Greater China

China gave the first sign that it has started phase two of the renminbi cross-border interbank payment system (CIPS) with Bank of China Hong Kong (BOCHK) becoming the first offshore direct participant last week.

Industrial Securities Co is planning an up to $200m float in Hong Kong and has filed an application with the city’s exchange, according to a source close to the deal.

A $400m loan for Wanda Commercial Properties Hong Kong has closed with six lenders joining in senior syndication.

The Brics New Development Bank (NDB) marked its first appearance in the capital markets with a Rmb3bn ($448m) green bond on Monday that was notable for its extremely tight pricing.

China Jinjiang Environment Holding Co has told investors that its S$184.34m ($137m) Singapore IPO is comfortably covered, as the fixed price offering appears poised to sail through.

Oversea-Chinese Banking Corp has merged its two subsidiaries in the Mainland — OCBC Bank (China) and Wing Hang Bank (China) — in a bid to comply with the country’s single presence policy for foreign lenders.

Kaisa Group Holdings, which last year became the first Chinese property developer to default on its offshore notes, plans to wrap up its debt restructuring by the end of this week after reaching an agreement with creditors in May.

The Michael Bloomberg-led working group is seeking to establish a RMB clearing hub in the US. Michael Knorr, head of payments and liquidity risk management at Wells Fargo, and a member of the group’s operating model options subcommittee, gave GlobalRMB his views on the challenges ahead.

Lifestyle International Holdings, which operates the well-known Sogo department stores, is set to allocate a HK$8bn ($1bn) fundraising shortly.

Chinese sportswear maker 361 Degrees has announced the results of a tender offer for its offshore renminbi-denominated notes.

Hospitality business Genting Hong Kong, which operates cruise liners, has signed a $500m borrowing to refinance debt taken for funding six vessels.

Patrick No has taken up a new role at Credit Suisse as head of financial sponsors coverage in the investment banking and capital markets (IBCM) division for Asia Pacific.