Northeast Asia

Ping An Insurance (Group) Co of China raised $400m from a bond sold through its real estate business on Tuesday. While the deal carried the weight of the Ping An name, the issuer’s aggressive pricing strategy scared some investors off.

Warburg Pincus-backed logistics manager ESR Cayman opened books on Wednesday for what will be the biggest float in Hong Kong so far this year.

Mizuho Financial Corp marketed a senior bond on Tuesday, breaking the silence in the financial institutions bond market this week. The issuer attracted €1.7bn of orders, showcasing its established name in a quiet market.

Huatai Securities, the Chinese brokerage, has revived its plan to sell $500m of global depositary receipts (GDRs) on the London Stock Exchange, having postponed the deal last year due to regulatory uncertainties.

A combination of the takeover of Baoshang Bank and the escalating trade war muffled the Chinese bond market and increased smaller banks and corporations’ funding costs. Meanwhile, the People’s Bank of China (PBoC) has injected record highs of liquidity into the bank bond market.

The surprise takeover of troubled Baoshang Bank, together with the resignation of Bank of Jinzhou’s auditor, is a wake-up call for a market that had enjoyed a rosy outlook.

Rabobank’s Adam Wotton is set to move to HSBC’s leveraged and acquisition finance team as a director.

Industrial and Commercial Bank of China (ICBC) hit two parts of the dollar curve on June 3, selling two tranches of floating rate notes worth $750m each.

Bank of Jinzhou’s outstanding additional tier one (AT1) dollar notes took a beating in the secondary trading after its auditors resigned, amid concerns about the asset quality of lower tier Mainland banks since the takeover of Baoshang Bank by Chinese authorities.

In this round up, the Ministry of Commerce (MoC) is planning to publish a list of ‘unreliable entities’, clearly echoing the US’s ‘entities list’, the State Council issued a white paper detailing China’s stance on trade tensions, and the People’s Bank of China (PBoC) said its takeover of Baoshang is a ‘one-off’.

Tang Zhenyi, the former chairman of CLSA, is set to start at Credit Suisse as the chief executive for China later this month.

Chinese private higher education provider JH Educational Technology has opened the book for its $98m offering on the Hong Kong Stock Exchange.