China

Haitong International Securities Group has appointed Sun Jianfeng as an executive director, succeeding Wilson Hui who is retiring from the firm.

Industrial and Commercial Bank of China’s Dubai branch is out on Monday with a dual-tranche floating rate transaction, while logistics group ESR is meeting fixed income accounts in Hong Kong and Singapore this week.

China pledges fresh cash for One Belt One Road (OBOR), KraneShares plans to launch Chinese bond fund, and CFOs are becoming more positive on China’s outlook.

Details of the Bond Connect are set to be revealed soon, but Sean Chang, head of Asian debt management at Baring Asset Management, told GlobalRMB that access to a desirable supply of onshore bonds will be key for investment flows to materialise.

Standard Chartered’s Renminbi Globalisation Index (RGI) fell by 0.9% to 1,770 in March. The bank attributed the fall to weak corporate confidence in renminbi’s recent stability and worries over China’s tight grip on capital flows.

In this round-up, China will allow foreign credit rating agencies to operate in the country following an agreement with the US, the Belt and Road Forum for International Cooperation begins on May 14, and Hong Kong RMB clearing volumes fell again in April 2017.

One of Asia’s most frequent borrowers BOC Aviation has mandated six firms for a dollar-denominated Reg S outing, with roadshow set to take place early next week.

The RMB has remained stable in the currency markets so far this year, but the rest of 2017 may turn out to be more rocky depending on policy developments in the US, according to financial industry experts.

Toyota Motor Finance (China) Co is back with its Rmb3bn ($434.5m) Glory 2017 Phase I Auto Loan Credit Asset-backed Securities, while Beijing Hyundai Motor Group is looking to launch its first auto ABS transaction of the year. Both deals are set to open next week.

Bright Scholar Education Holdings had covered its $150m US IPO as of Monday, according to bankers arranging the deal.

Hong Kong developer Cheung Kong Property Holdings (CKP) and Chinese company Huachen Energy Co both opened books for new dollar deals on Thursday.

Three Hong Kong-based managing directors at UBS, Wang Cheng, Ding Xiaowen and Frank Sun, have left the firm, according to sources familiar with the matter.