Zhuhai Huafa Group Co ventured into the debt market on Thursday, following some recovery in credits in the US overnight.

The People’s Bank of China and the European Investment Bank (EIB) have launched an initiative to develop a framework to support green finance and will publish their findings in a white paper later this year.

Chinese regulators should simplify market access to attract capital inflows, Asia Securities Industry & Financial Markets Association (Asifma) has said. In a report published on Wednesday, the industry body argued that the current arrangement is too complex, unfair to long-term foreign investors and discourages prospective investors.

Huarong Investment Stock Corp is in the market for a HK$3bn ($386m) dual currency syndicated term loan with Credit Suisse at the helm.