China

Chinese regulators have given the country’s biggest banks initial permission to set up wealth management arms, addressing a $3.2tr industry that inspires fear of shadow asset growth. But bankers admit they are still confused by exactly what the next steps will be.

Ronshine China Holdings priced the new money portion of its exchange offer after building an order book that covered the deal almost 16 times over. The liability management exercise helped the issuer close the gap between its curve and that of similarly-rated Chinese property developer peers.

China Forestry Group has returned to the offshore market, raising its second international loan through a Singaporean subsidiary.

Yuzhou Properties Co sold its third dollar bond deal of the year this week, bringing its total issuance for 2019 to $1.5bn.

In this round-up, trade talks between China and the US will continue in Washington DC after no deal was reached last week in Beijing, total credit growth came above market consensus and Industrial and Commercial Bank of China received a green light to set up a wealth management subsidiary.

Ronshine China Holdings announced the results of an exchange for its outstanding 2021 bond on Monday, at the same time as kicking off bookbuilding for $200m of new funding.

Citi China has made two internal promotions in its markets and securities services business division, according to a Friday press release.

China Cinda Asset Management Co raised $1bn from a foray into the bond market, going for the lower-end of its size target despite what bankers on the deal called an ‘overwhelming’ response from investors.

Jiangxi Railway Investment Group Corp, a Chinese local government financing vehicle, has made its debut in the dollar bond market, raising $300m.

Cifi Holdings (Group) Co returned to the bond market with a $300m transaction. The four year bond’s tight price stood in stark contrast to the two year notes Cifi paid up to sell in December.

In this round up, US president Donald Trump hinted at a potential delay of the March 1 deadline for a trade deal with China, the National Development and Reform Commission required its local units to zoom in on the potential for bond defaults and Bank of China (BOC) said it will lend Rmb300b to the Tianjin government.

In this round-up, foreign currency reserves beat market expectations in January, MSCI added 12 securities to its China Index and Standard Chartered signed an MoU with a Chinese supply chain financing provider.