China

The Brics New Development Bank (NDB) is gearing up for its debut capital market appearance and is expected to price a renminbi denominated green bond on Monday. The trade is just the start of its funding ambitions, as the supranational seeks an international rating to tap G3 markets, its chief financial officer told GlobalRMB. Paolo Danese reports.

Baoxin Auto Group has opened up three more levels of participation for its $550m dual-tranche financing after launching the senior phase a month ago.

Credit Suisse has made three senior hires in its China investment banking and capital markets (IBCM) team, in the latest expansion of its onshore presence.

The green bond market is set for some new action with Link Real Estate Investment Trust kicking off a dollar transaction on Thursday.

The renminbi is joining the IMF special drawing rights (SDR) later this year, but that achievement does not mean mission accomplished for China’s authorities. For Beijing to achieve its stated goals of making the RMB a reserve currency and the SDR a real world currency more steps will be needed, according to leading monetary policy experts.

The BRICS New Development Bank (NDB) is set to venture into the bond market for the first time next week with a Rmb3bn ($448m) offering to be sold in China’s interbank bond market.

Chinese local government financing vehicles have been on a roll recently, pushing out a parade of deals in the international bond market. The latest to join the fray is Chongqing Nan’an Urban Construction and Development, which raised $800m from a well received deal on Tuesday.

Chinese logistics firm ZTO Express is seeking approval for an IPO in the US that could raise up to $2bn, according to a source familiar with the matter.

Global Logistic Properties this week became the first international corporate to publicly issue a Panda bond, successfully closing a Rmb1.5bn ($224m) dual-tranche offering on Monday.

Shenzhen Expressway raised $300m from its bond comeback on Monday, finding robust investor interest thanks to its strong credentials.

A diverse group of issuers headed to the dollar debt market on Tuesday, with a Chinese local government financing vehicle, a Singaporean real estate firm and a South Korean telephone company vying for investor attention.

Nasdaq-listed China XD Plastics Co has launched a $180m two year financing into senior syndication via a single mandated lead arranger and bookrunner.