China

Biostime International Holdings’ refinancing of a $450m bridge loan has been oversubscribed in syndication.

Early offers in 5-year CNY NDIRS faded given building expectations for a corrective curve steepening move. China will look to sell CNY14bn in dim sum bonds in Hong Kong this week. CNY/KRW can now be traded directly in the FX market, writes Deirdre Yeung of Total Derivatives.

Morgan Stanley has appointed a new chief China economist, poaching from Goldman Sachs.

Citic Securities Company has named Yang Minghui as a general manager, firming up his appointment at a meeting of its board of directors.

Electrical fixtures maker Aupu Group Holding Company is sounding out lenders for a borrowing of about $100m, according to two bankers familiar with the matter.

Volatility has reigned following the UK’s decision to exit the European Union last Friday. But market participants in Asia are now hopeful that the region’s high yield market will be a new go-to place for investors trying to redeploy their funds away from Europe.

Singapore water treatment firm Citic Envirotech is seeking a tap of the $175m 5.45% perpetual notes that it originally sold last year, becoming the first issuer in Asia to test the G3 market since Brexit.

Hong Kong listed Chinese real estate company Skyfame Realty has sealed a $60m two year term loan with one lender.

German carmaker Daimler returned to the Panda bond market following a more than two-year hiatus, raising Rmb4bn ($604m) from a private placement.

Today the PBOC fixed the yuan at its weakest level since 2010, causing short-end underperformance as offers drove 5-year NDIRS lower. One source said the resultant curve flatness should dampen further receiving interest in the belly, writes Deirdre Yeung of Total Derivatives.

The UK’s shock decision to leave the European Union has left most of Asia reeling with the region’s major currencies and stock indices all coming under severe pressure. But if there is one country that can handle the negativity better than the others, it will be China.

Brexit is here, and so is our round-up! This week: Fullgoal Asset Management launches its first RMB ETF in Europe, the Hong Kong Exchange runs further Shenzhen Connect testing, and China announces direct trading of the RMB against the Korean won. Plus, a recap of our coverage this week.