China

Seven deals launched Thursday as issuers came out in force to raise money ahead what is expected to be greater market uncertainty in November.

Industrial and Commercial Bank of China’s Tokyo branch sold a Rmb500m ($73.8m) dim sum bond on Tuesday — the first offshore renminbi Pro-Bond to be sold in Japan. The transaction was a successful attempt at drawing attention from Japanese investors, with the issuer managing to save costs compared to its dollar funding, according to bankers.

Sociéte Générale has created a China desk in Paris to cover Chinese corporates in France and provide services ranging from acquisition financing to capital markets.

Bank of Communications Financial Leasing Co snagged $1.5bn from a dual-tranche offering on Tuesday, as it opted for a slightly different structure to its past transactions.

Aluminum Corporation of China is planning its return to the international bond market, having hired banks for a Reg S dollar senior perpetual.

In the nascent market for special drawing rights (SDR) denominated bonds, known as Mulan bonds, Standard Chartered (StanChart) managed to increase onshore investor interest in the first deal by a commercial lender in China.

China has made progress in liberalising its capital account this year, but the moves have yet to win over US-based investors, Luke Oliver, head of exchange-traded funds (ETF) capital markets at Deutsche Asset Management (DAM) told GlobalRMB.

Bank of Communications Financial Leasing Co launched its second dual tranche dollar bond of 2016 Tuesday, following a global roadshow last week.

Bank of China (London) has mandated banks for what is being described as the first green covered bond from a Chinese bank in a transaction that will be backed by climate debt.

China’s domestic bond market is poised for another landmark transaction with Standard Chartered Bank (Hong Kong) opening books to a special drawing rights-denominated bond on Tuesday.

The African Development Bank could follow the lead of the World Bank in issuing a bond denominated in special drawing rights, its treasurer has told GlobalCapital.

Baird has appointed Lydia Xu as managing director and head of China investment banking in Shanghai as part of the firm’s strategy to expand its operations in Asia.