Northeast Asia

China Petrochemical Corp (Sinopec) navigated a weak market following this week’s rate cut announcement to raise $2bn from a three-tranche deal. While it took a smaller amount than usual, its transaction was well-timed, say bankers.

In this round-up, China’s official purchasing managers’ index (PMI) beats expectation, aggregate financing in the Mainland reaches Rmb13tr ($1.9tr) and Nomura’s China joint venture nears kick-off.

In this round-up, US president Donald Trump unexpectedly announced an increase in tariffs on China, the People’s Bank of China (PBoC) bumped up the re-lending quota for smaller banks and Mainland regulators said they are not planning to use the property market as a short-term stimulus.

BNP Paribas hires UK advisory head — Créd Ag’s credit unit chief moves to markets role — AIIB hires ICBC loan syndicator.

Daz Zhang is leaving Commerzbank to lead the Greater China debt capital markets team at another bank, according to a source close to the matter.

A recent flurry of leveraged and acquisition financing activity in Asia has caught the attention of loans bankers hungry for new assets. But as trade tensions and fears about a growth slowdown ramp up, the pressure on the market is high, writes Pan Yue.

LG Display tapped the convertible bond market for W813.6bn ($687.8m) this week, its first equity-linked outing since the global financial crisis. Although the deal came at a troubling time for the issuer, its popularity has set the stage for a strong second half for the market. Jonathan Breen reports.

Italy’s Cassa Depositi e Prestiti printed a long-awaited Rmb1bn ($145m) inaugural Panda bond on Wednesday, with the modest issuance size revealing the roadblocks still facing the nascent debt market, writes Rebecca Feng.

Nomura’s wholesale business in Europe, the Middle East and Africa underperformed other regions in the last quarter, with the results coming out after the bank announced it is to scale back trading operations there. But the wholesale division registered a profit overall — a rare occurrence of late.

South Korean digital display manufacturer LG Display has bagged W813.6bn ($687.8m) from a convertible bond, according to a term sheet seen by GlobalCapital Asia.

China Aoyuan Group was back in the dollar market on Tuesday, adding another $250m to its 2023 notes.

China Construction Bank (CCB), the largest originator of residential mortgage backed securities in China, is returning to the market with a Rmb9.87bn ($1.43bn) four tranche deal on August 6. All three senior tranches are rated triple-A by S&P Global Ratings.