China

Fantasia Holdings Group benefited from a quiet market and the rarity element of dim sum credits, adding Rmb1bn ($150.4m) to its 2019s with a quick tap on Monday.

Hong Kong listed China Resources Cement Holdings has received the greenlight from the National Association of Financial Market Institutional Investors (Nafmii) for its first outing in China’s Panda bond market.

Ford Auto Finance (China) broke the pricing record for China auto ABS by a wide margin with its second deal of the year, the Rmb3bn ($450m) Fuyuan 2016-2 Retail Auto Mortgage Loan Securitization.

China has been buying negative-yielding JPY bills to profit from using USD/JPY basis swaps. Short NDIRS have been bid. The curve is flattening and sources see scope for it to flatten further before 1s/10s meets resistance around the 35bp level.

UBS’s deputy head of China corporate client solutions (CCS) left the Swiss bank last month, said sources close to the departure.

Investors are set to welcome a new Chinese local government financing vehicle to the bond market, with Chongqing Western Modern Logistics Industry Zone Development Construction hitting the road for its maiden dollar outing.

The Republic of Poland will open books on Thursday on the first Panda bond from a CEEMEA issuer and is looking to print with a 3% handle, according to a banker at one of its leads.

Fantasia Holdings Group made a rapid return to the dim sum bond market on Monday, opening a tap of its Rmb600m ($92.4m) 9.50% 2019s sold in April this year.

China Everbright Bank has hired four firms to arrange meetings with fixed income investors ahead of a planned dollar-denominated offering.

Aluminum Corporation of China (Chalco) priced a larger-than-planned $800m deal on Thursday, taking advantage of strong investor interest that led to a 10x covered book.

The Shanghai city government announced this week that it is exploring the possibilities of a free trade zone (FTZ) bond as part of China’s broader goal to provide more onshore renminbi products for international investors.

In this round up, Stock Connect flows boosted by Shenzhen Connect announcement, mutual recognition of funds (MRF) broadens fund selection, and Bank of China’s cross-border RMB index picks up in June. Plus, a recap of GlobalRMB's top stories this week.