Greater China

In this round-up of news you may have missed over the long weekend, forex transactions amount to Rmb14.18tr ($2.06tr) in March, China’s manufacturing PMI disappoints analysts, and renminbi deposits in Hong Kong continue to fall in March.

China Minsheng Banking Corp’s Hong Kong branch sealed a $500m three year fixed rate bond on Thursday — the only FIG issuer in Asia DCM on the day. Market participants reckon the spread was too tight when compared to the secondary levels of China’s big four banks.

Chinese president Xi Jinping orders authorities to take action to prevent financial risk, Volkswagen Financial Services’ China arm issues its second renminbi-denominated bond, and the UK reaffirms its status as the biggest centre for RMB FX trading.

Hong Kong-listed Logan Property has sealed a $150m three year loan from three banks, and will use the money to repay debt.

China Everbright Greentech wrapped up its IPO on Thursday evening, pricing below the mid point of guidance to net HK$3.0bn ($385.6m), according to a source close to the deal.

SOCAM Development raised $200m from the sale of a new three year bullet on Thursday, the issuer’s debut international bond.

China Southern Power Grid Co (CSG) sold $1.5bn of notes across two tranches on Thursday, opening its transaction a day after State Grid Corporation of China sold a massive $5bn deal that put off some investors.

China Petroleum & Chemical Corp’s board of directors has given the go ahead to spin off and list subsidiary Sinopec Marketing Co, according to an announcement by the parent on Friday.

Law firm Norton Rose Fulbright has named 41 partners globally in its latest promotion round, with three of the appointments in Hong Kong.

As capital outflows subside, Chinese regulators could reopen two important channels of outbound investment this year, according to the new report from Standard Chartered and Z-Ben Advisors.

Dongfeng Nissan Auto Finance is set to make its annual return to the Chinese ABS market with a Rmb4bn ($580.59m) VINZ 2017-1 Retail Auto Loan Securitization.

The potential sale of Toshiba’s multibillion dollar flash memory arm is drumming up interest among banks that are looking for opportunities to finance the bidders. Depending on the outcome of the sale, the transaction could result in big business for European, Taiwanese and Japanese lenders, said market observers. Shruti Chaturvedi reports.