China

In a further sign that China is opening up its domestic bond market, China Securities Regulatory Commission (CSRC) has allowed the first publically issued Panda in the country’s exchange market.

The China Securities Regulatory Commission (CSRC) announced the results of a nationwide inspection of corporate bond issuers and rating agencies last week, lifting the lid on the poor practices that are dogging the market.

CAR, China's largest auto rental company, is preparing to issue its debut Panda bond in China’s exchange bond market, sources familiar to the deal have told GlobalRMB. The move will add some credit diversification to this nascent debt product.

After a decade in which they’ve suffered dismal profits, multiple IPO suspensions and a near-disastrous crash in A-shares, China’s foreign-backed securities houses are finally seeing the fruits of their labour. Now a pair of banks, including HSBC, are joining the fray with a new type of joint venture, setting the stage for another industry shake up. John Loh reports.

China has become the biggest and arguably the most important capital market in Asia. The size and scope of transactions combined with the fast pace of reform is influencing capital markets well outside the country’s borders. In our first China Deals and Investment Bank of the Year Awards, we select the standout transactions and institutions of 2015.

China Resources Land limited (CRLand) has applied to issue a total of Rmb20bn ($3.08bn) in Panda bonds in China’s interbank bond market, two sources have told GlobalRMB.

Derivatives exchanges are broadening their reach in China through futures and options and build the H-shares product suite.

The growth of the Panda bond market is being impeded by regulatory and liquidity issues in spite of the asset class’ attractive pricing, according to a report from Fitch.

Daimler has received approval to issue and started marketing its second Panda bond sources close to the deal have said to GlobalRMB.

Hutchison China MediTech (Chi-Med) has pocketed $101.25m from its Nasdaq IPO, debuting on the exchange on Thursday. But it had a lukewarm start, dropping 0.74% at the end of its first trading day.

In this round-up, China's cross-border trade settlement fell to a near three-year low in February, CME reports record levels of trading in its offshore RMB futures, RMB spot trading fell but swap trading surged on the Moscow Exchange, Singapore renewed its currency swap line, and Deutsche Bank sets up a the first interbank host-to host platform by a foreign bank in China. Plus, a recap of GlobalRMB's top stories this week.

Deutsche Bank has hired Jason Cox as a co-head of equity capital markets for Asia Pacific, as the bank lays out the management structure for the region.