China

Biostime International Holdings priced its maiden international bond this week as it builds its presence in Asia's capital markets.

Conferences are supposed to be fun, especially if you’re an invited guest, which usually leads to a perfect concoction of free booze, food and five star accommodation. Unfortunately that wasn't the case on my recent trip to Beijing — quite the opposite in fact.

Size was the highlight for BMW Automotive Finance this week as it executed the joint largest China auto ABS by a foreign company, raising Rmb4bn ($607m) with its Bavarian Sky China 2016-1 Trust.

Index provider MSCI surprised markets on Tuesday by once again delaying the inclusion of A-shares in its Emerging Markets index. It conceded that China had made some progress, but said the country still has more work to do to tackle concerns over repatriation and restrictions on launching financial products linked to onshore exchanges.

Restrictions on launching A-share linked financial products is one of the remaining hurdles for Chinese equities joining the MSCI. But as solving the issue will require China to relinquish more capital controls, there is unlikely to be a swift conclusion.

MSCI has once again highlighted the inability for foreign investors to move money freely in and out of China as a reason for leaving A-shares out of its Emerging Market Index. While the world’s second largest economy has moved quickly to reform other parts of its financial sector, market participants are divided about whether China will budge on capital controls.

MSCI’s decision to not include China A-shares into its Emerging Market index drew little reaction with both the currency and the major stock indices holding up well during Wednesday trading.

China’s efforts to meet MSCI’s demands for index inclusion proved to no avail with the firm rejecting A-shares for a third time. No doubt Beijing is miffed, but MSCI has good reasons to hold off for now.

Index firm MSCI said on June 14 that it was once again delaying the inclusion of Chinese A-shares in its emerging market index. Here is GlobalRMB's quick guide to what you need to know.

Chinese provincial government enterprise Yunnan Water Hong Kong Co has sailed in for a $150m three year loan with a greenshoe of the same size.

Index provider MSCI has surprised markets by once again delaying the inclusion of A-shares in its Emerging Markets index. While some progress has been made, China still has more work to do to tackle concerns around repatriation and restrictions on launching financial products linked to onshore exchanges, the firm said on June 14.

Recent allegations against Nomura about a syndicated loan that went bad has re-opened the debate on investment banks’ practice of minimal or zero holds versus commercial banks’ take-and-hold strategy. And the legal action initiated by Taiwanese banks shows there is a need for more transparency — even in secondary sell-downs.