China

Renminbi adoption has surged in the United Arab Emirates while lagging behind in the Eurozone, according to the latest data by the Society for Worldwide Interbank Financial Telecommunication (Swift). The Chinese authorities also seem ready to increase RMB connectivity with the Middle East through a number of new initiatives.

One of the biggest Chinese bad debt managers China Cinda Asset Management sealed a $3.2bn deal last Friday, marking the country’s first AT1 from a non-bank entity. In addition, it is also the largest dollar deal from a Chinese issuer so far this year.

China Minsheng Hong Kong International Leasing is planning to raise at least $300m from its latest loan, more than the initial $200m, after receiving a good response during general syndication.

China South City Holdings executed a swift tap of its outstanding $200m 6.75% five non call three notes last Friday, adding another $150m to its coffers.

The budding Chinese Panda bond market is about to get its second Canadian issuer with the National Bank of Canada establishing an up to Rmb5bn ($750m) programme.

Three Chinese issuers went out to woo investors on Monday to get ahead of a potential boom in bond supply after announcements from the US Federal Reserve and Bank of Japan last week.

China Citic Bank International is looking to add to the recent flurry of issuance in the bank capital market, hitting the road on Monday for a Basel III additional tier one transaction.

Chinese data analytics firm Gridsum Holdings has raised $82m after global investors piled in to its Nasdaq IPO.

China National Chemical Corp’s $12.7bn acquisition loan for Syngenta, which drew eight commitments during general syndication, is expected be signed with the new lenders in the next two weeks, according to bankers.

China Petrochemical Corp (Sinopec) sourced $3bn from a triple-tranche bond on Thursday, as the oil and gas giant’s credentials and frequency in the Asian G3 market paved the way for a successful trade.

Hong Kong-listed China Merchants Port Holdings is planning to venture into the onshore debt market, having filed for an up to Rmb10bn ($1.5bn) Panda bond programme.

The appointment of a renminbi clearing bank in New York is a political win for the China-US relationship that adds to the currency’s global prestige, but it is unlikely to boost RMB trade or investment in the short term, according to experts.