Northeast Asia

China Minmetals Corp subsidiary Minmetals Land scared off many investors on Thursday by opting for a perpetual bond. But the unrated issuer still managed to put together a $200m trade, thanks to its parent company’s government ownership.

Huya, a live streaming platform backed by YY and Tencent, has raised $180m after pricing its US IPO at the top of guidance.

China Huadian Corp priced a $600m bond on Thursday that proved popular in both primary and secondary markets thanks to a stabilising market backdrop. Southwest Securities Co also found a receptive audience for a sub-one year bond, but was unable to tighten pricing.

The Hong Kong Monetary Authority (HKMA) has introduced a pilot bond grant scheme, outlining a new initiative to drive debt issuance in the city.

Shanghai Fosun Pharmaceutical Group has been given the go-ahead to raise as much as HK$4.4bn ($564m) in new equity, amid reports the company is bidding for Novartis’s assets.

Two international financial institutions apply for majority stakes in onshore joint ventures, Vanguard sells new ETF to track Chinese stocks globally, and Taiwan Futures Exchange (TAIFEX) joins hands with S&P Dow Jones to set up the first RMB futures indices in Taiwan.

Japan receives a renminbi qualified foreign institutional investor (RQFII) investment quota, People’s Bank of China chief backs greater liberalisation of domestic financial sector and RMB exchange rate, and the central bank outlines key objectives for RMB internationalisation in 2018.

Hong Kong-listed Angang Steel has sealed its debut in the international equity-linked market with a HK$1.85bn ($236m) five year put three trade.

Discussions around the co-existence of two renminbi markets, one onshore and one offshore, are once again picking up pace, market participants told GlobalRMB. It will be up to China’s central bank to clean up the mess once and for all.

There is a stereotype of the staid investment banker, taking himself far too seriously, as obsessed with the numbers as he is with his perfectly-coiffed haircut. But the truth is that the industry attracts its fair share of oddballs, rogues and plain old geeks.

ZTE Corp’s travails have taken a toll on the Chinese telecommunications firm and its bank lenders, with the company seeking a waiver after a covenant breach on a $450m loan. Despite the Chinese government throwing its weight behind ZTE, smaller lenders in the syndicate are worried about the ramifications, writes Pan Yue.

Nomura Holdings has applied to the China Securities Regulatory Commission (CSRC) to establish a joint venture securities firm in the country.