China

The arid landscape for equity block trades so far this year in EMEA was brightened on Wednesday by two evening sales, both with a Russian flavour and involving elite clients.

Two banks are working on separate loans for financing to back ChemChina's $43bn cash offer to acquire Swiss company Syngenta.

The wave of Chinese acquisitions of Western companies has reached a new peak, with confirmation that state-owned ChemChina has sealed the deal to buy Syngenta, the Swiss agrichemicals and seeds business, for $43bn, as China seeks to secure its food supply.

The Qualified Domestic Institutional Investor (QDII) investment scheme has become the latest cross-border channel to be shut down by the Chinese regulators as they scramble to control China’s capital outflows.

Chinese biopharmaceutical company BeiGene has raised $158m from a Nasdaq IPO after increasing the size of the offer and pricing it at the top of guidance.

Integrated natural gas company, China Gas, and milk producer China Modern Dairy have become the latest Chinese borrowers to prepay foreign currency loans.

Hangzhou Hikvision Digital Technology launched its maiden international bond on Wednesday, opening books for a euro-denominated three year trade at the Asia open.

Volkswagen’s record for the tightest priced China auto ABS, set only a fortnight ago, was broken this week. Beijing Hyundai Auto Finance, which made its securitization debut with a Rmb1.5bn ($228m) deal, is the new record holder.

Four banks are due to bring a $430m five year loan for Baring’s acquisition of cosmetics packaging company HCP Global to the market after Chinese New Year.

The future looks bright for China’s domestic bond market having started the year in full throttle with Shanghai Pudong Development Bank (SPDB) and Industrial Bank raising a combined Rmb30bn ($4.6bn). But while the volumes may be impressive, making sure issuers honour the green label will be the real test.

Chinese drug maker BeiGene has decided to price its US listing on Tuesday evening, a day earlier than planned, according to sources close to the deal.

The short-end of the RMB swap curve has been steady as the People’s Bank of China (PBoC) continues to provide the money market with liquidity ahead of next week's Chinese New Year holiday. Five-year swaps have been better bid on improving risk sentiment though and the 1s/5s NDIRS slope has steepened accordingly, writes Deirdre Yeung of Total Derivatives.