Greater China

The China Securities Regulatory Commission said it will continue to play an active role in managing the supply of IPOs in Shanghai and Shenzhen, as the authorities back-pedal on market reforms after last week’s equity chaos.

Chinese aluminium manufacturer China Hongqiao Group plans to raise HK$3.8bn ($489.6m) from a rights issue in early February, according to a document filed with the Hong Kong Stock Exchange.

The long-running saga surrounding Kaisa Group Holdings’ offshore debt looks like it could finally come to an end following the launch of a debt restructuring programme.

A $2.5bn loan for Taiwanese major Formosa Plastics Group launched into general syndication last week, with a big chunk to be used to finance projects in Vietnam.

There is no denying markets have given the RMB a rough start to the year. But despite the depreciation pressure on the RMB, the real trend seems to be more market-driven volatility rather than persistent weakening, according to some.

Virscend Education Co has raised HK$1.8bn ($232.2m) after pricing its Hong Kong IPO near the bottom of the range, emerging relatively unscathed from the volatility that rocked global equity markets last week.

China's Evergrande Real Estate Group started bookbuilding for a new 2019 offering with a fixed price on January 11. The deal comes amid Moody's announcement that it has downgraded the issuer and its debt because of increased financial risk.

Mayer Brown JSM has given a boost to its Hong Kong team by hiring a new partner experienced in IPOs and other areas of corporate finance.

5y CNY swaps have been well offered as Chinese equities continue their sell-off. In the short-end though, 1y swaps have been bid on concerns about the yuan. In Hong Kong today HIBOR spiked sharply on CNH liquidity tightness spurred by reports of indirect PBOC intervention, writes Deidre Yeung.

Bank Julius Baer has made senior changes to its southeast Asia business, creating the role of vice-chairman as well as appointing a new head of private banking.

Citi has created a consolidated Asia Pacific debt syndicate team as it seeks to take advantage of the growing relevance of local currency markets, according to an internal memo seen by GlobalCapital Asia.

China’s reopened Panda bond market is continuing to gather momentum with the first issues from two offshore listed companies. The deals are the first Pandas sold into the country’s exchange bond market and mark a new issuer frontier for the product.