China

The latest batch of regulations for the Shanghai Free Trade Zone (SFTZ), announced late last week by the People's Bank of China (PBoC) and governing the implementation of free trade accounting in the zone, indicate that the currency will operate there much like it does in the offshore market, HSBC analysts said on Monday. And while RMB will be the starting point, other currencies could follow soon.

Beijing Automotive Group (BAIC) is looking to make a debut in international bond markets as it hits the road for a potential offshore renminbi issue.

Chinese leasing company UT Capital made its debut in international bond markets on Thursday with a three year dim sum backed by a keepwell agreement from parent Haitong Securities.

Chinese leasing company UT Capital Group, a wholly owned subsidiary of Haitong Securities, launched its inaugural international bond - a three year dim sum – on Thursday.

Longfor Properties priced only the second four year CNH bond on Wednesday night, opting for the unusual tenor to spread out its maturity profile. It is also the first Chinese property issuer to come to the CNH market since February.

Bank of Toyko Mitsubishi UFJ (China) priced the first CNH issue from a non-leasing subsidiary of a Japanese financial institution on Monday. Rarity drove investors to the bond and while the issuer paid up over its dollar curve, it will use the proceeds onshore and does not intend to swap them.

China's Ministry of Finance (MoF) brought its seventh auction of offshore renminbi bonds on Wednesday, selling Rmb16bn ($2.6bn) in what was the first of two sales scheduled for this year. More than half the Rmb41.8bn demand was targeted at the three year tranche, continuing the short-end dominance of previous auctions. Fears of global rate rises make that unsurprising, but it was the central bank tranche that gave the most striking example of how strongly those concerns are driving markets.

The return of China’s A-share IPO market is taking shape after the China Securities Regulatory Commission (CSRC) said on Monday that around 100 companies would be allowed to conduct their IPOs from June until the end of the year.

The short end of the curve again dominated Wednesday's Rmb16bn auction of offshore renminbi bonds from China's Ministry of Finance (MoF), with more than half the total Rmb41.8bn demand coming into the three year tranche. That much was expected, given global fears of rising interest rates, but it was the central bank allocation that gave an intriguing insight into just how strongly those concerns are driving markets.

Longfor Properties has announced guidance on its inaugural CNH offering.

China's Ministry of Finance (MoF) will hold its seventh auction of offshore renminbi government bonds on Wednesday, May 21, selling Rmb16bn ($2.6bn), including a Rmb2bn tranche reserved for central banks. Analysts expect yields on all tranches to show a distinct steepening from previous auctions, with the exception of the shortest dated tranche, a three year.

Bank of Toyko Mitsubishi UFJ (China) priced the first CNH issue from a non-leasing subsidiary of a Japanese financial institution on Monday. Rarity drove investors to the bond and while the issuer paid up over its dollar curve, it will use the proceeds onshore and does not intent to swap back.