China

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.

Future Land Development Holdings and Powerlong Real Estate Holdings sold their respective equity-linked notes with almost similar results on Monday. Both deals were fully increased and priced near the investor-friendly end of terms.

Poly Real Estate Group Co, the investment-grade property arm of government-owned China Poly Group Corp, ended an near four year bond hiatus with a tightly priced transaction on Monday. But a volatile market and an aggressive narrowing in pricing caused a drastic drop in orders.

Chinese company Shandong Linglong Tire Co has chosen dollars and euros for its maiden overseas fundraising.

Recent heavy supply in the Asian dollar bond market has found its first victim in Yango Group Co, which called off a planned $250m deal on Monday. While the Chinese developer’s high leverage raised some concerns, volatility in US Treasuries also played its part in the underwhelming demand.

Renminbi bullishness has served Luxembourg well. The tiny country has enjoyed substantial China-related fund flows in 2017, largely thanks to a wider offering of investments, Marc Andre Bechet, director of legal and tax at the Association of the Luxembourg Fund Industry (Alfi), told GlobalRMB.

The government of the Emirate of Sharjah is set to become the first issuer from the Middle East to enter the Panda market, after unveiling plans to raise Rmb2bn ($315.9m) from the onshore market.

Nomura has hired Charles Wang as chairman of China investment banking to strengthen its client coverage there, according to a memo seen by GlobalCapital Asia.

The first meeting of the Central Banks’ and Supervisors’ Network for Greening the Financial System has broadened the emphasis of the group’s work from a focus on climate change to one on climate and the environment.

Two Chinese property developers are in the market on Monday evening to sell convertible bonds with nearly identical structures.

China and the UK have still not announced the launch date of the London-Shanghai Stock Connect, but international investors are already positioning themselves to get the most out of the new link, Gary O’Brien, a senior custody banker at BNP Paribas, told GlobalRMB.

China Cinda Asset Management Co has mandated 12 global co-ordinators and an additional 11 bookrunners and lead managers for its upcoming senior dollar transaction, with investor meetings and calls scheduled over the next two days.