China

Issuers from Greater China are dominating the dollar debt market, as they vie for investor attention on Thursday alongside a couple of south and southeast Asian names.

MSCI’s new consultation paper has increased the probability of A-shares’ entering the benchmark emerging markets (EM) index in 2017. However, the inclusion’s impact is likely to be long-term rather than immediate.

Industrial and Commercial Bank of China is back in the market with a dual tranche deal carrying three and five tenors, set to be issued through the firm's leasing arm.

Fujian Yango Group sealed its inaugural international bond on Tuesday, snapping up $300m from a guaranteed bond. A quiet debt market in Asia worked in the issuer’s favour, but it still had to pay a premium for its unrated status.

China Huiyuan Juice Group has sealed a slightly larger than planned syndicated loan of €160m with four banks. A few more lenders are still set to join, which will further bump up the fundraising, according to a source.

Moscow Exchange (Moex) and Dalian Commodity Exchange have agreed on a memorandum of understanding.

Shui On Development has hit the syndications market for a $150m three year borrowing guaranteed by parent Shui On Land. The firm is the latest name to tap the bond and loan markets in quick succession.

Property developer Fujian Yango Group started taking bids for its debut international bond on Tuesday, immediately after wrapping up fixed income investor meetings. Its deal follows fellow Chinese company Zhejiang Huzhou Huantaihu Group Co’s $150m outing on Monday.

Automobile parts maker Zhongding Hong Kong has wrapped up its latest syndicated loan at €200m ($217m), higher than the launch size of €150m, as 14 lenders chipped in.

Premier Li Keqiang's blessing for a China-Hong Kong Bond Connect scheme is a boost for the accessibility of Chinese bonds. But market participants are looking for clarity on issues across FX, settlement and registration requirements to determine its likely impact and appeal.

The Hong Kong Exchange is set to introduce five year China Ministry of Finance Treasury bond futures.

Investment grade Chinese issuers are lowering their costs of funding in the euro bond market as the region’s liquidity improves, while the door also remains open to high yield issuers with operations in Europe, according to panellists speaking at the China DCM summit in Beijing last Thursday.