China

Mizuho has emerged as a frontrunner for National Thermal Power Corp’s $100m loan. The company mandated the Japanese bank for its previous fundraising.

Reforms in China's foreign exchange system and capital account will see the renminbi take on a greater role in the global economy, leading to an "inevitable" inclusion of the currency in the Special Drawing Rights (SDR) basket of the International Monetary Fund (IMF), HSBC said in a July 20 report.

Three Chinese names are meeting with investors for new bonds. China Oilfield Services (COSL) and HNA Capital have mandated banks for dollar offerings, while Capital Juda has opted for offshore renminbi (CNH) on its first international outing.

Chinese company Minsheng Financial Leasing’s $175m-$200m facility may be increased in size following an oversubscription. The Credit Suisse-led loan is due to wind up sometime this week.

Beijing Infrastructure Investment started receiving bids for a four year euro-denominated bond on July 20, the second time it is tapping the currency this year.

CNY swaps were better offered on Monday because of economic concerns, despite a sizeable recovery in Shenzhen-listed equities. The 2s/5s NDIRS slope is expected to steepen on a corrective move after the recent flattening, writes Deirdre Yeung of Total Derivatives.

The past few weeks in China’s boom-then-bust stock market have been a time to forget, but the volatility has not sapped bankers’ appetite for deals, with many still on the prowl as the market takes a breather going into the annual summer lull.

Chinese car dealer Baoxin Auto Group could increase the size of its latest borrowing from $150m, following healthy demand during syndication that saw lenders from the Gulf, Taiwan and Hong Kong join in.

When a market doubles in size in a year, only to collapse by a quarter in a few weeks, a dose of panic is all but guaranteed. That’s exactly what has been happening with Chinese stocks, which went from boom to bust in the blink of an eye. But more surprising than the panicked reactions of Chinese regulators have been the many voices among international observers that the crisis spells doom for the RMB internationalisation process. That seems unlikely.

The Central Bank of Ireland has clarified rules governing investments by Ireland-registered UCITS funds that want to invest in China A-shares via the Shanghai-Hong Kong Stock Connect.

Xinjiang Goldwind Science & Technology ventured into an uncharted territory on July 16 issuing the maiden green bond by a Chinese issuer. While the deal is expected to be the first of many, investors were largely indifferent about the trade’s green credentials.

China Minsheng Investment’s (CMI) $300m offering on July 16 resonated well with the combination of robust anchor demand, a standby letter of credit (SBLC) and juicy yields proving a winning recipe.