hsbc-china-leads-pack-to-underwrite-mainland-financial-bond

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 to greater foreign participation. Already, joint venture securities firms formed with local partners by Goldman Sachs, Deutsche Bank and Credit...

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