China

The Asia debt market saw a fresh rush of dollar deals on Wednesday, with property names China Jinmao Holdings Group and Xinhu Zhongbao, as well as Singapore’s United Overseas Bank launching new deals.

HSBC outlined in its annual results announcement on Tuesday some of the difficulties it is facing in the Chinese market, but also said it was raising its revenue targets for the RMB business in 2017.

Chinese solar power company United Photovoltaics Group grabbed investors on Monday for a $100m tap of its debut notes, managing to hit its approved $350m fundraising cap.

China is understood to have tweaked its renminbi fixing mechanism by reducing the reference window of the baskets of currencies it tracks.

Citic and Xinyuan Real Estate are out with their respective bonds on a busy Tuesday in the dollar debt market, as China Jinmao Holdings Group also announces a tender plus new issue as part of its liability management.

Investors can now hedge their Chinese portfolio during European trading hours following the launch of CSI300 index futures contracts on Eurex, the continent’s largest derivatives exchange.

Two and a half years after the launch of the first pilot free trade zone in Shanghai, the authorities appear ready to inaugurate a third batch of FTZs. But recent moves to restrict capital outflows have ended up hurting foreign enterprises, dealing a blow to China’s efforts to open its capital account.

Chinese conglomerate Citic is pursuing a dual-tranche dollar transaction with five and 10 year tenors, mandating banks on Monday.

Chinese borrower United Photovoltaics Group is back in the dollar debt market for more, opening a tap of its debut three year notes on Monday morning.

PBoC opened the week with a near-300bp weakening of the dollar fix, while Rusal received the green light for its upcoming Panda bond deal, and the Shanghai-London Stock Connect is now one step closer to becoming reality.

Chinese real estate developer Xinhu Zhongbao Co is looking for a window for its inaugural international outing, with a roadshow set to take place next week.

China Forestry Group Corp and local government financing vehicles from Xinyi and Tieling are among the issuers waiting for a green light from the National Development and Reform Commission to sell foreign currency debt.