Greater China

The banking and insurance watchdog sets new indicators to measure Chinese bank liquidity, premier Li Keqiang says markets must have a bigger role in allocating resources, and Bank of China’s data shows offshore renminbi bond yields rising above onshore counterparts.

China Overseas Grand Oceans Group (Cogo) raised a larger than expected $500m from a three year bond on Thursday, a week after pulling a 2023 transaction. Future Land Holdings Co also managed to woo investors to a $200m tap.

China’s central bank commits to better communications with market participants, the China Securities Regulatory Commission says it will do more to support green development in the capital markets, and the government announces upgrades for three free trade zones.

Credit Suisse has hired three senior bankers from rival firms in Hong Kong to beef up its Asia Pacific prime services unit, according to an internal announcement seen by GlobalCapital Asia.

Public institutions want to up their stake in RMB assets, S&P says it wants a subsidiary in Mainland China, and Fidelity warns investors of rising default risk among corporate issuers in the onshore bond market.

Beijing Enterprises Water Group (BEWG) sold two tranches of Panda bonds in the onshore interbank market on Thursday, taking home Rmb3bn ($470.1m). The issuer had hoped to bring in foreign investors through Bond Connect, but scrapped the plan in a rushed outing to the market.

Nomura has hired Bank of America Merrill Lynch banker Anshul Trivedi to lead its Asia ex-Japan equity syndicate team, according to a memo seen by GlobalCapital Asia.

First Pacific Co is using a new $175m bond, as well as a bank loan, to help fund a tender offer, part of a liability management exercise.

The pre-summer IPO season is in full swing as issuers and banks look to lock in deals before investors pack their bags for the holidays.

It really is difficult sometimes to understand how people’s minds work. But as I have plenty of free time in my retirement, I do love to speculate.

Foxconn Industrial Internet held a one day bookbuild for its Rmb27.1bn ($4.24bn) A-share IPO on Thursday, eyeing the largest listing in the market in three years. The deal came with an innovative structure that includes several departures from standard flotations in China, writes Jonathan Breen.

China Merchants Bank’s Hong Kong branch managed to lock in a tight spread without sacrificing size on its $500m floating rate note on Wednesday.