HSBC China leads pack to underwrite mainland financial bond

HSBC China becomes the first locally incorporated foreign bank to help underwrite a financial bond in China, with a Rmb5 billion two-tranche deal for Bank of Shanghai.

HSBC Bank (China) said on Wednesday that it had become the first locally incorporated foreign bank to participate in the underwriting of a renminbi-denominated financial bond in China.

Earlier this year, the People's Bank of China (PBOC) gave broad approval for HSBC and more than a dozen other overseas banks incorporated on the mainland to be involved in this growing sector of China's financial markets, and a similar approval in principle for them to underwrite corporate bonds too.

The approval is a further sign that China is opening its onshore capital markets ...