Greater China

Regulators in China have finally published issuance guidelines for Belt and Road bonds. But the rules still do not clearly define which bonds qualify, and fail to address issuers’ concerns on capital repatriation and borrowing costs.

China National Chemical Corp (ChemChina) enlisted the help of eighteen lead managers to sell a six tranche dual currency on Wednesday. The company initially announced five dollar and euro tranches with tenors ranging from three years to 10 years, before adding a 30 year tranche.

Power Construction Corporation of China (PowerChina) sealed a two times covered senior perpetual bond on Tuesday, despite overall weak sentiment for such notes in a rising rate environment.

China Minsheng Banking Corp’s Hong Kong branch has raised $1bn from a dual-tranche transaction. While the fixed rate portion was supported by Mainland banks, demand for the floating rate note (FRN) was yet another testimony of the market’s deep interest in the format.

China Foreign Exchange Trade System (CFETS) has added the central limit order book and executable streaming price features to the onshore interbank FX market — a move which helps close the gap in FX trading technology between China and the international markets.

HSBC has wooed Mark Ma back to its leveraged and acquisition finance team in Asia, poaching him from Platinum Equity, a firm that specialises in mergers and acquisitions.

Chinese live streaming platform YY is looking to take its online game broadcasting platform Huya public with a US IPO.

China Power International Development, a subsidiary of state-owned power company State Power Investment Corp, is raising a $500m three year bullet loan.

Derivatives exchanges around the world reported strong February volumes this week, potentially painting a rosy picture for the year ahead as markets seem set to return to higher volatility.

China Development Bank Financial Leasing Co (CDB Leasing) sealed an opportunistic $100m tap on Monday. But like other borrowers that came to the market on the same day, paying a new issue premium was inevitable because of a weak backdrop and heavy expected supply.

China Minmetals Corp’s perpetual bond sale on Monday was a demonstration of the market’s strength after a volatile few weeks, but the deal came at a cost.

China’s Bank of Communications is eyeing a club-style loan to raise up to $500m through its Macau branch, tapping one firm as the sole lead of the fundraising.