China

Banks and corporates in the US are increasingly interested in understanding the opportunities in renminbi, but they need to lose their addiction to the US dollar. The catalyst is likely to come from market trailblazers and improved infrastructure.

Bank of China's received on Wednesday a provisional rating for its green secured bonds and leads have set initial price thoughts.

Central China Real Estate wrapped up an unconventional two-day bookbuilding for its new bond on Tuesday. Investors had turned their backs to the original aggressive pricing, forcing the leads to price the deal 75bp higher than the initial guidance.

GDS Holdings received a thumping response from investors for its $192.5m Nasdaq IPO, but priced it below the initial range to capture long-only demand and a higher-quality book.

Wuhan Metro Group and Jiangsu Zhongguancun Science Park Holding Group added their names to the growing list of Chinese local government financing vehicles (LGFVs) sealing inaugural dollar bonds in the international market this year.

Credit Suisse launched its onshore brokerage business in China on Wednesday, placing it among a handful of global banks that have securities trading operations in the Mainland.

A subsidiary of Chinese electro-acoustic product maker Goertek has approached banks for a $150m three year borrowing.

State-owned China Nuclear Engineering Group Co (CNEC) has hired banks to test appetite for its inaugural CNH bond — the third time it is attempting to sell a dim sum deal.

The Dubai Gold and Commodities Exchange (DGCX) has announced plans to launch a renminbi futures contract, with Gaurang Desai, CEO of the exchange, telling GlobalRMB the contract has already received regulatory approval.

Aluminum Corporation of China (Chalco) raised $500m from a perpetual non-call five year bond on Monday, managing to woo investors against a volatile backdrop.

Two Chinese banks and one Taiwanese lender have banded together to supply a $630m leveraged buyout financing to support Carlyle’s acquisition of VXI Global Solutions.

Clearstream launched the China Bond Link on October 17, which is designed to connect overseas investors with the China interbank bond market. The firm expects to see growing interest in China fixed income as a result of broader RMB adoption, a spokesperson for the central securities depository told GlobalRMB.