China

Bright Scholar Education Holdings, which is set to price its $150m US float at the end of Wednesday, has received a big thumbs up from investors.

People’s Bank of China has given the green light to the Bond Connect scheme, which banks expect will launch in early July. However, investors using the CIBM Direct scheme will be shut out from the new link to China’s $9.4tr bond market, GlobalRMB has learned.

Hong Kong-listed Flat Glass Group has approached the loan market for a $150m fresh money borrowing with one bank at the helm.

Less than two months since its last ABS outing, SAIC-GMAC Automotive Finance has already set its sights on its second China auto ABS of the year. The four-portion Rmb4bn ($580m) Rongteng 2017-2 Retail Auto Mortgage Loan Securitization is set to open next Monday.

Industrial and Commercial Bank of China Dubai sold a dual tranche $700m deal on Monday, and is looking to quickly follow it up with a planned euro-denominated bond.

Melco Resorts Finance is set to go on a global roadshow for an eight year bond to redeem its outstanding 2021s, as China’s Hong Yang Group Company and Indonesia’s Soechi Lines also prepare investors for new deals.

Korea Water Resources Corp as well as developers Sun Hung Kai Properties and Logan Property Holdings launched new dollar deals on Tuesday morning.

Volkswagen (VW) priced the senior class A and class B portions of its Rmb4.5bn ($652.66m) Driver China Six Trust on May 12. The originator opted for a pure static asset pool for its first 2017 ABS outing, having gone down the revolving route in its last transaction.

GlobalRMB moderated a webinar on China's bond market on May 15 with speakers from Euroclear Bank, HKEX, and Standard Chartered.

The One Belt One Road (OBOR) forum dominated global headlines on Sunday, when the summit kicked off in Beijing. While there was no shortage of grandiose statements, analysts remain divided over what OBOR will mean for China and its renminbi internationalisation (RMBi) strategy. In this round-up, GlobalRMB summarises the market views on the forum’s outcomes.

The Shanghai International Energy Exchange (INE), a subsidiary of the Shanghai Futures Exchange, has issued articles of association, general rules and contract specifications that take it closer to introducing crude oil futures.

Grand Baoxin Auto Group has sealed its latest fundraising from the syndicated loan market at $763.4m, higher than the $590m-equivalent launch size.