China

Wu Xiaoling, former vice-governor of China's central bank, has spoken out about the poor quality of financing available to Chinese businesses, saying they need more channels to help them develop.

Bank of China has hit the market for its multi-currency green bond, with an offshore renminbi portion in only the second time a green dim sum bond has been sold.

China National Chemical Corp held a roadshow on Tuesday in Hong Kong for banks invited to join its $12.7bn loan in general syndication, as it looks to tie up funds for its acquisition of Swiss firm Syngenta.

The Chinese securitization market is set for a big boost with Postal Savings Bank of China scheduled to launch the country’s first internationally rated residential mortgage-backed securitization (RMBS) on Thursday.

China is working hard to delivering on the promise of creating a multicurrency, global monetary system despite the difficulties in challenging the dollar’s status, according to an annual report by the think tank Official Monetary and Financial Institutions Forum (OMFIF) published on June 30.

Two entities of China’s Chonqing municipality — the Nan’an district financing vehicle and the Chonqing Grain Group — have mandated banks for potential deals while Huai’an’s local government financing vehicle is also seeking a new bond.

Bank of China is planning to issue a multi-currency international green bond, in what will be China’s second offshore financial green offering.

China-based EC World Real Estate Investment Trust has fixed the price range for its Singapore IPO to raise as much as S$365.97m ($272.7m), according to a draft prospectus filed with the city-state’s regulator.

Home building materials maker China Lesso Group has approached the loan market for a $300m borrowing, some two years after sealing its debut syndicated facility.

Chinese tutoring service provider TAL Education has raised $400m from its maiden syndicated loan, doubling the deal from the launch size of $200m after receiving ample support from domestic banks.

CNY swaps have been bid on firmer data and the view that rates are too low. 5-year paying interest has been evident and the 1s/5s NDIRS curve slope is considered too flat. Meanwhile, Bank of China is planning to issue Green bonds, writes Deirdre Yeung of Total Derivatives.

It was high yield that sprung back to life in Asia this week, while investment grade counterparts remained on the sidelines amid a cautious environment. Market participants remain hopeful that the region’s high yield market will benefit from a possible Brexit-driven pivot from European investors, write Narae Kim and Max Bower.