Greater China

Hangzhou Hikvision Digital Technology launched its maiden international bond on Wednesday, opening books for a euro-denominated three year trade at the Asia open.

Volkswagen’s record for the tightest priced China auto ABS, set only a fortnight ago, was broken this week. Beijing Hyundai Auto Finance, which made its securitization debut with a Rmb1.5bn ($228m) deal, is the new record holder.

Hong Kong’s stock market regulator has publicly censured Goldman Sachs for breaches of the Code on Takeovers and Mergers, it said in a statement on Tuesday.

Four banks are due to bring a $430m five year loan for Baring’s acquisition of cosmetics packaging company HCP Global to the market after Chinese New Year.

The future looks bright for China’s domestic bond market having started the year in full throttle with Shanghai Pudong Development Bank (SPDB) and Industrial Bank raising a combined Rmb30bn ($4.6bn). But while the volumes may be impressive, making sure issuers honour the green label will be the real test.

Manulife Asset Management has appointed Geoff Lewis as key macro strategist, Asia, on the capital markets & strategy team.

Chinese drug maker BeiGene has decided to price its US listing on Tuesday evening, a day earlier than planned, according to sources close to the deal.

The short-end of the RMB swap curve has been steady as the People’s Bank of China (PBoC) continues to provide the money market with liquidity ahead of next week's Chinese New Year holiday. Five-year swaps have been better bid on improving risk sentiment though and the 1s/5s NDIRS slope has steepened accordingly, writes Deirdre Yeung of Total Derivatives.

US-based index provider MSCI will exclude Hong Kong listed securities with a high ownership concentration from its Global Investable Market Indexes (GIMI), it said in a statement on Monday.

There is plenty of optimism surrounding China’s budding green bond market this year. Fresh from Shanghai Pudong Development Bank’s (SPDB) landmark Rmb20bn ($4.3bn) transaction, Industrial Bank has now joined the fray by raising Rmb10bn.

There is a rapidly forming view that China has given up on reform, given up on RMB internationalisation. The solution? Let the RMB float freely as promised, a radical shift in approach that would preserve China’s foreign exchange reserve and put the reform agenda back on track, says Saxobank.

CLP Holdings, the larger of Hong Kong’s two electricity providers, is considering issuing a green Panda bond to finance its renewable energy projects, according to CFO, Geert Peeters.