Greater China

There is an eerie silence in Asia’s high yield bond market. Issuers have pressed the pause button as they reflect on a nosedive in the secondary market and rising fears about investors hoarding cash.

The Belt and Road Initiative (BRI) may be highlighting the dollar’s dominance rather than the renminbi’s potential in the global economy. But Beijing has other aces up its sleeve, Paola Subacchi, an economist at Chatham House, said at the Asian Development Bank’s annual meeting.

More widespread use of the International Monetary Fund's special drawing rights could prevent a currency war, Thierry de Longuemar, chief financial officer at the Asian Infrastructure Investment Bank (AIIB), said on May 4. But the treasurer got little sympathy from other experts at the Asian Development Bank’s meeting.

China's Ascletis Pharma has emerged as the first biotechnology firm to test the waters of Hong Kong’s new listing regime, after filing a draft prospectus on Monday.

Barclays has named veteran prime broker and ex-Credit Suisse executive Matt Pecot as head of equities for Asia Pacific.

Nomura appointed Ting Lu, a former research head at Huatai Securities, as its chief China economist on Tuesday.

Kangde Xin Composite Material Group has made its debut in the offshore loan market, launching a $200m three year deal into syndication.

Chinese telecommunications firm ZTE Corp, which has failed to comply with a covenant on a $450m syndicated loan due in July, has requested lenders to waive the breach, according to bankers close to the situation.

Chinese company Avic International Leasing has returned to the offshore loan market for a $200m borrowing, according to a banker who has received the invitation.

South Korea’s Busan Bank raised Rmb500m ($78.62m) from its first Formosa bond last Friday, taking advantage of the arbitrage opportunity to swap the deal back to dollars.

The Asian Development Bank (ADB) is struggling to find the long term RMB funding it needs in both onshore and offshore markets, treasurers at the development bank told GlobalRMB at their head office in Manila.

Chinese property developer Kaisa Group Holdings has tapped Edward Lau Fu Keung, a former Deutsche Bank employee, as its chief financial officer.