China

Bank of Communications Financial Leasing’s $1bn dual-tranche offering was a big success on Tuesday, as cash-rich Chinese investors were drawn to the credit amid a dearth of dollar offerings from the country.

The Mutual Recognition of Funds (MRF) scheme has been slow in gaining traction among offshore investors since its launch in December. But the recent suspensions of outbound investment schemes has seen a pick-up in interest by Chinese investors.

Carnival Group International Holdings executed its first dollar bond on Tuesday, raising $180m with a three year transaction that was supported by anchor orders.

Intercontinental Exchange has begun clearing the iTraxx Australia and Asia ex-Japan Investment Grade credit default swap indices, as well as six individual sovereign credits in the region.

Banks must make commitments to the $20bn tranche of ChemChina's Syngenta acquisition loan by March 22, according to a banker on the deal.

China’s reported intention to introduce a Tobin tax on foreign exchange transactions has provoked a somewhat typical rush of condemnation. However, some analysts are already pointing out that pros and cons might indeed balance each other out.

Mercedes-Benz Auto Finance is set to bring a landmark transaction to China next week with its inaugural Auto ABS, Silver Arrow China 2016-1. The Rmb2.5bn ($385m) is not only notable for being Mercedes’ first ABS outing in China, but is also the first in the country to spot a yield supplement over-collateralization (YSOC) feature.

Yingda International Leasing has made a successful debut in the dollar syndicated loan market, with more than $400m worth of commitments pouring in for its $200m facility.

A weaker PBoC renminbi fixing has fuelled a Chinese equity sell-off and backed some flattening momentum across the CNY NDIRS curve today. Meanwhile, China has renewed a currency swap agreement with Singapore, writes Deirdre Yeung of Total Derivatives.

Malaysian telecommunications giant Axiata Group and Bank of Communications Financial Leasing are looking to tie up their respective dollar offerings on Tuesday with the former executing a sukuk and the latter a conventional bond.

The securitization of non-performing loans will be one of the key tasks for the China Banking Regulatory Commission this year, according to chairman Shang Fulin.

Chinese e-commerce group Alibaba has launched its latest loan at $3bn, less than a week after it signed an agreement with eight mandated lead arrangers and bookrunners. However, the financing could be even bigger, with the top group hoping demand will be strong enough to increase it to $4bn by the end of syndication.