China

Kangde Xin Composite Material Group has made its debut in the offshore loan market, launching a $200m three year deal into syndication.

Chinese telecommunications firm ZTE Corp, which has failed to comply with a covenant on a $450m syndicated loan due in July, has requested lenders to waive the breach, according to bankers close to the situation.

Chinese company Avic International Leasing has returned to the offshore loan market for a $200m borrowing, according to a banker who has received the invitation.

South Korea’s Busan Bank raised Rmb500m ($78.62m) from its first Formosa bond last Friday, taking advantage of the arbitrage opportunity to swap the deal back to dollars.

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.

Welcome back to our Monday newsletter. In this round-up, Trump dream team hits Great Wall, Bond Connect flows keep growing and new Shanghai Stock Exchange chairman is appointed.

Property firm Greentown China Holdings has returned to the offshore debt market for a $630m term loan to refinance a similar deal sealed in 2016.

A handful of Chinese investment grade rated state-owned companies are gauging investor appetite for new deals amid a weak market backdrop.

China’s stock market regulator has published draft rules for the issuance and listing of China Depositary Receipts (CDRs).

After opening the Panda bond market in the mid-2000s, International Financial Corporation (IFC) has been absent from the asset class for over a decade. But Jingdong Hua, treasurer at IFC, told GlobalRMB that this could change — if China lets the issuer use its own accounting standard again.

The underperformance of China Aoyuan Property Group’s bond on Thursday cast a shadow over new issues from Yuzhou Properties Co and Fantasia Holdings Group Co, with pretty muted responses for both deals.

The People’s Bank of China publishes new rules governing the RMB qualified domestic institutional investor scheme, China and Nigeria ink a swap line, and the State Administration of Foreign Exchange pledges further reforms.