China

In this round-up, Chinese regulators have further delayed any expansion of the qualified domestic institutional investor, Vanguard has completed its transition to a FTSE index that includes A-shares, and Malaysia’s new payment system adds support for RMB debt securities. Plus, a recap of GlobalRMB’s coverage this week.

One of the biggest Chinese bad debt managers, China Cinda Asset Management, is set for a dollar-denominated Reg S additional tier one deal, marking the country’s first AT1 from a non-bank entity.

China South City Holdings (CSC) is tapping its $200m five non call three notes, sold at the start of September, launching the new transaction on Friday morning.

The Singapore Exchange has signed a memorandum of understanding with Industrial and Commercial Bank of China to enhance the links between Singapore's and China’s capital markets.

Veolia Environnement became the first French issuer to tap China’s onshore debt market this month, pricing its debut Panda bond on September 1. The firm was also one of the first corporates to be allowed to repatriate funds out of China despite existing capital controls, according to its treasurer.

Non-performing loans (NPLs) securitization is heating up with China Construction Bank (CCB) scheduled for a Rmb1.56bn ($234m) return on Friday, just three days after making its debut in the asset class. It will not be alone, with ICBC also set for a Rmb1.08bn offering on Friday, while China Merchants Bank will cement its third appearance next week.

China Cinda Asset Management Co is set to be the first of the country’s four state-owned bad debt managers to hit the bank capital market for a dollar additional tier one trade.

China Petrochemical Corp, also known as Sinopec, is back in the debt market less than five months after its last transaction, and is seeking out a triple-tranche dollar trade.

Dongxing Voyage, a wholly-owned unit of Dongxing Securities (Hong Kong), bagged $300m on Tuesday on the back of strong demand as a combination of anchor orders and indications of interest propelled the deal.

Country Garden Holdings Co sneaked into the bond market on Tuesday with a $650m deal, finding an opportunistic window ahead of the US Federal Reserve and Bank of Japan’s decisions on monetary policies.

The US is one step closer to becoming a renminbi hub with Bank of China New York officially appointed as the country’s first RMB clearing bank, a major development towards the internationalisation of the currency.

Hong Kong and China-based fintech lender WeLab could be a sign of things to come in the Asian syndicated loans market as the start-up seeks out its debut borrowing. Some banks will no doubt cast off the industry as a fad and give it a miss. But now is as good a time as any to take a fresh look at fintech.