Northeast Asia

Bestway Global Holding and China Isotope & Radiation Corp are gunning for listings on the Hong Kong Stock Exchange.

Equity capital market participants were stunned this week when a US bank, thought to be Morgan Stanley, offered to charge nothing to be a sponsor of China Tower’s $10bn Hong Kong IPO — a highly unusual move even by the city’s ultra-competitive standards. But the aggression was not unique, as most banks asked for token fees in the hope of winning the mandate.

China Three Gorges Corp sealed its inaugural offshore green bond on Wednesday, raising €650m from a seven year deal. The notes were sold at a tight spread, with bankers saying that the “European style” execution was due to strong demand from investors.

Panama severed diplomatic ties with Taiwan this week in favour of supporting China, leaving syndicated loans bankers in Taiwan divided about how the move will affect their business, as several Panamanian institutions have tapped Taiwanese bank liquidity for funds in the past. Shruti Chaturvedi reports.

ICBCI DCM co-head exits — Senior India departures at Barclays — CEB hires global markets deputy — ING appoints Asia levfin head

Citic CLSA chairman Tang Zhenyi has taken charge of investment banking at the Hong Kong-based firm after Andrew Low moved to Australia in May, said sources.

The last few weeks have been rough on my pals in the equity capital markets. Business has been booming, but equally competition has risen to a fever pitch.

FWD Group wowed the Asian dollar bond market with a rare $500m zero coupon subordinated perpetual non-call five deal this month, catching investor interest thanks to its backing by high-profile investor Richard Li.

The Hong Kong Monetary Authority (HKMA) has released details of China’s first offshore renminbi auction of the year, following the Ministry of Finance’s announcement earlier this week that it is looking for Rmb14bn ($2.06bn) of CNH treasury bonds, and also planning its first dollar deal in over a decade.

Hydropower company China Three Gorges Corp raised €650m from its inaugural offshore green bond, pricing it inside theoretical fair value. The issuer has a natural need for euros, and its deal, unlike most notes sold in the currency by Mainland issuers, was executed in a “European style” due to strong demand, said bankers.

Greenland Holding Group Company is out with a 363 day dollar bond on Thursday, its second outing with a short tenor but its first in the public format.

Citic CLSA chairman Tang Zhenyi is now in charge of investment banking at the Hong Kong-based firm following Andrew Low’s move to Australia, sources with direct knowledge of the matter said.