China

Chinese names are continuing their resurgence with State Grid Corp of China returning for a dollar/euro combo while China International Capital Corp (Hong Kong) has opened books for its debut offshore appearance.

China Nuclear Engineering Group Corp (CNEC) is set to issue its debut dim sum this month, after failing to pull off a deal last year amid poor sentiment around offshore renminbi (CNH) bonds, GobalCapital Asia's sister publication GlobalRMB learnt this week.

There are fresh signs that the China Securities Regulatory Commission is looking to crack down on backdoor listings by overseas-listed Chinese companies, with talk that it could move to block such deals. While clamping down on excessive speculation for reverse takeovers will do the market some good, the regulator should refrain from meddling.

Agricultural Bank of China New York raised $1.25bn from a dual-tranche offering on Monday, hitting the market early given expectations of more supply over the week. The issuer sealed a bigger floating rate note as it provides protection against volatility induced by the Federal Reserve, but executed the trade in an unusual manner.

China’s authorities are moving to liberalise the commodities market and introduce renminbi pricing for more and more asset classes as the country puts its focus on furthering global usage of the currency.

Industrial and Commercial Bank of China plans to build its tier two capital buffer and will ask shareholders to approve the proposal in a general meeting.

China Securities Regulatory Commission has flagged concerns at the trend of overseas-listed Chinese companies returning to the Mainland for A-share IPOs and the increased use of shell companies for such floats.

Agricultural Bank of China New York has returned to the offshore bond market, having started bookbuilding for a dual-tranche dollar transaction on Monday morning.

Chinese wind farm operator Huaneng Renewables Corp is seeking approval from shareholders to raise new debt in the onshore or offshore bond market, as well as sell H-share convertible bonds.

ICBC Financial Leasing is on the road to meet investors ahead of plans to sell its first dollar bond of the year.

In this round-up, Hong Kong RMB deposits shrank further in March, southbound usage of the Shanghai-Hong Kong Stock Connect picked up, China's foreign exchange regulator granted four new RMB qualified foreign institutional investor (RQFII) quotas in April, and Singapore Exchange launched trading of derivatives under the new MSCI China Free Index. Plus, a recap of GlobalRMB's top stories this week.

China International Capital Corp (Hong Kong) is gearing up for its first international bond with plans to meet investors next week.