China

China Merchants Holdings (International) became the third Chinese issuer in less than a week to access the international bond market with a dual-tranche offering split between five and 10 year bonds on July 27. The identical structures and close proximity of the deals meant it was more or less the same result for the Chinese conglomerate.

The announcement of a partnership between the China Financial Futures Exchange (CFFEX) and Moscow Exchange (Moex) on July 15 comes on the back of rapid growth in RMB usage for trade and investment in Russia. And closer ties are on the cards now that infrastructure is being put into place to make Moscow an RMB hub, Riccardo Orcel, deputy CEO of VTB Group, told GlobalRMB.

China Merchants Holdings (International) Company has opened books on a dual tranche offering that could raise the firm as much as $700m.

China International Capital Corporate (CICC) has filed for its IPO in Hong Kong. It is a venerable name, but as Philippe Espinasse writes, its best days may be behind it.

CNY swaps have been better bid as bets on People's Bank of China (PBoC) easing are unwound. At current levels, sources say flatness in the 1s/3s curve slope is likely to back more paying in three years, writes Deirdre Yeung of Total Derivatives.

China’s eHi Car Services and Tingyi Holding Corp will be on the road for investor meetings this week ahead of dollar and offshore renminbi (CNH) notes, respectively.

China Development Bank (CDB) is preparing to issue an onshore US dollar bond this week. While not the first for the bank in onshore dollars, cheap onshore borrowing costs mean that the deal is being seen as offering a new template for cost-effective funding of China's macro outbound strategy.

China's State Council said on July 24 that it was planning to expand the FX trading band for the renminbi in a move that it placed among various measures to promote exports and support growth. It would be the fourth such adjustment since the RMB’s depegging from the dollar in 2005.

In this round-up, Singapore's RMB business continues to grow, China RMB cross border trade settlement jumped 25% in June, Taiwan's RMB deposits inch up in June, the Stock Connect's northbound quota is replenished by the A-share sell-off in July, and Malaysia settled 1.9% of its trade with China in RMB in the first month of launching a clearing bank.

Hong Kong-based banker Justin Kwok has started working CCB International in a senior ECM role, having joined the bank a few week ago, sources tell GlobalCapital Asia.

Beijing Capital Juda priced its first bond, raising Rmb 1.3bn ($209m) from oversubscribed three year deal that saw investors eager to gobble up a dim sum trade.

Two Chinese issuers in the commodities sector – China Oilfield Services (COSL) and China Minmetals Corp – launched bookbuilding for dollar bonds on July 23. But there was little concern about the competition as the borrowers only looking to raise $1bn each and bankers were confident about the amount of liquidity in the market.