Northeast Asia

S&P Global Ratings is expecting to get regulatory approval to set up in China as early as next month, a source familiar with the application process told GlobalRMB.

BNP Paribas (BNPP) has picked a senior global markets executive to run its China business, GlobalRMB understands. The bank has also lost its second head of RMB solutions team in two years.

Liaoning Chengda Biotechnology filed for a Hong Kong flotation on Tuesday through sponsors CLSA and GF Capital.

Foreign inflows to China’s onshore interbank bond market dropped to Rmb5.1bn ($734m) in September, down 91.5% from the previous month, amid narrowing spreads between China and the US and slowing economic growth.

Clawback columnist Philippe Espinasse says the latest proposals by Hong Kong’s Law Society could spell bad news for international securities lawyers in the city.

Sumitomo Mitsui Banking Corporation has set a strong precedent for Japan’s nascent covered bond market by attracting a comfortably oversubscribed, diverse, high quality order book for its first deal, the first from Japan.

China's Guodong Network Communications is seeking a debut loan of up to €150m ($170m) in syndication.

Hong Kong equity investors may feel they need a break after a year of underperforming IPOs, sharp declines in valuations and protracted volatility. But don’t call time on the market just yet.

Oceanwide Holdings Co, a Chinese conglomerate but primarily a homebuilder, bagged a $215m bond on Monday, but not all the firms on the original syndicate team remained on the deal in the end.

Shinhan Bank used its position as the first dollar borrower in the market on Monday to lock up $500m, paying just a low single-digit new issue premium despite global volatility.

Covered bonds have drifted wider over the last few weeks, reflecting heavier than expected supply and diminished market maker interest. Even so, the primary market is functioning healthily, boding well for prospective debut deals from Münchener Hypothekenbank and SMBC, deals that could surface as early as Tuesday.

Bonds from Chinese real estate developers were some of the worst performing in Asia last week, dragged down by the global volatility and fears around property companies’ refinancing needs.