Greater China

Fantasia Holdings Group Co surprised markets last week with a 364 day bond, opting for a short-term note to circumvent delays in offshore funding approval from the Chinese regulator. At first glance, the notes appear to offer a quick solution for property companies with looming funding requirements — but borrowers should take a closer look at the many disadvantages that come with such short term deals.

Shui On Land priced its senior perpetual bond on Monday in a busy primary market in Asia ex-Japan. The $500m trade was multiple times covered, as demand for perps continues to be strong in the region.

China Traditional Chinese Medicine Holdings (CTCM) this week issued its second Panda bond, raising Rmb2bn ($294.2m) from a three year note amid difficult market conditions.

ICBC International has lost its co-head of debt capital markets in Hong Kong, GlobalCapital Asia understands.

GCL-Poly Energy Holdings, which makes polysilicon and silicon wafers for solar power generation, has picked two lenders to arrange a $200m fresh money borrowing.

Rose Lee will retire as Hang Seng Bank’s vice-chairman and chief executive on July 1 and will be replaced by a senior HSBC Holdings banker.

RKE International Holdings (RKE) has kicked off pre-deal investor education for a listing in Hong Kong that could raise up to $300m.

Xin Point Holdings has opened books on a HK$855m ($110m) Hong Kong IPO with a single cornerstone investor taking up 25% of the deal.

Shui On Development (Holding) has become the latest Asian issuer to announce a senior perpetual bond, while Brightoil Petroleum (Holdings) has hired two firms to work on an offshore outing.

People’s Bank of China (PBoC) plans new bitcoin regulations, Stock Connect southbound flows hit new highs, financing costs of renminbi bonds are cheaper offshore than onshore for the first time in 28 months.

China’s FX reserves rise for the fourth consecutive month in May, a Chinese securities regulator says the country will start allowing foreign investors to trade commodities futures onshore, and Ford Motor’s onshore financial arm issues RMB-denominated bonds.

FWD Group raised $500m from a rare zero coupon subordinated perpetual non call five on Thursday, which bankers said works for the Richard Li backed company but is unlikely to catch on with other issuers.