China

Chinese technology firm Tencent Holdings has opened its $1.25bn loan into limited syndication with tight pricing on offer.

China State Construction Engineering Corp (CSCEC) has made its offshore debut with a Reg S five year dollar issue. The firm braved a market that was crowded with four other dollar deals and still managed to come inside its fair value.

In this round-up, Moscow Exchange sees fall in both spot and swap trading, South Korea deposits drop for sixth consecutive month, and the Swiss franc is now directly convertible with the onshore RMB. Plus, a recap of GlobalRMB’s top stories this week.

MSCI has said it will include a total of 14 overseas-listed Chinese companies, including Alibaba Group and Baidu.com, to its Emerging Market and China indices. The breakthrough is expected to boost trading in China’s internet giants as well as aid the future inclusion of A-shares.

Goldman Sachs this week announced the closure of its dedicated BRIC (Brazil, Russia, China and India) fund after nearly 10 years. The move signalled the end of the BRIC era, as this year saw recessions plague Russia and Brazil while growth in China stalled.

After a four month ban, IPOs are back on the table in China. But it appears some lessons have been learnt, with the rules being tweaked to prevent a repeat of this summer’s sell-off. The changes will ensure a less volatile secondary market and sets the stage for the country to adopt a market-driven regime for A-share listings next year, writes John Loh.

ICBC New York returned to the dollar bond market one year after its debut with a $1bn dual-tranche offering on November 5. While the deal was popular with Asian accounts, interest from the US was lukewarm because of the issuer’s aggressive pricing tactic.

Beijing Hualian Group has received positive but cautious market feedback for the listing of its real estate investment trust in Singapore, which could raise around S$300m ($211m).

Iris World Enterprises, an affiliate of Taiwan's Foxconn Technology Group, has picked three banks for its $300m borrowing.

BMW is preparing for its second Chinese auto ABS of the year and is, once again, relying on a popular four-tranche, fixed rate/floating rate structure that it introduced to the market five months ago.

The Asia ex-Japan bond market sprung to life on November 12 with China Huarong Asset Management, China State Construction Engineering Corp and Beijing Properties opening books for dollar bonds, while Korea Housing Finance Corp (KHFC) opted for a covered bond and Malaysia’s Axiata Group, a sukuk.

The Chinese auto ABS market is poised for a busy end of the year with BMW gearing up for its second transaction of 2015, returning with the Bavarian Sky China series.