China

Chinese water treatment firm Citic Envirotech has printed its first dollar bond, raising $175m from a trade that was designed to take advantage of Asian private banks’ increasing need for yield.

In this round-up, new RMB mini metals contracts coming on HKEx, Singapore Exchange and EBS to launch CNH block futures, Turkey renewed its RMB swap line, and Morgan Stanley said one of its funds will start trading via the Shanghai-Hong Kong Stock Connect link.

The Asia ex-Japan bond market is set for a busy few weeks as issuers decide between pushing out deals now and postponing their fundraisings until 2016. Sovereigns and bank capital trades are part of the pipeline but with Thanksgiving holiday and a potential rate rise looming, timing has become critical, writes Narae Kim.

As bankers we have all dealt with difficult clients, but some seem to enjoy taking this to a whole new level.

The China securitization market is proving to be a happy hunting ground for BMW Automotive Finance this year. Five months after a landmark four-tranche transaction, BMW sealed its return this week with a bigger and more aggressively priced Rmb3.5bn ($550m) ABS.

Zhuhai Huafa Group completed Asia’s first offshore renminbi denominated bond in close to a month, raising Rmb1.5bn ($235m) with a three year offering on November 18.

UBS is planning to swap senior members of its China onshore and offshore teams as it looks to further strengthen its mainland business, according to an internal memo seen by GlobalCapital Asia.

Asia’s primary debt market is set for a busy end to the month with another four issuers - Citic Envirotech, Korean Air Lines, Powerlong Real Estate Holdings and China Construction Bank Asia all looking to attract international investors with deals of their own on Thursday.

More details have emerged on Chinese technology firm Tencent Holdings’ $1.25bn loan that went into limited syndication last week.

The Hong Kong Stock Exchange (HKEx) plans to extend renminbi settlement operational hours for the Shanghai-Hong Kong Stock Connect in April 2016 in a bid to solve the outstanding settlement issues, a senior officer told GlobalRMB at the sidelines of event to celebrate the schemes’ one year anniversary.

TUS Holdings managed to raise $400m from its debut international bond this week, with anchor orders and private banks driving demand.

China is likely to see the volume of global payments denominated in RMB rise to match its weight in the global economy, according to Esmond Lee, executive director, financial infrastructure, at the Hong Kong Monetary Authority.