Greater China

Mercedes-Benz Auto Finance has completed the tightest auto asset-backed securitization by any foreign originator in China in almost two years. The deal, which closed on Monday, was twice oversubscribed despite two underwriters dropping out of the syndicate at the eleventh hour.

China Minsheng Banking Corp has lost its team head of the corporate banking department, according to a source close to the situation.

Chinese industrial name Fufeng Group raised $350m from a bond on Tuesday, offering a coupon step-up to show its commitment to maintaining its investment grade rating from S&P. Logan Property Holdings Co also separately bagged $300m on the same day.

The pipeline of Asian IPOs headed for the US is shaping up for September, with the latest crop of issuers all starting to drum up investor interest.

Fortune Fountain Capital, a financial services firm, has hired loans banker Hei Man Leung from China Minsheng Banking Corp.

China’s peer-to-peer lenders are once again staring into the abyss, following a string of recent scandals and a new crackdown by regulators. As the noose tightens around the sector, IPO-hopefuls like Weidai should tread with caution.

Credit Suisse has rejigged the leadership of its private bank in Asia, making Francois Monnet and Benjamin Cavalli heads of the division for north and south Asia respectively.

China Chunlai Education Group has launched pre-deal investor education for its Hong Kong IPO, according to a source familiar with the matter.

One year after selling its first Panda bond, China Everbright Water came back on August 15 to sell two tranches with identical structures but marketed one of them as a green bond. Investors showed little passion for the tag, however, with the green tranche pricing slightly wider than the other.

German carmaker Daimler came back to the Panda bond market to raise Rmb4bn ($582m) last Thursday, marking its third outing in the asset class in 2018. The issuer shifted its focus to the shorter-dated tranche, which made up 75% of the offer.

Hangzhou Jianggan District Urban Construction and Comprehensive Development Co has raised $200m from a bond, shrugging off news from last week that a Xinjiang local government financing vehicle (LGFV) had unexpectedly missed payments on a renminbi note.

Telecommunications software provider AsiaInfo Technologies is lining up a Hong Kong IPO of around $300m, having filed a draft prospectus with the city’s stock exchange on Monday.