Northeast Asia

In this round-up, the Shanghai Star market officially opened on Monday morning, the People’s Bank of China, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission formally announced 11 market reform measures, and the Mainland made the largest sorghum purchase from the US since last April.

Loans banker Sherwin Wong has left Bank of America, according to a source close to the move.

China’s JIC Leasing Co priced a tight $500m bond on the back of strong support from the lead managers, after launching the transaction on a weak day for Asian capital markets.

FWD Group, an insurance company, was back with a $250m tap of a subordinated five year bond, thanks to a rally in its bond price in the secondary market.

Piped city gas distributor and repeat issuer China Oil and Gas Group has nabbed $320m for refinancing, offering investors some diversity amid a burst of supply from high yield property names.

In this round-up, China lowered its holdings of US Treasuries yet again in May, new issuance of local government bonds has skyrocketed and regulators are wooing state-owned enterprises (SOEs) to list on the new Shanghai Star market.

In this round-up, China and the US talked on Thursday after unhelpful comments from US president Donald Trump, China’s state council released policies on using social credits to regulate the market and the National Development and Reform Commission (NDRC) published guidelines to help financial institutions exit from the market.

S&P Global’s China unit has issued its first domestic rating to ICBC Financial Leasing (ICBCFL), a unit of the Industrial and Commercial Bank of China. But bankers say that the rating agency has chosen an easy target and will need to move to lower quality names if it hopes to go further in the Mainland.

It is sometimes said that Asia’s loan market lacks innovation. But this is just getting ridiculous.

While the latest move from the National Development and Reform Commission (NDRC), restricting the use of the proceeds in offshore bonds by Chinese real estate companies failed to startle Asia’s bond market, a heavy supply of aggressively-priced deals is weighing on sentiment, writes Addison Gong.

Wanda Sports kicks off IPO bookbuild — CloudMinds starts gauging interest for $500m float — NetEase's Youdao eyes US listing — Alphamab Oncology gears up for HK deal

Hong Kong’s New World Development (NWD) sold an additional $400m of 6.25% senior fixed-for-life perpetual bonds on Wednesday, taking advantage of a “constructive” market for such structures.