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Chinese property developer Gemdale Corp priced a $150m bond on Thursday, but told investors not to put in any orders after price guidance was released — a move that surprised many debt bankers.

The covered bond market has a reputation for allowing tough trades to be done, so when My Money Bank postponed its debut deal, the product was imprudently tarnished. The situation could have been avoided had the deal been launched a week earlier or sometime later — just not last week.

Chinese integrated online healthcare provider 111 has opened books for its IPO of American Depository Shares (ADS), which is slated to raise $148.8m.

Biotechnology firm Hua Medicine has launched bookbuilding for its Hong Kong IPO, targeting up to HK$972.1m ($123.9m) in proceeds.

A top Chinese automaker and Hong Kong listed-Xinyi Glass Holdings are separately sounding out banks for new syndicated financings.

Banks’ stakeholders are demanding ever-stricter standards on sustainability. Rather than simply issuing green bonds as a standalone initiative, financial institutions must look at their business as a whole. By Jasper Cox.

European banks are nearly at the end of the road in terms of raising regulatory capital. Yet there is hardly a chance for anybody in the market to rest on their laurels. The value of having different capital products has come under close scrutiny, the calibration of the minimum requirement for own funds and eligible liabilities (MREL) is still not set in stone, and market conditions are showing all the signs of having entered into the volatile final phase of the economic cycle. Issuers and investors gathered at Morgan Stanley’s offices in London this summer to discuss the best route forward towards capital compliance.

European banks are nearly at the end of the road in terms of raising regulatory capital. Yet there is hardly a chance for anybody in the market to rest on their laurels. The value of having different capital products has come under close scrutiny, the calibration of the minimum requirement for own funds and eligible liabilities (MREL) is still not set in stone, and market conditions are showing all the signs of having entered into the volatile final phase of the economic cycle. Issuers and investors gathered at Morgan Stanley’s offices in London this summer to discuss the best route forward towards capital compliance.

Greater clarity on Basel IV and MREL has given banks the confidence to go ahead and plan what their capital structures are going to look like over the next decade. The future is going to be all about optimising costs rather than raising buffers. Tyler Davies reports.

Regulatory pressures are pushing banks into shedding unwanted assets. And on the other side of the table, new investors have diversified the marketplace. Jasper Cox reports.

Europe has struggled to build a consensus among member states about when it should move towards completing the Banking Union. But the problem is becoming more and more urgent for lawmakers, which have been tasked with promoting the long-term growth and stability of the European financial sector. Tyler Davies reports.

European banks have benefitted from a near perfect market backdrop while building up layers of regulatory capital in recent years. But that is beginning to change at a senstive time for issuers, which are confronting tricky questions about refinancing old instruments. Capital planning is getting tough, just as tough market conditions have gotten going. Tyler Davies reports.