Greater China

Chinese local government financing vehicle (LGFV) Fujian Zhanglong Group wrapped up a $200m tap of its bonds this week, as it aimed to get its funding out of the way ahead of any unpredictable moves in the US Treasury yield, said bankers close to the trade.

Citi has reshuffled its southeast Asian corporate and investment banking (CIB) leadership, with David Biller and Jonathan Quek set to take on more responsibility.

The equity market for Chinese education companies in Hong Kong is heating up, with Minsheng Education Group Co, the first pure play university IPO from the mainland, finishing bookbuilding this week to much success. All the signs show that investors are excited about the sector, writes Jonathan Breen.

Morgan Stanley is predicting capital inflows of $250bn-$300bn into China’s onshore bond market, if major index providers include Chinese government bonds (CGBs) in their benchmark indices. But Moody’s cautioned that uncertainties around capital controls could spoil the party.

Hong Kong-listed Fosun International ventured out with a new offering on Thursday following reverse enquiry and on the back of the FOMC meeting. Sources in the market said secondary markets reacted positively to the rate hike.

The PBoC may be managing to keep the RMB stable this year but the trade policies of new US president Donald Trump and China’s growing corporate debt will continue to pose a challenge, according to think tank OMFIF.

IPO volumes from China’s technology, media and telecommunications (TMT) sector are set to dominate global league tables again this year, according to PcW, even as the appeal of onshore floats gains traction.

Hong Kong’s market watchdog has slapped a HK$15m ($1.9m) fine on BoCom International (Asia) for failing to discharge its duties as a sponsor in the listing application of China Huinong Capital Group.

The recent volatility in the bond market ahead of an imminent US interest rate hike did not concern repeat issuer Bank of Communications Financial Leasing Co (BoCom Leasing), which ventured out on Tuesday and printed a $2bn triple trancher, extending its curve to 10 years.

China New Higher Education Group has resubmitted a draft prospectus with the Hong Kong Stock Exchange, looking to follow the stream of Chinese education companies that are listing in the city in 2017.

Guorui Properties sealed a $300m debut international deal after offering investors a slightly unusual structure in order to secure a lower yield.

Fujian Zhanglong Group is tapping its three year bonds from last year for a second time, opening books on a quiet Wednesday as the market awaits announcement from the FOMC meeting.