China

Yinchuan Tonglian Capital Investment Operation Co has mandated two banks for its first international dollar bond, with roadshows to kick off on Wednesday.

Oceanwide Holdings International and Metallurgical Corporation of China (MCC) snagged investors on Monday for their new bonds, with the former going for a 363-day deal despite having regulatory quota for a longer transaction, while the latter capitalised on strong demand for its recent trade to bag $500m from a tap.

Syndication of a $150m loan for Hong Kong-listed Flat Glass Group has wrapped up with 16 banks coming in.

Tuesday is yet another busy day for China DCM, with Bright Food (Group) Co, Greentown China Holdings and Central China Real Estate in the market for bonds, while China Railway Group is set to meet accounts for its return to the international debt market.

Asset manager Pimco said the launch of Bond Connect addressed important concerns by foreign investors, but added that the outlook for the RMB remained somewhat bearish.

Chinese iron and steel company Metallurgical Corporation of China (MCC) is looking to add to its dollar bond sold just over a month ago, opening a tap on Monday following investor meetings in Hong Kong, Singapore and London.

Standard Chartered’s Renminbi Globalisation Index fell to a 39-month low in May as the offshore renminbi (CNH) liquidity pool shrinks. But the bank said the index figures do not yet reflect China’s recent efforts to internationalise the renminbi, such the launch of Bond Connect.

Oceanwide Holdings International is joining the rush of issuers selling bonds with tenors of less than one year, marketing a 363-day Reg S transaction to refinance debt.

Greentown China Holdings and ENN Energy Holdings are courting investors for new dollar deals this week.

China’s State Administration of Foreign Exchange (Safe) says the country will not devalue the renminbi, Hong Kong’s renminbi deposits fall in May, and China welcomes Japan to participate in One Belt One Road (OBOR).

Hong Kong Exchange (HKEX)’s chief executive Charles Li opened trading for the first RMB denominated gold futures contract on the exchange.

More banks now have the opportunity to join a HK$28bn ($3.6bn) financing to support the take-private of Hong Kong-listed footwear company Belle International Holdings, following a senior phase that attracted nine lenders.