China

Crédit Agricole has returned to Taiwan’s Formosa bond with its second offering of the year, several bankers have told GlobalRMB, with banks the dominant buyers of the five year bond. Meanwhile, Bank of China Taipei Branch has revised guidance for its upcoming multitranche deal.

Haikou Meilan International Airport took to the international bond market for the first time on June 9, raising Rmb600m ($98.5m) in the process.

Index firm MSCI this week announced the conclusions of its latest review of A-share inclusion in its global indices. Here is GlobalRMB's quick guide to what you need to know.

It only took a few deals, but a spat has already blown up between international ratings agencies when it comes to Chinese auto ABS. On Wednesday Fitch issued a strongly worded opinion on why it thinks the latest SAIC-GMAC Automotive Finance deal did not deserve the rating it has received from a competitor.

Index provider MSCI announced on June 9 that A shares inclusion in the indices will happen as soon as Chinese regulators address outstanding market access issues, with quota allocations as the most pressing of them.

Haikou Meilan International Airport Company has opened books on a three year offshore renminbi offering, the company’s first foray into the dim sum market.

Standard Chartered's proprietary RMB Globalisation Index (RGI) fell by 0.8% month-on-month in April, the first drop since October 2012, on the back of slowing cross border RMB payments. However, a pick-up in offshore RMB bond issuance and improving RMB liquidity should turn things around, according to the bank.

China's currency is growing rapidly as a means of trade settlement, but its struggle for global acceptance has as much to do with market share as with perception, according to academics participating in a public seminar on China's financial future.

Chinese regulators are set to announce relaxations on Panda bond issuance in September to ensure that corporate and financial issuers are more able to tap the market, according to Jane Jiang, head of the China regulatory group at law firm Allen & Overy.

Bank of China (BoC) Taipei Branch is marketing a multi-tranche Formosa bond, and will be pricing the deal as early as today (June 8), sources have told GlobalRMB. The deal will include a 15 year tranche, the longest tenor ever for an RMB-denominated bond in Taiwan.

In this round-up, Hong Kong deposits rose in April, but cross-border RMB trade settlement fell, Macau announced its March deposit figures, ICBC opened two new offshore branches in Montreal and Riyadh, RMB clearing in South Korea has reached a daily average of Rmb25bn, and Japanese bank MUFG helped Brazilian clients settle trade with China in RMB.

BMW, which recently issued an auto ABS off its European platform, has mandated Citic Securities as the sole lead underwriter for its first auto ABS of the year.