Northeast Asia

MTN bankers are tipping Formosa and senior non-preferred debt for big things in 2020. Both markets, along with MTNs as a whole, have had an underwhelming year as issuance failed to live up to the promise of a busy 2018.

A study from the Bank for International Settlements (BIS) has found that the premium that banks must pay to issue bail-inable debt is heavily pro-cyclical, compelling issuers to take advantage of “good times” to build up their levels of loss-absorbing capacity.

One of my favourite parts of Christmas, other than Tai Tai taking a break from chiding me about my drinking, is the Queen's Speech. I may not hold the same place of importance in the hearts of Brits around the world, but I would like to think that I have similar eloquence — which is why I have composed my own speech for you, dear readers.

Volumes in China’s securitization market surged this year, with expectations high that the traditional auto ABS and residential mortgage-backed securities (RMBS) markets will continue strongly in 2020. But cracks are starting to appear in some of the other faster-growing asset types, writes Rebecca Feng.

Hong Kong-based personal loan provider PrimeCredit has issued $200m of asset backed securities, making it the first public term securitization in Hong Kong in more than a decade.

Environmental protection services provider Shenzhen Leoking Environmental Group has set the ball rolling for a Hong Kong listing, having filed draft documents with the bourse.

Ucommune Group Holdings, a shared work-space provider similar to US firm WeWork, is planning to list on the New York Stock Exchange, according to a filing with the US regulator.

GlobalCapital China, previously GlobalRMB, is pleased to announce the winners of its annual capital markets awards, honouring the banks, companies and individuals that have made the biggest contribution to bridging the gap between China’s markets and the rest of the world. In part one of the awards, we reveal the most impressive issuers in the FIG, corporate and SSA categories.

Five years after its launch, GlobalRMB has now rebranded as GlobalCapital China. But while our name has changed, our coverage focus has not.

Rising defaults by Chinese firms onshore have triggered sell-offs in numerous parts of the dollar bond market over the past few weeks. But international investors appear too complacent about the health of some of the largest debt issuers from the mainland. More scepticism is needed.

John Lee will become sole head of Greater China global banking at UBS next year, after co-head Xuewen Bi steps down from his day-to-day managerial job.

The China Securities Regulatory Commission (CSRC) is adding 23 new members to its IPO review committee, almost a year after severely cutting the membership.