China

China Construction Bank broke the pricing record for the Asian additional tier one (AT1) sector this week, raising $3.05bn with a headline coupon of just 4.65%. Although this was the lowest coupon ever achieved by an Asian bank in the AT1 market, investors were more than happy to pour into the trade.

Inner Mongolia-based China Shengmu Organic Milk is testing appetite in the syndicated loan market for a $120m three year facility and is offering banks an attractive yield of more than 300bp.

It’s funny how public perception of something can be completely opposite to reality.

China Nuclear Engineering Group Corporation (CNEC) is struggling to get its debut dim sum offering off the ground. The company has set its sights on a deal before the end of the year, but sources say the management’s unrealistic pricing targets are not going down well with investors.

Standard Chartered Hong Kong sold its first Panda bond this week in a deal that was nearly twice subscribed and saw a good level of investor diversification. But while some have argued the trade should have priced tighter, Tee Choon Hong, head of Capital Markets, Greater China at the bank says the bond offer good value and the bank is looking for opportunities to re-enter.

China National Bluestar is in the market with its second dollar bond of the year, opening books to a perpetual non call three transaction on December 10.

The first products under the renminbi qualified institutional investor (RQFII) programme should launch as early as the first half of next year, according to Camille Thommes, director general of the Association of the Luxembourg fund industry (Alfi).

UniCredit has made a string of internal appointments to its Asia and Americas management teams.

Ford Auto Finance (China) executed its second auto ABS of the year this week, raising Rmb2.99bn ($467m) with Fuyuan 2015-2 Retail Auto Mortgage Securitization. The amount raised was similar to its last outing in February, but Ford was able to cut its funding costs by an impressive 140bp.

The People’s Bank of China (PBoC) has suspended the Renminbi Qualified Domestic Institutional Investor (RQDII) investment scheme after giving 'window guidance' to onshore custodian banks, two sources have told GlobalRMB.

The RMB seems set to weaken further despite the IMF's decision to give the currency reserve status on November 30. However, experts agreed a weaker RMB will not stop it from gaining ground as a global currency.

China Construction Bank (CCB) has launched what is most likely to be the last high profile bond of the year in Asia, opening books for a dollar-denominated additional tier one offering on December 9.