Greater China

In this round-up, both China and the US offered signs of peace around trade, the China Securities Regulatory Commission (CSRC) rolled out 12 measures for further market reform and opening up, and the country’s top internet authority is tightening its control over online content.

After several years of rumours and speculation, Russia’s long nurtured plans to issue renminbi government bonds will come to fruition in this year or in early 2020. The country will not borrow in dollars, but may borrow in euros and yuan, writes Lewis McLellan.

The African Development Bank has delayed the issuance of its inaugural Panda bond to 2020, after previously hoping to make its debut in China’s interbank bond market this year.

CME Group announced on Wednesday that it will launch new futures contracts that provide market participants with exposure to the physical Chinese gold market.

Has any institution created more gentlemen than Captain’s Bar?

BMW Auto Finance (China) is planning a comeback to asset-backed notes on September 17, and will replicate the structure of its April debut in the market.

Chinese local government financing vehicles (LGFVs) Tianjin Binhai New Area Construction & Investment Group Co and Changde Urban Construction Investment Group Co both relied on anchor support for their dollar bonds, after recent negative headlines about the sector.

Hong Kong Exchanges and Clearing’s (HKEX) surprise £31.6bn takeover bid for the London Stock Exchange Group (LSEG) is being hailed by some ECM bankers as a complementary acquisition that will bring markets in the east and west closer together. But the political fires raging in London and Hong Kong have put the proposal’s success in serious doubt, write Jonathan Breen and Aidan Gregory.

FWD Group has come to the market with yet another unusual transaction, raising $600m but seeing the bond open a whole point lower in the secondary market on Wednesday morning.

Hong Kong Exchanges and Clearing has made an unsolicited £32bn bid for the London Stock Exchange Group, a move that could torpedo the LSE’s acquisition of Refinitiv.

Chinese issuers Country Garden Holdings Co, Guangxi Communications Investment Group Corp and Shuifa Group, all of which have investment-grade ratings, have sold well-supported dollar bonds to investors.

The State Administration of Foreign Exchange (Safe) has scrapped the quota limits on two of the oldest access schemes for foreign investors to China’s onshore bond and equity markets. Bankers said the move could bring in some improvements to the way the mainland market operates, writes Rebecca Feng.