China

Oil and gas giant China Petroleum & Chemical Corp (Sinopec) opened books for a 144A/Reg S triple-tranche dollar offering on Monday, taking advantage of a buoyant primary Asian bond market.

China is moving forward with plans to open an international bond marketplace in the Shanghai free trade zone (FTZ), with sources telling GlobalRMB that Euroclear is set to link the onshore platform with offshore investors. Separately, plans by competitor Clearstream to help global investors gain standardised access to the China interbank bond market (CIBM) are slated for an October launch.

Ping An Real Estate Capital, a subsidiary of Ping An Insurance Group, has received enough commitments to increase the size of its $200m loan, said sources.

A pair of investment grade issuers, Maybank and JD.com, ventured into the dollar bond market on Friday albeit with quite different trades.

Coal miner China Unienergy Group is looking to join the stream of Chinese companies floating in Hong Kong, filing a draft prospectus for an IPO that could launch this quarter, according to a source with knowledge of the deal.

BNP Paribas and S&P Dow Jones Indices (SPDJI) launched a new index focusing on what it calls the “new China” economic sectors. A-shares, which could be included later this year in the MSCI emerging markets indices, make up a quarter of the new benchmark.

BAIC Motor Corp did not have the smoothest of rides for its green bond debut this week and was forced to extend bookbuilding to push the deal through.

In this round-up, South Korea RMB deposits picked up, while Macau and Taiwan saw a slight contraction, BRICS NDB approved its first loans, Chinese and Russian regulators are expanding their co-operation agreements, and Euronext started providing market data directly to onshore investors in China. Plus, a recap of GlobalRMB's top stories this week.

Huawei Investment & Holding Co is joining the current Chinese tech frenzy in the debt market, mandating banks for a Reg S dollar bond.

Agencies could be ready to enter the dim sum MTN market which, in contrast with the silent public market, is in good health.

The recent spate of pulled bonds in China has served as a wake-up call about the fickle nature of the country’s domestic debt market. But the success of the first offshore high yield dollar transaction in more than a month has led to hopes Chinese names could make their way back to international debt, writes Rev Hui.

BOC Aviation has made a successful landing with a new 10 year bond in 144A format, shrugging off concerns over its ownership change after a planned IPO this year.