Northeast Asia

China Development Bank Financial Leasing Co (CDB Leasing) sealed an opportunistic $100m tap on Monday. But like other borrowers that came to the market on the same day, paying a new issue premium was inevitable because of a weak backdrop and heavy expected supply.

China Minmetals Corp’s perpetual bond sale on Monday was a demonstration of the market’s strength after a volatile few weeks, but the deal came at a cost.

KEB Hana Bank has closed a €120m syndicated financing for automotive parts manufacturer Hands Corp, roping in two Chinese lenders as arrangers.

China’s Bank of Communications is eyeing a club-style loan to raise up to $500m through its Macau branch, tapping one firm as the sole lead of the fundraising.

China may be one of the world’s largest green bond markets, but its issuer base offshore has only seen limited growth. The market regulator may want to pick up cues from the development of its domestic green debt market to boost international issuance.

SAIC-GMAC Automotive Finance has sealed its first asset-backed securities deal this year in the Chinese interbank bond market, raising Rmb3bn ($473.3m) from two floating-rate tranches on Monday.

Chinese online consumer finance provider VCredit Holdings filed a draft IPO prospectus with the Hong Kong Stock Exchange on Monday. It is expected to float on the bourse as early as April, according to a source close to the deal.

A pair of chunky fundraisings in Asia have been lapped up by banks, as China National Chemical Corp (ChemChina) and Zhejiang Geely Holding Group look to wrap up syndications next week.

In the new Clawback, columnist Philippe Espinasse analyses the impact of Hong Kong’s new rules around cornerstone investors in biotechnology companies.

China Resources Land is lining up the Panda bond market’s first deal after the Chinese New Year holiday. The Rmb6bn ($946.6m) three year bond, the biggest offer in the asset class in six months, may kick start a streak of onshore transactions, said onshore DCM bankers.

European implied equity volatility has fallen after Angela Merkel secured a fourth term as German chancellor and despite Italy's general election producing a hung parliament.

The People’s Bank of China (PBoC) updated its regulations on capital bonds last week, encouraging lenders to supplement their capital with new issuance and start getting ready to comply with international standards on meeting total loss absorption capacity (TLAC) requirements. But it also clarified loss absorption terms — a move that may impact offshore additional tier one volumes from the Mainland.