Greater China

Beijing-based Sunshine Life Insurance Corp found a strong following for its $1.5bn triple-tranche bond on Wednesday, despite its debutant status in the international debt market.

The securitization of non-performing loans by Chinese banks is gaining plenty of traction as they are set to achieve off-balance sheet accounting treatment — one of the major hurdles for the development of the asset class.

China’s Orient Securities Co is set to test market appetite for brokerages as it tees up a Hong Kong IPO of as much as $1.5bn. Its filing with the exchange comes at a time when the market environment for the sector looks good amid a broader improvement in sentiment, write Jonathan Breen and John Loh.

China is set to launch a new gold price benchmark via the Shanghai Gold Exchange (SGE), according to market participants. The initiative will see the involvement of both local and foreign financial institutions, marking a new achievement in China’s quest to make the RMB a reference currency in the commodity markets.

Bank of China Aviation is poised to meet investors ahead of its 144A return that could hit the market as early as next week, while HK Electric has mandated banks for Reg S notes.

Hungary opened books for a three year offshore renminbi bond on Thursday with initial price guidance set at 6.50%. The deal is not only the debut RMB offering from the Hungarian government, but also the first public dim sum bond since November 2015.

Citi has created a new position of head of corporate banking for Asia Pacific, naming Gerry Keefe to the role.

China needs to learn from the US and Europe if it wants a sustainable securitization market, a former chief adviser to the China Securities Regulatory Commission has said. He also criticised China’s regulators for not co-operating.

The outlook for the Chinese securitization market is bright, but there are flaws in the system that need to be addressed quickly, including the severe lack of secondary market liquidity, investors have warned an industry forum.

Mitsubishi UFJ Securities (HK) has hired former Barclays banker Alan Choi as executive director for the capital markets group, effective from April 5.

Hong Kong-listed China Green (Holdings) has missed redemptions and interest payments on two renminbi-denominated but dollar settled convertible bonds, according to a filing with the Hong Kong Stock Exchange on Tuesday.

Deutsche Bank has hired James Boyle from Citi to be head of equities for Asia Pacific after Rob Ebert retires from the role.