China

Short-end CNY swaps have been offered and the curve has been steepening as the stronger yuan and improved liquidity conditions have supported receiving interest in the 1-2 year maturities, writes Deirdre Yeung of Total Derivatives.

China Three Gorges Corp (CTG) is mulling a return to the dollar bond market and will be meeting investors to gauge demand starting Wednesday.

Industrial and Commercial Bank of China sealed a new $500m three year bond via its Hong Kong unit on Monday, less than two weeks after its Singapore branch scooped up $800m. Although the issuer checked all the boxes, demand from Chinese onshore accounts was weak given the recent flurry of financial names in the market.

Hong Kong-based Chong Hing Bank is gearing up to sell its debut Panda bond of up to Rmb1.5bn ($230m) on May 20. Five banks have been mandated for the transaction which is offering higher price guidance than during the marketing stage due to recent defaults in the China bond market.

Hungary still plans to issue renminbi debt in Panda bond format as well as a euro-denominated note following its successful placement of a dim sum note last month, György Barcza, CEO of AKK, Hungary’s debt management office, told GlobalCapital.

Tencent Holdings has received enough commitments to more than double its $1.5bn loan as liquidity continues to pour in for names in the Chinese technology sector, said sources close to the trade.

First Gulf Bank and Goldman Sachs have both launched their first public renminbi offerings of the year in Taiwan’s Formosa bond market.

The short-end of the CNY swap curve has been bid on the back of today's weak yuan fix while disappointing economic data has triggered offers in the belly. Separately, the People’s Bank of China (PBoC) is considering direct trading of CNY/ZAR FX, writes Deirdre Yeung of Total Derivatives.

Less than two weeks after its Singapore branch issued a three year bond, Industrial and Commercial Bank of China’s Hong Kong unit is now joining the fray with an identical transaction.

China's central bank and finance ministry are set to reach an agreement over accounting rules for Panda bond issuers, according to a senior figure at the bank.

ICBC Financial Leasing sold a 10 year note for the first time as part of a triple-tranche return to the bond market. The financial leasing company had wanted to extend its dollar curve but was also encouraged by the success of its industry rival BOC Aviation last month.

The Export-Import Bank of Korea (Kexim) is working on its debut Panda bond and has mandated two banks on the deal. However the trade still has to overcome a number of barriers including the ongoing issues around accounting, two sources have told GlobalRMB.