Northeast Asia

HNA Group company Hainan Airlines Holding Co rolled out a 364 day bond on Thursday, becoming the second issuer to seek a short-term deal recently. Meanwhile, Chinese oilfield equipment provider Hilong Holding is selling an inaugural three year note.

Onshore and offshore RMB will stay put for the rest of 2017 as China seeks stability ahead of the country’s political transition in the autumn, said Mitul Kotecha, head of Asia FX and rates strategy at Barclays.

The Reserve Bank of Australia gave a rare endorsement by a foreign central bank of China's renminbi internationalisation strategy, acknowledging that RMB activity in the Sydney hub was picking up despite the RMBi agenda suffering a setback globally.

China Three Gorges Corp, the state-owned hydropower company, brought its first euro denominated green bond on Wednesday. The €650m seven year deal came a year after the company issued its first green bond in remnimbi.

Guangzhou Rural Commercial Bank Co got its HK$8.06bn ($1.03bn) Hong Kong IPO away on Wednesday, pricing the shares just below the middle of the offered range.

Banks competing for a role on China Tower’s planned $10bn IPO in Hong Kong have tried to elbow each other out by lowballing sponsor fees, with one US bank even offering to charge nothing to be a sponsor.

Once troubled Chinese property developer Kaisa Group Holdings, which launched an exchange offer last week, has released minimum yields on the four sets of new fixed rate notes that will replace its outstanding variable rate senior bonds.

Domestic data in China is mostly in line with market expectations. However, mild losses in equities has prompted some receiving at the shorter end of the CNY NDIRS curve, driving a bull steepening move to the belly of the curve, writes Deirdre Yeung of Total Derivatives.

Chinese firm Essence International Financial Holdings has approached lenders for a HK$1bn ($128m) borrowing.

Min Xin Holdings’ rights issue to raise HK$827m ($107m) was severely undersubscribed, forcing its major shareholder to take up the remaining stock.

China Everbright Bank Hong Kong has hired Zoie Teng from Shanghai Pudong Development Bank for a newly created position.

There is a lot of market interest in One Belt One Road, but there is little understanding of how OBOR’s financing will work, said Hong Kong’s secretary for financial services and the treasury KC Chan, who reckons the city will play a key role in bridging the knowledge gap.