Greater China

Cornerstone investors are becoming increasingly common in overseas loan syndications, especially those involving Indian borrowers. While some may argue that this goes against the true purpose of syndication, which is to spread risk, loans bankers believe the change is for the better as it introduces borrowers to sturdy lenders for future funding needs. Shruti Chaturvedi reports.

Chailease Holding Co’s offering of global depositary shares, worth as much as $314m, has been covered to the full size including the greenshoe, said sources close to the transaction.

Chinese capital market bankers will be keeping a close eye on a crucial meeting of the country’s Communist Party next week, as China’s president, Xi Jinping, attempts to consolidate his power. Although analysts and economists admit it is hard to read the tea leaves, most think the country’s financial market reform efforts are going to gather pace in the next five years. Paolo Danese reports.

Bank of Zhengzhou Co’s inaugural offshore additional tier one (AT1) bond drew attention for the wrong reasons this week, after last-minute changes in the syndicate group — including one bank being dropped from the global co-ordinator group. Addison Gong reports.

A trio of Asian firms listing in the US have received stellar responses to their IPOs, with Qudian, Rise Education and Sea all getting the thumbs-up from investors.

Hong Kong will pursue the sale of a green bond next year, the city’s chief executive Carrie Lam announced in her first policy address this week.

Citic Envirotech turned to the Singapore dollar market for a perpetual non-call three year bond this week, revising pricing 40bp from initial guidance. The company was helped by its deep roots in Singapore and its ownership by China’s Citic Group.

The Chinese Ministry of Finance (MoF) has begun mandating underwriters to issue two tranches of sovereign dollar bonds – the country’s first outing in the dollar market for more than a decade.

Zhongsheng Group Holdings gave convertible bond investors a rare taste of sub-one year paper this week, replicating a structure that has gained popularity in the debt capital market for its ability to sidestep Chinese regulatory restrictions.

Don’t write an obituary for the dim sum bond market just yet. BOC Aviation and BMW showed there are still signs of life this week, pricing a pair of three year bonds that added variety to a market that clearly needs it.

Credit Suisse has expanded the responsibilities of two veteran bankers, naming one as the chairman of its Hong Kong operation and another as chief executive for Greater China.

Renewable energy firm China Singyes Solar Technologies Holdings’ new 364-day transaction saw a tight pricing on Wednesday, well inside its secondary curve.