China

Bank of Communications (BoCom) has become the second credit card ABS originator in China after completing a Rmb5bn ($790m) trade backed by instalment payments this week.

Tata Chemicals Europe’s £140m ($216m) dual-tranche facility has been launched into limited syndication, marking the borrower’s return to the syndicated loan market after a four year break.

Shandong Gold Group staged a strong inaugural appearance in the international bond market on November 4. Attracted by the rarity of the sector and the issuer’s status as a provincial state-owned enterprise, investors were eager to get a slice of the trade, surprising even those on the deal with their support.

Two leasing companies have rolled out their loans into general syndication, with China Universal Leasing seeking Rmb800m ($126m) from onshore lenders and CDB Leasing looking for $300m offshore.

Standard Chartered has been given the nod for its debut Panda bond issuance from the People’s Bank of China (PBoC). The deal is expected to take place quite soon, two sources with knowledge of the trade told GlobalRMB.

Standard Chartered has been given the nod for its debut Panda bond issuance from the People’s Bank of China (PBoC) and the deal is expected to take place quite soon, two sources with knowledge of the trade have told GlobalRMB.

Not content with being the first foreign government to issuing an offshore renminbi bond, the Province of British Columbia (BC) is now aiming to access the reopened onshore Panda bond market as the next step in reinforcing its commitment to China, says Michael de Jong, BC’s Minister of Finance, to GlobalRMB in a phone interview.

Industrial and Commercial Bank of China New York opened bookbuilding for a dual-tranche senior dollar bond on Thursday, while Future Land Development Holdings has started wooing high yield investors with a new two year offering.

Chinese property developers have been quick to capitalise on opportunities in their domestic bond market this year, taking advantage of a new funding channel available at a much cheaper cost. But with more and more issuers expected to use the onshore route, debt investors need to start better reading the risks.

China’s cross-border interbank payment system (CIPS), launched on October 8, is revolutionising the way payments are made and received in RMB across the globe. The system is just in its first phase, but as it expands its reach, the role of offshore RMB clearing banks will be called into question.

ICBCIL Finance has made its debut in the 144A format with a triple-tranche dollar offering, meeting its objectives on both pricing and diversification.

China Life Insurance could soon be making another appearance in the international bond market, having obtained board approval for raising up to $3bn.