China

Two Chinese banks sold dual tranche floating rate dollar bonds this week, taking advantage of the market’s enthusiasm to raise a combined $1.8bn. But the eagerness for the format appears to be waning.

Property company Jinmao is returning to the Panda market just three months after its debut in the asset class. Sources said the issuer, which is hoping to raise Rmb2.5bn ($367.9m) with a three year note on July 7, is seeking a snap deal to exploit relatively stable onshore yields.

Chinese developer Longfor Properties Co began marketing its first investment grade dollar bond on Thursday morning in Asia.

Formosa Chemical Industries Ningbo Co has mandated a Taiwanese lender to syndicate a $155m-equivalent renminbi loan.

There has been rising demand for short-dated non-deliverable interest rate swaps (NDIRS) in the renminbi market after the People’s Bank of China adjusted the fixing lower and market participants braced themselves for a key resistance level, writes Deirdre Yeung of Total Derivatives.

Qinghai Provincial Investment Group made a quick return to the bond market this week, giving investors an opportunity to top up their exposure five months after making its debut.

A group of nine Chinese companies have received approval from the National Development and Reform Commission (NDRC) to sell international bonds.

Shanghai Pudong Development Bank Co is back in the market with a dual tranche floating rate dollar deal, which it is selling through its Hong Kong branch.

Foreign credit rating agencies are finally welcome to operate in China without a local partner, the People's Bank of China confirmed this week. But although the change is likely to improve the transparency of the country's corporate bond market, experts have warned that it could pose risks to the wider economy.

The People’s Bank of China nearly doubled Hong Kong’s renminbi qualified foreign institutional investor (RQFII) quotas on June 5. Market participants say the move will meet growing demand for RMB assets following MSCI’s inclusion of A-shares.

China’s move to open up its domestic bond market to more foreign investment is being rightly applauded. But investors should be wary of the risks in a market that still has serious problems with governance and disclosure.

Metallurgical Corporation of China (MCC), China National Chemical Corporation and Thailand’s PTT Exploration and Production are out in the market, gauging appetite for their respective bonds.