China

BMW Automotive Finance (China) Co has tapped China’s auto loan asset-backed securities (ABS) market for the second time this year. The German carmaker bagged Rmb4bn ($595.4m) on August 8, less than a week after another foreign automaker, Nissan’s China joint venture, hit the market.

The Hong Kong Exchange (HKEX) will suspend its offering of China ministry of finance treasury bond futures after the end of the year, while no official trading data was disclosed for the Bond Connect scheme in the bourse’s 2017 interim results report.

Country Garden Holdings Co is back in the market with a tap of its 2022 notes sold less than a month ago. Meanwhile, Jiangsu Bicon Pharmaceutical Listed Company is plotting a $300m fundraise from a three year bond.

Agile Group Holdings has sold a $200m deal off a robust $2.5bn book, with yield-hungry investors allowing the company to price the notes flat to recent double-B rated real estate bonds.

LVGEM (China) Real Estate Investment Company and HNA Group company Tianjin Tianhai Investment Co are wooing buy-side accounts. The former opened books for its debut on Tuesday and the latter is understood to be holding investor meetings.

One of the most promising vehicles for moving the financial system on to a greener path – risk management – is gathering momentum.

China’s banking regulator has given Postal Savings Bank of China Co the go-ahead to raise additional tier one capital offshore, adding to the hefty issuance pipeline from the country’s commercial banks.

Agile Group Holdings is marketing a five non call three year dollar bond to refinance part of its outstanding $500m notes from 2014.

In this round-up, an ex-IMF economist says China needs an independent central bank, the People’s Bank of China considers changing the RMB trading band, and trade between China and Africa surges in the first half of the year.

eHi Car Services snapped up $400m from the only dollar bond from China on Thursday, managing to tighten pricing by 37.5bp.

Bank of China and China Construction Bank have picked new chairmen, BOC’s asset management arm received its first batch of qualified foreign institutional investor (QFII) quotas, and the Ministry of Finance published new guidelines to restrict foreign investments by state-owned enterprises.

China Huiyuan Juice Group is preparing for its debut in the dollar debt market, after hiring BOC International as the sole lead for the transaction.