China

China Universal Leasing, which is seeking to change the benchmark of an offshore renminbi borrowing, is now simultaneously looking for a new Rmb800m ($126m) onshore loan.

Avicem HK, a subsidiary of Shenzhen-listed Avic Electromechanical Systems Co, has wound up a €350m ($384.6m) loan with a group of four banks.

Shandong Gold Group launched a capped $300m trade on November 4, the first time it is venturing into the international bond market for funding.

China’s decision to reform its parity mechanism has ushered in a new phase of volatility for both the onshore RMB (CNY) and its offshore counterpart (CNH). Beijing has said markets should welcome the volatility as a signal of its reduced influence on the currency. For market watchers, external forces will be equally crucial to its success.

Chinese regulators have been moving at record speed to smooth market access issues arising from its capital account opening initiatives, but the timing and manner of regulators’ interventions were still hard for markets to swallow, said the world’s largest asset management firm.

One to two year CNY swaps have been bid on the back of the PBOC's lower USD/CNY fixing today. The short-end has underperformed and the curve has flattened as a result, writes Deirdre Yeung of Total Derivatives.

Chinese state-owned enterprise Shandong Gold Group is planning to issue its first international bond with the help of a standby letter of credit from Bank of China’s Shandong branch.

ICBCIL Finance, a wholly-owned subsidiary of Industrial and Commercial Bank of China, has set its sights on a triple-tranche dollar offering split between three and five year fixed rate notes as well as a three year floating rate tranche.

HSBC announced it was launching a joint venture with Shenzhen Qianhai Financial Holdings, to give it an onshore securities license and build an onshore renminbi debt capital markets business.

China International Capital Corp, which brought in 11 joint global co-ordinators for its Hong Kong IPO, has priced the deal at the top of the range to raise HK$6.29bn ($812m).

China State Construction Engineering Corp has picked seven banks to arrange a roadshow ahead of its return to the offshore debt market.

The Republic of Korea is likely to be dipping into the Panda bond market for its first renminbi-denominated trade, after the Chinese central bank gave the deal its blessing over the weekend.