Bank of China took its pivot away from Libor-linked bonds further this week by selling a dollar note tied to the secured overnight financing rate (Sofr) and a sterling-denominated deal that was the first Sonia-linked bond from a Chinese issuer.
Beijing Hyundai Auto Finance Co sealed a Rmb4bn ($619m) revolving auto loan ABS this week, paving the way for its peers to tap China’s domestic market in the coming months.
China Ping An Insurance Overseas (Holdings) found strong support for its $550m 10 year bond, defying initial concerns around volatility in longer tenors.
The US regulator’s demand for more disclosures from Chinese companies planning New York listings may be a death knell for the flow of IPOs between the two markets — but it could go a long way towards offering investors some much-needed transparency.
Bank of China took its pivot away from Libor-linked bonds further this week by selling a dollar note tied to the secured overnight financing rate (Sofr) and a sterling-denominated deal that was the first Sonia-linked bond from a Chinese issuer.
Beijing Hyundai Auto Finance Co sealed a Rmb4bn ($619m) revolving auto loan ABS this week, paving the way for its peers to tap China’s domestic market in the coming months.
China Ping An Insurance Overseas (Holdings) found strong support for its $550m 10 year bond, defying initial concerns around volatility in longer tenors.
Beijing Hyundai Auto Finance Co sealed a Rmb4bn ($619m) revolving auto loan ABS this week, paving the way for its peers to tap China’s domestic market in the coming months.
China Telecom Corp has got the nod from the Chinese securities regulator for a Shanghai listing which, if launched in the second half, could set the record for the largest IPO in the world this year.
Foreign ownership of Chinese domestic bonds has hit an all-time high of over Rmb3.6tr ($562bn) — an impressive number but one that warrants a much closer look.
In this round-up, China’s official manufacturing Purchasing Managers’ Index (PMI) fails to meet expectation in July, the US puts additional information disclosure requirements in place for Chinese IPO hopefuls, and foreign financial institutions continue expanding in the Mainland.
The US finally labelled China a currency manipulator this week, a day after the renminbi weakened to below the psychological level of seven against the dollar. With China clearly indicating its willingness to open a new front in the trade war, the stage is set for an increase in rhetoric between the two countries.
A group of 23 banks and 12 securities houses completed 154 renminbi interest rate option (IRO) transactions worth Rmb12.8bn ($1.81bn) on Monday. The new derivatives product is viewed as a solid step for China’s interest rate reform.
US-based Oaktree Capital Management has become the first foreign asset management firm to set up a wholly owned subsidiary in mainland China.
The Asian Development Bank (ADB) is struggling to find the long term RMB funding it needs in both onshore and offshore markets, treasurers at the development bank told GlobalRMB at their head office in Manila.
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GC Asia
