China

China Construction Bank sealed a €500m deal through its European arm on Wednesday, securing ample investor interest from both Asia and Europe to price with negligible new issue concession.

Future Land Development Holdings is hunting for $350m from a new three year note launched on Thursday morning, with pricing tightened aggressively at the end of the day.

Russian aluminium producer Rusal has registered a prospectus on the Shanghai Stock Exchange for a Rmb10bn ($1.5bn) seven year Panda bond programme, the company said on Wednesday.

Renminbi internationalisation could soon be renamed renminbi digitalisation as the People’s Bank of China continues to make inroads to becoming the first major central bank to issue its own digital currency, according to a report from King & Wood Mallesons (KWM).

The offshore renminbi market is set for another year of pain with new issuance predicted to fall by as much as 30% in 2017, according to HSBC’s February dim sum tracker report.

Mason Financial Holdings has wrapped up a rights offering of more than 20bn new shares, raising HK$2.9bn ($373.9m) from the deal.

Bank of China concluded its first G3 outing of the year, pricing a $2bn triple tranche offering on Tuesday. Demand was particularly strong for a three year floating rate portion, which is now among the largest FRNs in the region.

China Grand Automotive is looking for a $591m equivalent syndicated loan facility, less than two months after it raised funds from the bond market.

The PBoC skipped another reverse repo operation today, tightening liquidity conditions further. However lower fixings have supported better offers in swaps. Data-related receiving in 5-years has fuelled a corrective flattening move in the 1s/5s NDIRS slope after the curve made new highs earlier this week, writes Deirdre Yeung of Total Derivatives.

China Singyes Solar Technologies Holdings has become the latest energy name to venture out to the Asian debt market, taking bids for its debut dollar bond on Wednesday.

China Construction Bank (Europe) launched its new euro notes on Wednesday morning, becoming the third Chinese lender to hit the G3 debt market this week.

The Brexit process and the further opening of the Chinese capital markets are pushing Luxembourg fund managers to sharpen their focus on China, Marc-Andre Bechet, director of legal and tax, Association of the Luxembourg Fund Industry (Alfi), told GlobalRMB.