Greater China

FWD Group, an insurance company, was back with a $250m tap of a subordinated five year bond, thanks to a rally in its bond price in the secondary market.

Piped city gas distributor and repeat issuer China Oil and Gas Group has nabbed $320m for refinancing, offering investors some diversity amid a burst of supply from high yield property names.

In this round-up, China lowered its holdings of US Treasuries yet again in May, new issuance of local government bonds has skyrocketed and regulators are wooing state-owned enterprises (SOEs) to list on the new Shanghai Star market.

In this round-up, China and the US talked on Thursday after unhelpful comments from US president Donald Trump, China’s state council released policies on using social credits to regulate the market and the National Development and Reform Commission (NDRC) published guidelines to help financial institutions exit from the market.

S&P Global’s China unit has issued its first domestic rating to ICBC Financial Leasing (ICBCFL), a unit of the Industrial and Commercial Bank of China. But bankers say that the rating agency has chosen an easy target and will need to move to lower quality names if it hopes to go further in the Mainland.

It is sometimes said that Asia’s loan market lacks innovation. But this is just getting ridiculous.

While the latest move from the National Development and Reform Commission (NDRC), restricting the use of the proceeds in offshore bonds by Chinese real estate companies failed to startle Asia’s bond market, a heavy supply of aggressively-priced deals is weighing on sentiment, writes Addison Gong.

Wanda Sports kicks off IPO bookbuild — CloudMinds starts gauging interest for $500m float — NetEase's Youdao eyes US listing — Alphamab Oncology gears up for HK deal

Hong Kong’s New World Development (NWD) sold an additional $400m of 6.25% senior fixed-for-life perpetual bonds on Wednesday, taking advantage of a “constructive” market for such structures.

China’s DouYu International Holdings ended a three month journey to a Nasdaq listing this week, closing the biggest Chinese deal on the exchange this year. The company was forced to price the shares at the bottom of guidance, but returned with a much bigger size than originally planned. Gina Lee and Jonathan Breen report.

China’s National Development and Reform Commission (NDRC) has tightened regulations on property companies selling bonds in the overseas market. Those with free market instincts ─ including this paper ─ would typically balk at such heavy-handedness. But a tough stance is exactly what the market needs to become sustainable in the long-run.

HSBC China has appointed Zuocheng Ding as head of loan origination, according to a source close to the situation.