China

Four Chinese issuers hit the market with new transactions on Monday, despite the credit market ending on a weak note last week. As the companies try to make use of their remaining fundraising quotas, the focus remains on new issue premiums.

In this round-up, trading of RMB-denominated crude oil futures kicks off in Shanghai, Bloomberg Barclays sets inclusion of onshore bonds in motion, and the governor of the People’s Bank of China reiterates the central bank’s commitment to RMB internationalisation and reform and opening up.

Personal computer maker Lenovo priced a $750m deal on Thursday as part of a liability management exercise, switching some investors out of an old bond that will mature next year. But like others in the market, the borrower had to pay a double-digit new issue premium to ensure success.

Shandong Iron & Steel Group Co and a Chinese government-owned entity from Xuzhou both took a cautious approach to their dollar bonds on Thursday in a market that has become increasingly volatile.

Chinese regulators are cracking down on foreign currency trading, going after brokers who have flouted restrictions by operating in a legal grey area. GlobalRMB investigates.

A jaw-dropping $20bn of investor orders poured in for Naspers’s overnight share sale in Hong Kong-listed Tencent Holdings, in a deal one banker summed up as "a huge success, and a landmark for all involved".

Chinese technology company Tsinghua Tongfang Co hit the market on Thursday in a desperate attempt to use its offshore regulatory approved fundraising quota before it expires at the end of March. While the issuer managed to raise $300m, the transaction was a rough one.

Baidu managed to raise $1.5bn from a dual-tranche bond on Thursday, but a choppy market backdrop meant the notes took a battering in the aftermarket.

Beijing Jingneng Clean Energy has launched a $220m green loan into syndication, the first of its kind for the company.

A US presidential memo from Trump against China kicks off what could become a series of tit-for-tat tariff moves.

The head of the banking watchdog keeps his job after merger with insurance regulator, officials waive taxes on RMB-denominated oil futures for international brokers and investors, and Fitch says it is maintaining China’s sovereign rating thanks to positive growth and debt trends.

Asia’s loan market has seen big shifts over the past three decades, with regional banks competing head-on with international lenders and the institutional market gathering pace. But some key ingredients are still missing, writes Rashmi Kumar.