Hong Kong SAR

Citic CLSA chairman Tang Zhenyi has taken charge of investment banking at the Hong Kong-based firm after Andrew Low moved to Australia in May, said sources.

The last few weeks have been rough on my pals in the equity capital markets. Business has been booming, but equally competition has risen to a fever pitch.

FWD Group wowed the Asian dollar bond market with a rare $500m zero coupon subordinated perpetual non-call five deal this month, catching investor interest thanks to its backing by high-profile investor Richard Li.

The Hong Kong Monetary Authority (HKMA) has released details of China’s first offshore renminbi auction of the year, following the Ministry of Finance’s announcement earlier this week that it is looking for Rmb14bn ($2.06bn) of CNH treasury bonds, and also planning its first dollar deal in over a decade.

Citic CLSA chairman Tang Zhenyi is now in charge of investment banking at the Hong Kong-based firm following Andrew Low’s move to Australia, sources with direct knowledge of the matter said.

Onshore and offshore RMB will stay put for the rest of 2017 as China seeks stability ahead of the country’s political transition in the autumn, said Mitul Kotecha, head of Asia FX and rates strategy at Barclays.

Guangzhou Rural Commercial Bank Co got its HK$8.06bn ($1.03bn) Hong Kong IPO away on Wednesday, pricing the shares just below the middle of the offered range.

Banks competing for a role on China Tower’s planned $10bn IPO in Hong Kong have tried to elbow each other out by lowballing sponsor fees, with one US bank even offering to charge nothing to be a sponsor.

Once troubled Chinese property developer Kaisa Group Holdings, which launched an exchange offer last week, has released minimum yields on the four sets of new fixed rate notes that will replace its outstanding variable rate senior bonds.

Chinese firm Essence International Financial Holdings has approached lenders for a HK$1bn ($128m) borrowing.

Min Xin Holdings’ rights issue to raise HK$827m ($107m) was severely undersubscribed, forcing its major shareholder to take up the remaining stock.

China Everbright Bank Hong Kong has hired Zoie Teng from Shanghai Pudong Development Bank for a newly created position.