China

Reports by credit rating agencies indicate 2014 could be a strong year for the Chinese securitisation market, but regulators need to allay concerns over data and rules quickly.

The People’s Bank of China (PBoC) Shanghai head office issued a notice last Thursday detailing how it intends to support the Shanghai Free Trade Zone (FTZ) to promote renminbi cross-border business, according to a version of the document obtained by Asiamoney, writes Carrie Hong.

Agile Property Holdings was out in the market with its debut dim sum bond on Friday, joining a host of other repeat issuers and making the most of cheaper funding opportunities.

The dim sum market is in full swing this week, with Mitsubishi UFJ Lease & Finance, Unilever and China Citic Bank all pricing three year deals on Thursday.

China Properties Group’s dollar bond had still not materialised by Thursday afternoon, despite announcing price guidance on Wednesday morning. The borrower’s fundraising plans have faced a number of setbacks, as earlier this week it had told investors it was issuing an offshore renminbi bond.

Italy’s largest bank, Intesa Sanpaolo, had a good response to its debut dim sum this week but restricted European orders as it sought to build an Asian investor base. The borrower also capped the size at Rmb650m ($106m) as it needed to pay a premium over its euro curve.

Mitsubishi UFJ Lease & Finance has returned to the international bond market just one week after pricing a dollar bond, this time opting for offshore renminbi.

Shui On Land proved that investors are still hungry for quality Chinese property credits, as it received a sizeable orderbook for what is the third biggest dim sum bond this year.

Chu Kong Petroleum & Natural Gas Steel Pipe Holdings was forced to cancel its debut dim sum bond this week, two days after issuing initial guidance. Sole bookrunner DBS struggled to price the deal as weak credit fundamentals meant the company failed to attract enough investors.

The People’s Bank of China (PBoC) Shanghai head office has kicked off a pilot scheme for cross-border renminbi payment from third-party payment institutions in the Shanghai Free Trade Zone. The pilot comes with detailed regulations on cross-border RMB payment business — the first specific rules for the financial industry since the FTZ was established late last year, writes Carrie Hong.

Mitsubishi UFJ & Finance has returned to the international bond market just one week after pricing a dollar bond, this time opting for offshore renminbi.

Unilever has announced it is returning to the dim sum market to refinance its existing 2014s. Bookrunners HSBC and UBS announced initial price guidance at 3.25% on Thursday morning.