Greater China

I recently went to Beijing to catch up with a young friend who works at a large Chinese state-owned bank.

Chinese car manufacturer Geely Automobile Holdings came out with its first perpetual deal this week, raising $500m while paying a small premium over its outstanding senior bond.

China Construction Bank, the largest originator of Chinese RMBS, wrapped up a Rmb11.52bn ($1.64bn) four tranche deal on Wednesday. It was just the latest of a regular series of mortgage-backed deals from the bank — but this time, it doubled-down on marketing to foreign investors.

Bank of China’s Macau branch guaranteed a $600m bond for Bank of China Group Investment (BOCGI) that was issued through a special purpose vehicle — a structure that has fallen out of favour among the big Chinese banks.

Dalian Wanda Commercial Management Group Co, a subsidiary of Chinese conglomerate Dalian Wanda Group, raised a larger-than-expected $400m bond at a premium, amid media spotlight onshore on a member of the family that owns the firm.

First Abu Dhabi Bank has hired Eric Chan from Westpac to head its corporate finance business for North Asia.

HSBC has hired Eddie Wong as a director of loan syndications for Asia Pacific, according to a source close to the move.

Two local government financing vehicles (LGFVs) from the Zhejiang province, Shaoxing Shangyu State-owned Capital Investment and Operation Co and Hangzhou Linjiang Investment Development Co, priced their inaugural dollar bonds this week.

Chinese game developer XD is set to launch the roadshow for its Hong Kong IPO, having filed post-listing hearing documents with the Hong Kong Stock Exchange (HKEX).

Alphamab Oncology, a Chinese biopharmaceutical firm, has launched a roadshow for an up to HK$1.83bn ($233.8m) listing, according to a source close to the deal.

A handful of rare visitors came to the marker this week to place debt in dollars and yen, and bankers scrambled for a QNB mandate.

The People’s Bank of China (PBoC) has published a set of long-overdue guidelines to select the country’s domestic systemically important banks (D-Sibs). Banks selected will probably face more stringent capital requirements as Chinese regulators finally launch tougher supervision for the country’s biggest banks.