China

China's green bond market is set to have a breakthrough year in 2016 as Shanghai Pudong Development Bank receives approval to issue a green bond in the local market.

Haitong Bank has hired three senior bankers in the UK to bolster its European investment banking platform, as the Chinese brokerage looks to raise its profile in cross-border M&A and capital raising.

China Oriental Group has announced a consent solicitation as well as plans to buy back all or a portion of its existing bonds, following a profit warning sent to its shareholders.

Despite the terrible start for China’s equity market this year, primary issuance has kicked off with a bang. Year-to-date A-share equity capital market volumes are at a record high, with follow-on offerings leading the way.

One of China’s big four banks, Agricultural Bank of China, is seeking shareholder approval to issue Rmb80bn ($12.16bn) worth of Basel III tier two capital notes in the period up to the end of 2018.

Chinese hospital group Phoenix Healthcare has terminated an undrawn $150m loan raised in February 2015 due to the instability in the foreign exchange rate.

In a break from the consensus, CLSA’s equity strategist, Christopher Wood, said the renminbi will be stable this year against the new trade-weighted basket introduced by the central bank. However, he viewed the introduction of the offshore renminbi (CNH) as a mistake as shown by the huge amount of reserves spent to defend the currency.

GF International Investment Management has promoted Tom Ding to the position of chief executive officer, the Chinese asset manager announced last Friday.

Only one lender is understood to have made a commitment to join China Shengmu Organic Milk’s $120m three year facility, which has been in syndication since December.

In this week’s round-up, Taiwan report rise in RMB deposits, investors hand back QFII quotas, JP Morgan Asset Management launches three MRF funds, calls for China to communicate better from Ben Bernanke and Christine Lagarde. Plus, a recap of GlobalRMB's top stories this week.

British Columbia became the first issuer to sell a Panda with a sub-3% coupon on Thursday as its triple-A rating assured investors who were largely unfamiliar with the credit. The Canadian province is parking the proceeds offshore after failing to get tax waiver from China regulators, picking a new bank as the home for its deposit.

China’s domestic green bond market is finally set to open with Industrial Bank poised to become the first issuer, having received the People’s Bank of China’s approval this week.