China

The first of China’s much-anticipated pipeline of technology-centric IPOs this year is starting to materialise.

Credit Suisse’s Naqvi to step down – Nomura creates China IB role

Yunnan Provincial Energy Investment Group is out with its first borrowing in the international loan market.

Chinese investors welcomed the first Panda bond issuer from the Middle East with caution this week. The government of the Emirate of Sharjah sold a Rmb2bn ($317.2m) three year bond in the upper half of the coupon range.

A green construction company in the Chinese region of Inner Mongolia has expressed interest in selling a dollar green bond. But the deal will have to overcome damning revelations that the local government released false economic data.

Chinese issuers are continuing to circumvent regulatory approval for offshore fundraising by going down the short-term note issuance route, with Zhongtai Securities becoming the latest name to hit the market.

France is hoping to add its name to a growing list of sovereigns in China’s Panda bond market, having discussed the possibility with at least two of the country’s biggest state-owned banks.

Chinese regulators have given Standard Chartered the nod to become a joint lead underwriter on corporate Panda bonds, allowing it to take a senior position on deals that it was previously forced to play a junior role on. StanChart is only the second foreign bank to win the approval.

Lao Feng Xiang Jewellery Hong Kong is dipping its toes into the offshore syndicated loan market for a $200m financing. This is the second firm in the Chinese jewellery sector to tap overseas investors this year.

BOC International and Jefferies have announced an agreement to jointly provide investment banking advisory and capital markets services to clients, according to a Tuesday press release.

Rabobank has priced a Rmb500m ($79m) offshore renminbi bond, taking advantage of a favourable CNH cross-currency swap rate. But despite the gradual pick-up in dim sum activity, the market is divided over whether the asset class will maintain its momentum.

Fitch Ratings has exited its joint venture in China. But far from being a step back, the move could allow the firm to set up a fully owned business. Although Fitch operated in the market for a decade, it was previously forced to play second fiddle to its local partner, said a source.