Greater China

Citi has hired a former Standard Chartered banker as its new chief economist for India.

Xinyi Solar has raised a smaller-than-expected HK$543.5m ($70.1m) from a top-up placement of shares, shrinking the deal by about 45% following its launch. Despite the transaction being slashed, sources are adamant the company found a good window to raise equity.

The Province of British Columbia (BC) is mulling a debut Panda bond, which would set another record for the province as the first foreign government issuer in China's onshore bond market. However, to go ahead BC will need the Chinese regulator to allow sovereigns into the recently reopened Panda bond market.

Short-end CNY swaps remain subject to receiving interest and the curve continues to steepen in the wake of Friday's PBoC easing move. There is also some nervousness about the potential for tomorrow's FOMC meeting to trigger an acceleration in capital outflows, writes Deirdre Yeung of Total Derivatives.

Golden Meditech has closed its HK$985.70m ($127.19m) rights issue with shareholders taking up just 69% of the transaction, forcing its underwriter to absorb the remaining shares.

Wenzhou Kangning Hospital Co started to test investor appetite for its IPO of around $100m on Monday, with bookbuilding expected to kick off in early November.

Beijing-based boutique investment bank, China Renaissance, has launched a new division to advise companies looking to raise funds in China’s onshore capital markets, expanding the firm’s services to include both its home and overseas markets.

China International Capital Corp (CICC) is continuing the recent run of Hong Kong IPOs counting on heavy cornerstone support from state-owned enterprises. The investment bank opened books on Monday for a HK$6.29bn ($811.61m) listing, with about half the trade already covered by SOEs.

Standard Chartered has decided to exit its equity derivatives and convertible bonds businesses in yet another move by the bank to bolster its performance by withdrawing from non-core operations.

China General Nuclear Power Corp (CGNPC) is eyeing the dollar bond market for the second time this year, having mandated banks to work on investor meetings.

Beijing Automotive Group (BAIC) and Rizal Commercial Banking Corp (RCBC) are venturing into the international debt market, opening books for their respective euro and dollar bonds.

The PBoC cut its benchmark interest rate and bank RRRs Friday but said the move did not amount to quantitative easing. Short-end swaps have been well offered in response and the curve has flattened. Sources have recommended watching currency market developments closely, writes Deirdre Yeung of Total Derivatives.