China

Beijing Capital Development Holdings (Group) Co,also known as Shokai Group, is preparing for a dollar-denominated bond.

Citic Group has become the first Chinese issuer to tap the Japanese yen market in 16 years, opening the door for borrowers from the mainland to access liquidity in the Samurai market.

ICBC Sydney issued a Rmb1.2bn ($177m) dim sum bond on Thursday, tapping investor interest for short term liquidity with a two year offering.

A unit of e-commerce platform Cogobuy Group has close to doubled the size of its debut syndicated loan to $194.5m following an oversubscription from nine banks.

China Great Wall Asset Management Corp priced a dual-tranche offering on Thursday, finding strong demand for its deal. The relatively small size and the timing of the transaction worked in favour of the bad debt manager, according to bankers.

Standard Chartered Bank (Hong Kong) is set to become the first commercial issuer of special drawing rights-denominated bonds. The group’s head of capital markets for Greater China and north Asia told GlobalRMB that the notes are testament to StanChart’s commitment to develop the renminbi markets.

In this round-up, The BRICS bank announces its lending target for the next year, two US banks compete for RMB clearing role in New York, and China Construction Bank Tokyo gets admitted to the onshore foreign exchange market. Plus, a recap of our coverage this week.

Home to the world’s largest capital market, the US has what it takes to redraw the global heat map of renminbi internationalisation (RMBi) now that it has been awarded a clearing bank and the world’s second largest RMB investment quota. Yet this potential could be squandered by the upcoming presidential elections unless market forces prevail.

Chinese property names are trickling back into the syndicated loan market, with Shui On Land becoming one of the first mid-size borrowers to access the market this year. The credit is appealing to banks on a standalone basis, but early signs show that appetite for the sector has also improved. Shruti Chaturvedi reports.

Industrial and Commercial Bank of China’s New York branch was forced to scrap a 10 year portion of a dual tranche bond on Monday because of a disagreement with investors over what it should pay. But all was not lost, as the issuer decided to make the most of the demand for the shorter tenor, taking home $1bn in the end, writes Addison Gong.

Chinese data firm GDS Holdings has opened its potential $270.2m US IPO, which is expected to replicate the strong interest received by other recent listings in the country from Mainland names.

ICBC Sydney has returned to the dim sum bond market with the launch of a new two year bond.