Northeast Asia

The US took a step forward as a renminbi hub in September, when Bank of China New York branch was appointed as the local clearing bank. GlobalRMB met with a representative of the Working Group on US RMB Trading and Clearing to discuss new and future developments.

Mark Schwartz, Goldman Sachs’ chairman for Asia Pacific and vice-chairman of the firm, has decided to leave at the end of the year, bringing an end to his 27-year-long tenure at the bank.

Société Générale Corporate & Investment Banking has named Stephen Swift as its new head of global finance for Asia Pacific, replacing Sadia Ricke who is moving to the UK.

South Korea’s Samsung BioLogics gathered enough orders from investors to cover its W2.25tr ($2.0bn) IPO after the very first day of bookbuilding.

Panamanian lender Global Bank saw its new five year bonds trade up 50 cents on Friday as an improved credit profile allows the bank to buy back covered bonds using senior unsecured debt.

Japanese technology giant SoftBank and the Public Investment Fund of Saudi Arabia have agreed to set up a UK-based technology fund for up to $100bn and have employed former bankers from Deutsche Bank and Goldman Sachs to help with the project.

Hong Kong's Cheung Kong Property Holdings is looking to take advantage of a recent rating upgrade to ready a bond offering.

The US Treasury Department has maintained the view that China is not a currency manipulator in its second report to the congress on the foreign exchange policies of its major trading partners.

Korea National Oil Corp is marketing its new dual-tranche offering with the same levels of initial guidance for five year and 10 year portions.

Shui On Development Holding is offering a hefty margin on its $300m three year amortiser to entice lenders cautious about investing in Chinese property related firms.

Cofco Meat Holdings has launched an up to HK$2.59bn ($333m) listing in Hong Kong after wooing three investors as cornerstones.

BDO Unibank in the Philippines and Industrial and Commercial Bank of China New York branch made their respective returns to the dollar bond market on Monday.