China

China Eastern Airlines Corp has nabbed S$500m ($366.69m) from its first foreign currency transaction as it makes an attempt to diversify its funding base.

China’s policy of opening up its onshore market while holding a tight grip on capital flows is unsustainable, according to two Chinese academics, who called for a more proactive policy from China in promoting renminbi internationalisation.

KWG Property Holding raised $300m from a seven year non-call four bond on Tuesday, managing to pay a zero to negative new issue premium despite hitting the dollar market for the fourth time in 2017.

China Overseas Grand Oceans Group (Cogo) is taking the rights issue route to pay off debt, proposing to raise HK$4.7bn ($595.9m) from shareholders.

ICBC Financial Leasing Co hit the dollar bond market on Wednesday with a dual-tranche transaction, returning a few months after its last international issuance.

Redco Properties Group has jumped on the short-dated bond trend, launching a 364-day dollar deal on Wednesday.

Swift is looking to further streamline the RMB payment experience with the recent integration of China’s cross-border interbank payment system (CIPS) data with its information platform and the launch of the global payments innovation (gpi) initiative, Eddie Haddad, managing director for Swift in Asia Pacific, told GlobalRMB.

China’s Avic International Leasing Co sealed its first offshore dollar deal on Monday, manoeuvring through the market to land support from investors outside of its traditional home base.

Chinese banks and corporations are making use of the fast-growing asset-backed securitization (ABS) market to aid the country’s deleveraging efforts, analysts told GlobalRMB.

Hong Kong-based Far East Consortium International (FEC) and Chinese securities house Guotai Junan International Holdings both sold unrated bonds on Monday. While neither issuer saw overwhelming demand, they still managed to walk away with their desired $150m and $300m, respectively.

China’s regulators have left DCM bankers, issuers and investors befuddled this year, as they struggle to understand which companies will gain approval to issue offshore bonds and which will be rejected. In this environment it was only natural that sub-one year bonds, which don’t need approval, should become very popular, but a recent deal shows using the loophole comes at a cost.

China Development Bank Corp (CDB) is gearing up for talks with fixed income investors for its inaugural offshore green bond, mandating firms for a dual-currency transaction.