China

Home building materials maker China Lesso Group Holdings signed its syndicated loan at $600m, twice the launch size, on Thursday.

China Construction Bank’s Singapore branch sealed a Rmb1bn ($150m) dim sum transaction Thursday, putting an end to a one-month silence in the offshore renminbi (CNH) debt market.

In this round-up, Hong Kong sees further drops in its RMB deposits base in June, new RMB futures contracts on the Hong Kong Exchange (HKEX) reach trading records in early August, and a Chinese regulator sets up a working group to prepare for the Shenzhen Connect launch. Plus, a recap of GlobalRMB's top stories this week.

Citi’s Kenneth Leung will take on an expanded role as head China-focused financial sponsor coverage after Victor Yuan returns to the US, according to a memo seen by GlobalCapital Asia.

HNA Group has sealed its return to the offshore debt market as yield-starved investors nudged the unrated issuer to open a new three year trade. While the order book is not big compared with other recently deals, the issuer was still able price tightly.

With the World Bank set to issue a ground-breaking bond denominated in IMF special drawing rights (SDR) in China this month, markets are starting to take a closer look at what the odds are for the SDR to pull off its transition to a real-world financial instrument.

It has been one year since China shocked the world with a new methodology for generating its official daily USD/CNY fix that caused a sharp fall in the currency. Market participants told GlobalRMB that the new regime is a step up from the old system, but while more near-term reforms are unlikely, they are bracing for even more volatility.

China Construction Bank’s Singapore branch is set to price the first offshore renminbi (CNH) bond in over a month, after opening books for a two year trade.

China Universal Leasing is seeking Rmb1bn ($150.5m) onshore, with two mandated lead arrangers and bookrunners distributing the deal on a best efforts basis.

Ford Auto Finance (China) is set to launch its second auto ABS transaction of 2016 with a Rmb3bn ($450m) offering that is almost identical to its outing earlier in the year.

It has been one year since China shocked the world with a new methodology for generating its official daily USD/CNY fix that caused a sharp fall in the currency. Market participants told GlobalRMB that the new regime has been a step up from the old system, but while more near-term reforms are unlikely, they are bracing for even more volatility.

China Minsheng Hong Kong International Leasing has hit the loan market for a fresh money borrowing of $200m, via two mandated lead arrangers and bookrunners.