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Powell v. Ocwen Financial Corp. — ERISA Plan Assets and RMBS Trust Certificates

The Second Circuit partially affirmed and partially vacated the Southern District of New York's summary judgment in Powell v. Ocwen Financial Corp., a case brought by trustees of an ERISA-regulated pension fund against mortgage servicers for alleged breach of fiduciary duty regarding residential mortgage-backed securities investments. The court held that mortgages underlying RMBS notes issued under indenture agreements lack substantial equity features and therefore are not plan assets under the DOL's plan-asset regulation (29 C.F.R. § 2510.3-101). However, the court held that mortgages underlying RMBS trust certificates do represent equity interests and therefore qualify as plan assets under ERISA's look-through exception. The case was remanded for further proceedings on the certificate-based investments.

FirstRand's Cape Water Performance-Based Bond Lists on JSE

The Johannesburg Stock Exchange has listed Africa's first Nature-Linked Performance-Based Bond, the FirstRand Bank Cape Water Performance-Based Bond (FR31PB), a R2.5 billion issuance. The bond links part of investors' returns to independently verified ecological restoration outcomes, specifically removing invasive plant species from priority water catchment areas in South Africa to increase water flows into storage dams. The transaction involved RMB as arranger and structurer, with co-anchor investors including the International Finance Corporation, FSD Africa Investments, and Aluwani Capital Partners.

RMB Bond Tender, 22 Apr, Issue Amount RMB5bn

The Hong Kong Monetary Authority published the results of four RMB Sovereign Bond tenders conducted on 22 April 2026, with total issuance of RMB 15.5 billion across four maturities: 2-year (RMB 5,000 million, coupon 1.38%), 3-year (RMB 5,000 million, coupon 1.40%), 5-year (RMB 4,500 million, coupon 1.57%), and 15-year (RMB 1,000 million, average accepted coupon rate 2.05%). The Ministry of Finance of the People's Republic of China is the issuer, with settlement date of 24 April 2026.

Yi Gang Remarks on Belt and Road Financial Cooperation

PBOC Governor Yi Gang delivered opening remarks at the Belt and Road Forum's Financial Connectivity Thematic Forum in Beijing on April 25, 2019, providing an update on BRI financial support over the prior two years and outlining future directions for investment and financing cooperation. According to PBOC statistics, Chinese financial institutions have provided more than US$440 billion for BRI, with over RMB320 billion channeled through RMB Overseas Fund Business and China's capital market providing over RMB500 billion in equity financing. The speech covered five key areas: funding support systems, financial services sophistication, international cooperation, green development principles, and capacity development.

March 2026 Taiwan Bank RMB Business Statistics

The Central Bank of Taiwan released March 2026 statistics on Renminbi (RMB) business conducted by Designated Banks (DBU) and Offshore Banking Units (OBU). As of end-March 2026, 65 DBUs and 56 OBUs were authorized to handle RMB business. Total RMB deposits (including NCDs) reached 1,104.01 billion RMB, with loan balances of 237.60 billion RMB and remittance totals of 1,855.49 billion RMB.

Tentative Issuance Schedule for HKD and RMB Institutional Bonds, April to September 2026

The Hong Kong Monetary Authority, as representative of the HKSAR Government, published a tentative issuance schedule for institutional Government Bonds denominated in Hong Kong dollars and Renminbi for the six-month period from April to September 2026. The bonds will be offered under the Infrastructure Bond Programme and Government Sustainable Bond Programme via competitive tendering. The schedule contains tentative tenors, tender dates, issuance sizes, issue dates, and methods of issuance, all subject to market conditions.

Tender of 3-Year RMB Institutional Government Bonds via Re-opening, RMB1bn

The Hong Kong Monetary Authority (HKMA), as representative of the HKSAR Government, announces a competitive tender of 3-year RMB Institutional Government Bonds through re-opening of existing 5-year bond issue 05GB2912002 under the Infrastructure Bond Programme. An additional RMB1.0 billion will be on offer at a coupon rate of 2.37% per annum payable semi-annually, with settlement on 27 April 2026. The tender is open only to appointed Primary Dealers, with results expected by 3:00 pm on 23 April 2026.

RMB 10-Year Bond Tender, RMB1.5bn, 23 Apr

The HKMA, acting as representative of the HKSAR Government, announced a re-opening tender of 10-year RMB Institutional Government Bonds under the Infrastructure Bond Programme. An additional RMB1.5 billion of issue 10GB3505001 will be offered on 23 April 2026 for settlement on 27 April 2026. The bonds carry an interest rate of 2.29% per annum payable semi-annually, with indicative pricing at 102.99 yielding 1.929% semi-annually. The tender is open to appointed Primary Dealers only, with a minimum application amount of RMB50,000.

CSRC Expands QFII and RQFII Access to Commodity Futures, Options

CSRC, in joint deliberation with the People's Bank of China and the State Administration of Foreign Exchange, announces that starting November 1, 2021, Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors will be eligible to trade commodity futures, commodity options and stock index options listed on approved trading venues. Stock index options trading is limited to hedging purposes only.

NHS Healthchecks Direct Award - Southport and Formby PCN (£594k)

Sefton Metropolitan Borough Council has awarded a £594,000 contract for NHS Healthchecks to Southport and Formby Health Ltd via Direct Award Process B under the Health Care Services (Provider Selection Regime) Regulations 2023. The contract covers management of 14 GP practices serving approximately 128,000 patients in Southport and Formby over an initial 2-year term, with the contract concluded on 31 March 2026. One tender was received electronically and no conflicts of interest were declared.

Powell v. Ocwen Fin. Corp. - ERISA Fiduciary Duties in RMBS Investments

The Second Circuit Court of Appeals partially reversed a district court ruling in Powell v. Ocwen Fin. Corp., finding that mortgages underlying certain residential mortgage-backed securities (RMBS) trust certificates are plan assets under ERISA. The court affirmed that mortgages underlying RMBS notes issued via indenture agreements are not plan assets due to a lack of substantial equity features.

Powell v. Ocwen Financial Corp. - ERISA Fiduciary Duties on RMBS

The Second Circuit held that ERISA plan trustees who invested in residential mortgage-backed securities can pursue breach of fiduciary duty claims against loan servicers for trust certificates but not for notes issued under indenture agreements. The court ruled that mortgages underlying trust certificates are plan assets under 29 CFR 2510.3-101, while those backing indenture notes lack substantial equity features and thus are not plan assets. The appellate court affirmed the Southern District of New York's judgment in part, reversed in part, and remanded for further proceedings.

Cancer Support & Advice Service for Adults in Sefton - £100k Contract Awarded

NHS Cheshire and Merseyside ICB has published a contract award notice for the Cancer Support & Advice Service for Adults in Sefton, valued at £100,000 for the contract period 1 April 2026 to 31 March 2027. The contract has been awarded to Southport & Formby Cancer Information Support Centre CIC (Macmillan Centre) under the Provider Selection Regime 2023 via Direct Award C. A standstill period of 8 working days from the publication date (18 March 2026) applies for provider representations.

Robeson County Behavioral Health Urgent Care Ribbon-Cutting Ceremony

NCDHHS and Trillium Health Resources will hold a ribbon-cutting ceremony for the new Robeson County Behavioral Health Urgent Care on Friday, April 17, 2026, at noon at 105 Farmbrook Drive in Lumberton, NC. NCDHHS provided $2.2 million in funding for the facility as part of a historic mental health investment from the North Carolina General Assembly, representing the eighth of a planned 13 new or expanded BHUCs to open statewide. The facility offers 24-hour rapid, short-term stabilization for individuals experiencing mental health, substance use, or intellectual developmental disorder crises.

People's Bank of China RMB Bills Tender Result 25 March 2026

The Hong Kong Monetary Authority announced the results of a People's Bank of China RMB Bills tender held on 25 March 2026. Six-Month RMB Bills with issue number BCHKFP26008 attracted an application amount of RMB 141,630 million against an issue amount of RMB 60,000 million. The average accepted coupon rate was 1.40%, with the highest rate at 1.48% and lowest at 1.25%, and allocation at the highest accepted rate was approximately 6.98%. The bills are issued on 27 March 2026 and mature on 25 September 2026.

HKEX Censures Cloud Factory Technology Holdings and Four Directors for Prospectus Misstatements

HKEX censured Cloud Factory Technology Holdings Limited (Stock Code: 2512) and four of its directors for material misstatements in the company's prospectus and forecast memorandum during its listing process. The investigation found that the company failed to disclose bank loans and capital expenditure exceeding RMB160 million each, which were material transactions known to the directors. HKEX directed the company to appoint a compliance adviser and ordered all four directors to attend training.

Powell v. Ocwen Fin. Corp. - ERISA Fiduciary Duties

The Second Circuit Court of Appeals partially reversed a district court ruling in Powell v. Ocwen Fin. Corp., finding that mortgages underlying certain residential mortgage-backed securities (RMBS) trust certificates are plan assets under ERISA. The court affirmed that mortgages underlying RMBS notes issued pursuant to indenture agreements are not plan assets.

Powell v. Ocwen Fin. Corp. - ERISA Fiduciary Duties in RMBS

The Second Circuit Court of Appeals partially reversed a lower court's decision in Powell v. Ocwen Fin. Corp., ruling that mortgages underlying certain residential mortgage-backed securities (RMBS) trust certificates are plan assets under ERISA. The court affirmed that mortgages backing RMBS notes without substantial equity features are not plan assets.

SSE Releases 2026 Practical Initiatives

The Shanghai Stock Exchange released its List of Practical Initiatives for 2026 containing 10 measures across five areas including disclosure optimization, supervision and corporate governance improvements, product innovation, market services, and fee reductions. The exchange plans to cut approximately RMB 1.113 billion in fees in 2026. Key initiatives include updating ESG disclosure evaluation criteria, expanding mobile voting services for shareholders, improving the Fixed Income+ multi-asset index system, and enhancing information accessibility through website updates.

52 SSE Publicly Offered REITs Release 2025 Annual Reports

The Shanghai Stock Exchange announced that all 52 publicly offered REITs listed on the SSE completed disclosure of their 2025 annual reports as of March 31, 2026. The 52 products collectively achieved total revenue of RMB 14.5 billion, up 71% year-on-year, and distributable amount of RMB 8.8 billion, up 42% year-on-year. The consumer sector achieved 98% average occupancy rate, affordable rental housing maintained 95% occupancy, and energy sector recorded 4 billion kWh of settled electricity with 106% revenue achievement rate.

February 2026 Monetary Statistics - Deposit and Loan Growth

The Hong Kong Monetary Authority published February 2026 monetary statistics showing total deposits with authorized institutions increased 0.9% month-over-month. Hong Kong dollar deposits decreased 0.2% while foreign currency deposits increased 1.7%. Renminbi deposits rose 3.6% to RMB1,029.3 billion, with cross-border trade settlement remittances totaling RMB866.5 billion.