China

The renminbi fell on Friday at the Asia open as US president Donald Trump holds talks with China counterpart Xi Jinping, State Administration of Foreign Exchange (Safe) claims Mainland’s FX market is stable, and Stock Connect saw a 56% jump in turnover on the northbound channel in March.

Yanzhou Coal Mining Company saw a very different outcome to its perpetual bond this week, managing to price through its theoretical fair value. In comparison, the borrower paid up three years ago for its last perp outing.

Everbright Financial Leasing Co is seeking a $200m three year facility through a single mandated lead arranger and bookrunner.

The precise scope of the Belt and Road initiative (BRI) remains a bit of a mystery, but there are those arguing the scheme is important to the next phase of RMB internationalisation (RMBi). Yet, the beneficial impact on RMB usage for trade and investment is yet to be seen.

Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the first five questions.

Ant Financial subsidiary Alipay (Hong Kong) Holding has launched a $3bn debut syndication via a nine-member bookrunner group. The strong showing at the top is driven by opportunities to cross-sell higher fee-generating products such as private banking, equity advisory and underwriting services to the Alibaba Group-affiliated borrower, reports Shruti Chaturvedi.

Chinese property developer Jingrui Holdings leveraged off a yield-hunting environment and its strong financial improvement to raise $400m from its return to the offshore debt market this week.

Chinese toll road operator Zhejiang Expressway Co took a road less travelled by Asian companies in the equity-linked market this week. It debuted with a euro-denominated convertible bond, becoming one of just a handful of euro CB issuers from the region in the past decade, writes Jonathan Breen.

Ford Automotive Finance (China) is readying its Rmb3bn ($435m) auto ABS transaction, its first this year and its sixth on the Mainland. But investors hoping for some new features will be disappointed, as the new transaction shares similar features with its last two outings in 2016.

China Petrochemical Corp has bagged the largest G3 bond from a corporate in Asia so far this year, wrapping up a $3.4bn four-tranche transaction on Wednesday, taking advantage of a favourable market window.

Issuers from Greater China, including Yanzhou Coal Mining Company (Yancoal) and Regal Hotels International Holdings, have opened books for new perpetual notes, while China Oil and Gas Group has mandated firms for its return.

BMW Automotive Finance (China) Co is looking to launch its first auto loan asset-backed securities of the year, with bookbuilding for the Rmb4bn ($580.7m) Bavarian Sky China 2017-1 set to kick off on April 10.