China

The Export-Import Bank of China (Chexim) has mandated banks for a US dollar bond, which will be issued under an MTN programme that comes backed by loans.

China is planning to introduce new circuit breakers as it seeks to put a floor under the recent wild fluctuations in its equities market, which has seen successive rounds of panic selling erode confidence in its once-high flying A-share market.

In the confusing world of China’s investor access programmes, one thing regulators have made clear is that hedge funds are not welcome. The launch of the Shanghai-Hong Kong Stock Connect gave the industry access the mainland markets, but the recent stock market trouble has seen regulators take a much harder stance.

The Standard Chartered RMB Globalisation Index (RGI) rose 2.3% in July, on the previous month — its first positive result in four months — despite the stock market rout that has weighed on Chinese market sentiment, the bank said in a September 8 report.

A lack of confidence in the renminbi will hurt demand for offshore renminbi bonds and decrease CNH liquidity, according to a new report by Dagong Global Credit Rating (Hong Kong), writes Daniel Monteiro.

A $240m dividend recapitalisation loan for Asia Satellite Telecommunications' (AsiaSat) sponsor Carlyle has been allocated, with eight lenders joining during general syndication.

China Securities (International) Finance Holding Company has picked banks for a US dollar bond, boosting the appeal of the notes with a standby letter of credit from the Hong Kong branch of China Construction Bank.

Today's Chinese equity rebound is supporting receiving interest in short-end CNY swaps. Sources expect the rebound to extend and drive the 1s/5s curve slope steeper over the next few weeks. Meanwhile, Russian bank VEB is planning a Panda bond issue, writes Deirdre Yeung of Total Derivatives.

Shenzhen Expressway Company is set to make its debut in the international bond market after scheduling investor meetings to start on Monday, September 7.

Citic Capital Holdings has wrapped up its latest fundraising at HK$3bn ($387m), higher than the launch size of HK$1.80bn thanks to solid demand. The outcome was largely predicted by bankers as the company’s previous loan too was oversubscribed.

In this round-up, Russian bank VTB tightens co-operation with China Development Bank, latest Hong Kong and Singapore deposit data, the Azeri state oil fund reports first holdings of RMB in its foreign currency reserves, and Bank of China and China Construction Bank H1 2015 reports highlight progress in cross-border RMB business.

Ye Chiu Group subsidiary, Harmony Group, has hit the market for a $150m loan led by a trio of banks. The Chinese aluminium recycler’s fundraising comes at a time when demand for industrial metals is slowing, but bankers reckon the company’s strong market position will help.