China

China Development Bank has opened books for a dual-currency, triple-tranche offering, four months after the policy bank raised around $2bn from a similarly structured trade.

361 Degrees has made a smooth debut in the dollar bond market this week, raising $400m from a five year non call three deal. Thanks to the niche industry and strong technicals, the deal tightened 30bp in secondary as investors who did not get an allocation in primary rushed to the aftermarket.

OTC Clearing Hong Kong (OTC Clear) is set to provide clearing services for cross-currency swaps (CCS) by the end of the year as it banks on the city’s status as a premium offshore renminbi hub.

The China bond market still trails those in developed economies in the ease of the access for foreign investors and the breadth of investment products available, according to panellists at a Hong Kong Exchange conference on May 24.

Booming demand for Asian currency private paper has led to a dramatic year-on-year rise in MTN volumes denominated in Hong Kong dollars and offshore renminbi.

China Orient Asset Management International is seeking a $200m three year loan that is now open to retail lenders.

China Development Bank has mandated leads to work on a dual-currency offering, while the Republic of Indonesia is set for a roadshow ahead of new euro-denominated notes.

Longer CNY NDIRS have been leading a rally as Fed rate hike concerns support swap offers from the 5-year point. Sources say the 1s/10s curve is due a corrective steepening move. FX price action from Monday is said to reflect currency market intervention by the PBoC. ANZ and Nomura have issued dim sum bonds, writes Deirdre Yeung of Total Derivatives.

China Three Gorges Corp, CCB Leasing and 361 Degrees International are looking to take advantage of a tight window to get their dollar fundraisings out of the way ahead of a speech from Federal Reserve chairwoman Janet Yellen on Friday.

ICBC continued its debt-raising spree on Monday, with the New York branch becoming the third of the lender’s units to sell a bond this month. But while the deal resonated well with Chinese bank treasuries, signs of investor fatigue are starting to appear.

The Hong Kong Exchange (HKEX) has announced the launch of the first RMB global currency index, with a new line of RMB currency futures approved for take off on May 30.

China’s Ministry of Finance has confirmed it will issue an offshore renminbi bond in London with the trade expected to launch soon.