China

Dongfeng Nissan Auto Finance is selling a Rmb4.5bn ($674.4m) ABS deal next week — the first by a foreign originator in the second half. Sources say the originator has been afforded a nice window to issue given the looser onshore liquidity, but it will enjoy less flexibility around the structure of the deal.

CNCB (Hong Kong) Investment, a subsidiary of China’s Citic Group, has started wooing banks to its $500m debut loan.

Apple sets up a fund to invest in clean energy suppliers in China, Citi eyes Chinese investment in India with new team, and Citic International sees waning appetite from onshore corporations and individuals for cross-border solutions because of the US-China trade war.

Ministry of Commerce (MofCom) criticises Trump’s proposal of additional tariffs, Shanghai government vows to open up the city further, and the banking regulator approves international banks setting up branches and subsidiaries in China.

Chinese auto rental company eHi Car Services has launched a $200m three year refinancing loan, led by sole mandated lead arranger and bookrunner Deutsche Bank.

Jilin Jiutai Rural Commercial Bank is planning share sales to both onshore and offshore investors in a bid to boost its core tier one capital.

Equity investors have endured a volatile year with numerous geopolitical shocks leading to falls in markets and sapping confidence. But now they are positioning for the previously unimaginable, a trade war between the world’s two largest economies and all the ramifications that will follow, writes Sam Kerr.

Portugal’s planned Panda bond is “being finalised” and the sovereign is “looking closely” at the green bond market, according to the country’s minister of finance.

Agile Group Holdings printed a smaller-than-expected $200m bond on Wednesday, struggling to source demand in spite of a generous yield, raising questions about the timing of the transaction.

Analysts can sometimes find it hard to do due diligence on Chinese companies. The language barrier, local regulations and differences in accounting standards all need to be dealt with. They also need to consider the distinct possibility they are being fed a large helping of absolute piffle.

In a sign of warming relations between China and Germany, regulators in China gave Deutsche Bank the licence to underwrite corporate bonds in the interbank market. But the bank has its sights set on a bigger prize — the right to joint lead underwrite Panda bonds for corporate issuers.

Lukewarm demand for recent floating rate notes, and their underperformance in the secondary market, has raised a key question for Asian issuers: are investors falling out of love with dollar floaters? Morgan Davis finds out.