China

A $150m three year loan for Ye Chiu Group subsidiary, Harmony Group, is likely to be cut in size after meeting a lukewarm response during general syndication.

The IMF changed the weighting formula for its Special Drawing Rights basket ahead of the inclusion of the renminbi last month. However, using the old SDR formula to determine Chinese currency’s weight would have been preferable, according to a former IMF official.

Deutsche Bank’s head of Asia fixed income capital markets, Herman van den Wall Bake, has left the bank, sources close to the move confirmed.

Inner Mongolia-based China Shengmu Organic Milk is testing appetite in the syndicated loan market for a $120m three year fundraising.

The Bank of East Asia (BEA) has entered into an agreement with Shenzhen Qianhai Financial Holdings to set up a fully licensed securities joint venture in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.

IMF staff have issued a detailed report containing the analysis and recommendations made to the Fund's executive board ahead of its SDR decision. The report offers a useful analysis into the RMB's standing globally, including its importance as a reserve currency and the level of trading it commands in global foreign exchange markets.

The South Korean government is planning to offer a three year Panda bond of up to Rmb3bn ($467m) on December 15 (Tuesday), sources close to the deal have told GlobalRMB. If the deal launches as scheduled, it will mark the very first Panda bond from a sovereign credit.

Standard Chartered Hong Kong has priced its debut three year Panda bond at 3.50% at a total issuing size of Rmb1bn ($156m), two sources on the deal have told GlobalRMB. The deal is the first out of the bank’s total Rmb2bn Panda bond quota from the People’s Bank of China (PBoC).

The China Securities Regulatory Commission has given the Shanghai, Shenzhen and the futures bourses approval to introduce a circuit breaker mechanism in a bid to bring some long-term stability to its markets.

Industrial and Commercial Bank of China’s London branch has established a $10bn MTN programme, paving the way for the unit to issue its first international bond.

A fundraising for a unit of China National Chemical Corp is set to increase to €630m ($683.6m) from the launch size of €600m, after more than 10 banks piled into the syndicate.

China Nuclear Engineering Group Corporation (CNEC) is hoping to launch what will probably be the last dim sum bond of the year. However, the borrower is struggling to get the debut off the ground, as it is pushing to issue at a level that is much lower than market rates, several sources close to the deal have told GlobalRMB.