Greater China

China’s banking regulator prioritises deleveraging of financial institutions and individuals, the Chinese government tightens grip on overseas investment with new guidelines, and regulators encourage financing for the maritime industry in an effort to promote the Belt and Road Initiative.

Tsinghua Unigroup Co raised $1.85bn from a three-part bond on Thursday that included a last minute 10 year tranche on the back of reverse enquiry. But the chunky issuance size and the lack of ratings meant the borrower offered investors a generous return.

International investors increase their stake in Chinese bonds and equities, Hong Kong Exchanges and Clearing (HKEX) records the second highest trading volume for its USDCNH futures, and Luxembourg Stock Exchange promotes green bonds issued by Agricultural Development Bank of China (ADBC).

Bank of China-backed BOC Aviation executed a nimble Reg S only trade on Thursday, snapping up $300m. With the deal, the issuer managed to compress its curve, and is now trading more than 10bp inside its stronger regional leasing peers and as much as 30bp tighter than some others.

Hong Kong-based insurer FWD sealed a $200m subordinated perpetual note on Thursday, but the trade lacked the kind of demand received for a similar deal last year.

Cifi Holdings raised HK$2.79bn ($356.7m) in short-term financing with the sale of a sub-one year convertible bond, priced at the tight end of guidance on Thursday evening.

Ronshine China Holdings sold a three year puttable bond at a 9% handle on Thursday, in a deal catering to reverse enquiry demand. But the issuer’s challenges are far from over, with high leverage, tight liquidity and ballooning refinancing needs putting pressure.

The retirement of Zhou Xiaochuan, governor of the People’s Bank of China (PBoC), and the possible appointment of Liu He to the job will signal a shift in priorities for the central bank, according to Zhu Haibin, chief China economist at JP Morgan.

Bilibili, a popular Chinese video-streaming website for Japanese animation, is eyeing a $400m IPO in New York later this year.

China’s Panda bond market looks set to spring to life this year, with long-awaited guidelines said to be coming within the next two weeks. GlobalRMB takes an in-depth look at the potential for Panda bonds — and the hurdles that need to be cleared.

Sino-Ocean Property Holdings raised Rmb3bn ($469.4m) from the Panda market this week, which marked the issuer's first feat in the asset class in 10 months.

BAML’s Zaman off to the US — Citi’s Duffy leaves senior ECM role – StanChart names global strategy head