HSBC selected to underwrite Chinese non-financial bonds

HSBC Holdings Plc's China unit has been selected as part of an underwriting group for corporate bonds in the country, the National Association of Financial Market Institutional Investors said in a notice on its website. HSBC was the only foreign bank to be selected to underwrite commercial paper and medium-term notes, the most liquid bonds in China, according to the notice, dated Friday. The process started in April, and a filing has been submitted to the central bank, said the association, which is overseen by the central bank. The announcement could give HSBC greater access to China's interbank market, which is regulated by the central bank and is more than 50 times larger than the exchange market where foreign companies including UBS Securities Co and Goldman Sachs Gao Hua Securities Co already underwrite bonds.