China

A long awaited framework for Panda bond issuers is likely to be finalised by the People’s Bank of China by the end of the year, GlobalRMB has learned.

Industrial and Commercial Bank of China is set to become the first Mainland bank to sell a green bond aligned with both international standards and China’s framework.

Four firms from Asia ex-Japan are taking bids for their dollar bonds, including Lionbridge Capital Co, Nan Hai Corp, Overseas Chinese Town Enterprises Company as well as Malaysia’s Yinson Holdings.

The National Bank of Canada (NBC) has raised Rmb600m ($90.3m) from a three year bond on September 28, becoming the second Canadian issuer to hit the dim sum market in two weeks.

The renminbi held its spot as the world’s fifth most active payments currency in August, according to Swift’s RMB tracker. The news came just a day after Swift said it will start displaying China’s Cross-Border Interbank Payment System’s (Cips) data on its system.

Far East Horizon has returned to the international loan market after a gap of two years for a $500m deal, and is paying a margin that is about half of what it offered last time.

Indonesian company Asia Pulp & Paper’s high profile default 16 years ago appears to be still fresh in the minds of investors. Its unit APP China Group sealed a modest $150m bond on Tuesday, but had to entice the buy-side with a juicy yield and a short tenor.

With strong demand right off the bat, Chinese firm RYB Education has broken through the top of guidance to raise a higher $144.3m from its US flotation, according to a source close to the deal.

A HK$2bn ($256m) three year maiden loan for China Forestry Group Corp has been received warmly by international banks, resulting in a huge oversubscription, said a banker.

China Aircraft Leasing Group Holdings (CALC), which made its offshore loan market debut last year, has allotted its new $425m borrowing after bumping it up.

As the Belt and Road Initiative (BRI) opens up investment opportunities in emerging markets, it also exposes participants to high credit risks. But instead of seeking insurance coverage, some bankers are turning to securitization for an answer — a move that can lower risk and accelerate return on capital.

China’s Yuzhou Properties pulled off a $300m bond on Monday, navigating a choppy equities market that saw stock prices of many Hong Kong-listed developers plunge amid cooling measures from the Mainland regulators.