China

Beijing-based boutique investment bank, China Renaissance, has launched a new division to advise companies looking to raise funds in China’s onshore capital markets, expanding the firm’s services to include both its home and overseas markets.

China General Nuclear Power Corp (CGNPC) is eyeing the dollar bond market for the second time this year, having mandated banks to work on investor meetings.

Beijing Automotive Group (BAIC) and Rizal Commercial Banking Corp (RCBC) are venturing into the international debt market, opening books for their respective euro and dollar bonds.

The PBoC cut its benchmark interest rate and bank RRRs Friday but said the move did not amount to quantitative easing. Short-end swaps have been well offered in response and the curve has flattened. Sources have recommended watching currency market developments closely, writes Deirdre Yeung of Total Derivatives.

Wenzhou Kangning Hospital Co is set to pre-market its $100m Hong Kong IPO on October 26, with investor education slated to run for about two weeks before bookbuilding starts.

Bookrunners on a S$192m ($137.8m) loan for Citic Envirotech are sounding out a select group of banks to join the deal in syndication.

In this round-up, the Swiss franc set to become directly convertible with RMB, CCB gets a Zurich branch, QDII2 could launching in Shanghai FTZ, booming RMB trade in Korea, Los Angeles tries to get the edge, DBS launches in Qingdao to leverage Belt and Road plans, and CSOP launches two new China ETFs in New York.

Sino-Singapore Tianjin Eco-city (SSTEC) has completed its debut foray into the offshore bond market this week, raising Rmb1bn ($157m) from a three year offering. The debutant was able to piggyback on the success of recent dim sum outings from Chinese financial institutions.

The visit of president Xi Jinping to the UK this week has stirred much debate about the degree of kowtowing by British politicians and royals to the Chinese leader. But politics aside, the glut of new measures and transactions that accompanied the visit means the London RMB hub advanced in leaps and bounds.

The internationalisation of the Schuldschein market, Germany's answer to private placements, has been widely hailed, with foreign issuers and investors increasingly prominent. But even the banks that arrange the deals now include some surprising non-German names, writes Elly Whittaker.

Sino-Singapore Tianjin Eco-city (SSTEC) opened books on Thursday morning for a three year debut offshore renminbi deal, which comes with a standby letter of credit from Bank of China’s Singapore branch.

The People’s Bank of China (PBoC) priced its first offshore bond on October 20, raising Rmb5bn ($788m) from a dim sum deal widely hailed as important for the internationalisation of the Chinese currency. But while the transaction is a landmark for the country, doubts remain about whether more such issuance will follow from the central bank, write Carrie Hong and Narae Kim.