China

Debt syndicate banker Angie Li has joined DBS from Guotai Junan International after two years at the Chinese firm.

Maanshan Iron & Steel is seeking shareholder approval to raise up to $500m from a debut convertible bond — the first time in 25 years it is tapping equity investors for funds.

A Shanghai-based joint venture between carmaker Geely and BNP Paribas is to enter the Chinese auto loans securitization market for the first time next week. The company will test demand with a Rmb1.94bn ($284m) deal, selling just one tranche to investors in the interbank bond market.

Sri Lanka and Turkey are preparing to sell their first Panda bonds, enticed by falling funding costs in China's bond markets. But given they both have lower credit ratings than previous sovereign Panda issuers, they may face an uphill battle as regulators scrutinise their finances.

GCL New Energy’s $500m offshore bond plummeted by more than three points in secondary trading on Monday, after its parent company failed to dispose of an asset in Zhejiang. The price plunge also had a knock-on effect on other Chinese new energy bonds.

Haidilao International Holding plans to launch its $1bn IPO in Hong Kong by the end of the month, according to bankers working on the deal.

Shanghai Junshi Biosciences is eyeing a $500m IPO in Hong Kong, having filed a draft prospectus with the city’s stock exchange.

The lending arm of Ford’s China operation took advantage of bullish sentiments in the onshore market on August 2, sealing a Rmb4.5bn ($662.3m) securitization. Bankers say Ford managed to price below Nissan, which offered a similar ABS recently, thanks to a major policy announcement that emerged last week.

Primary bond issuance in Asia-ex Japan has carried on well into the summer, albeit with little participation from high yield borrowers. But bond bankers expect a climax this week before the market quietens down until September.

China’s central bank brings back reserve requirement for FX forwards to support the RMB, the securities watchdog welcomes the launch of two year government bond futures, and a top financial regulatory body says it wants more support for the real economy before China’s leaders meet in Beidaihe.

Trading volume for RMB futures contracts are up in Hong Kong and Dubai, activity on Bond Connect slows down in July after a strong uptick in the previous month, and the FX watchdog shuts the door on new inbound and outbound investment quotas.

Portugal will need to disclose more information about its finances to proceed with its planned Panda bond issuance in China, according to a document published on the regulator’s website but later pulled.