China

Fujian Zhanglong Group is tapping its three year bonds from last year for a second time, opening books on a quiet Wednesday as the market awaits announcement from the FOMC meeting.

The Bond Connect scheme allowing foreign investors access to the Mainland bond markets will materialise in 2017, Chinese premier Li Keqiang announced during a press briefing on March 15.

UBS has poached a senior banker from Goldman Sachs to head China advisory sales for its joint venture in the Mainland, according to a memo seen by GlobalCapital Asia.

Canada-based asset manager Manulife became the first foreign investor to obtain its investment wholly foreign-owned entity (WFOE) licence on March 15, the firm said in a statement.

You wait for one and then three come along at once. A trio of major Chinese technology firms have approached the loan market for funding said to be in a region of a combined $13bn, GlobalCapital Asia understands.

A foreign institutional investor completed its first hedging transaction in the onshore FX derivatives market on March 13, following the liberalisation by the State Administration of Foreign Exchange introduced at end of February.

Guorui Properties opened the Asia high yield corporate debt market for the week, launching its debut dollar deal just ahead of the US Federal Reserve meeting.

Bank of Communications Financial Leasing Co (BoCom Leasing) is set to become the first leasing arm of a bank in Asia ex-Japan to tap offshore investors in 2017, having opened books for a new dollar-denominated transaction.

Plastic films and base oils maker, Shandong Qingyuan Group, has invited participation from retail banks for a $500m three year borrowing.

Fixed income fund managers have welcomed the recent move by PBoC to allow them into the onshore FX derivatives market, but a few more tweaks to the regulation will help give Beijing what it really craves: a surge in capital inflows to the onshore bond market.

PBoC signals further opening up of China’s bond market and promises further bond market reform, and the China Securities Regulatory Commission (CSRC) exposes the first cross-border Stock Connect manipulation case.

Lenovo Group priced a five year fixed bond and a subordinated perpetual non call five in a soft market on Thursday and on the back of disappointing third quarter results. But investors shrugged off any concerns and poured into the transaction.