China

Sinochem Hongrun Petrochemical, a crude oil refiner affiliated to Sinochem Group, has increased ts debut international borrowing to $270m from $110m.

A new formula to determine the daily renminbi fix could be a prelude to more exchange rate policy reform from China, said HSBC.

Banks are beginning to grapple with the implications of funding the One Belt One Road (OBOR) project following the Belt and Road Forum for International Cooperation this month. While the initiative will likely help the renminbi go global, it is unclear how far and fast a boost RMB internationalisation will get from it.

Dr Peng Telecom & Media has sealed its debut bond, raising $500m from a three year that was over 5x covered. Enthusiastic accounts in Asia and Europe piled in to the deal, enabling the lead to slash pricing by a hefty 45bp.

Nanyang Commercial Bank added $1.2bn to its coffers on Thursday with an additional tier one bond, managing to price its deal close to fair value.

China Petroleum & Chemical Corp has sent out a request for proposals for a potential $10bn spin off and listing of subsidiary Sinopec Marketing Co, according to bankers who received the invitation.

The PBoC is rumoured to be looking into making the daily fixing more stable, MSCI says there are still questions on including A-shares in its emerging market index in June, and Vanguard sets up its first wholly foreign owned entity (WFOE) in Shanghai.

Standard Chartered has become the first non-Chinese bank in Singapore to close a dollar-renminbi FX forward trade via the onshore China Foreign Exchange Trade System (CFETS), the firm said in a statement on Thursday.

The Moscow Exchange (Moex) and Shanghai Stock Exchange (SSE) have agreed to an expanded “strategic cooperation” agreement, and intend to develop debt and equity products for investors.

Moody’s downgrade of China triggered a slight widening of spreads on international dollar bonds from the country’s issuers on Wednesday, but the reaction was otherwise largely muted. Despite the tepid response, market watchers say the downgrade could, and should, do more to reset pricing in the offshore debt market. Morgan Davis reports.

China National Chemical Corp (ChemChina) defied any jitters caused by Moody’s downgrade of China’s sovereign on Wednesday, pricing a senior perpetual bond. The only dollar debt issuer to brave the market, the state-owned company’s strong following helped it price inside fair value, said bankers.

The Asia ex-Japan G3 bond market saw a slew of issuers from a variety of backgrounds hit the market on Thursday, with borrowers from Greater China as well as Indonesia venturing offshore.