Greater China

Ford's Chinese auto lending subsidiary is selling a Rmb4bn ($587.1m) securitization in the renminbi market later this week, coming to the market a fortnight after Nissan. The originator is deploying the fixed-and-floating combo used by Nissan — a tactic which will help the company broaden its investor base, say bankers.

Asian bond issuers are ready to continue the success they enjoyed last week, unveiling dollar transactions in a market that appears to have received a new lease of life. But bankers still express doubts about how long the good times will continue.

Dollar bonds from Chinese local government financing vehicles (LGFVs) are experiencing a sharp rebound in the secondary market, after months of trading under water.

BeiGene is set to become the first issuer to sell shares under new rules in Hong Kong, after the exchange moved to encourage secondary listings by overseas-traded companies.

Chinese internet firm NetEase is tapping the international loan market for the first time, seeking a $500m revolving credit facility.

Index provider FTSE Russell will consider the inclusion of Chinese government bonds in its benchmark later this year, Hong Kong puts aside $10m for the Asian Infrastructure Investment Bank, and China’s FX watchdog publishes a guide on capital account management in Belt and Road countries.

Gansu Provincial Highway Aviation Tourism Investment Group, a Chinese local government financing vehicle (LGFV), secured a $350m bond on Thursday, proving that not all LGFVs are locked out of the dollar market.

Beijing Capital Grand closed a successful $400m floating rate bond on Thursday, after waiting weeks for a market window. But the transaction fell flat in the secondary market after a bookrunner’s withdrawal from the trade spooked investors.

The renminbi is the fifth most used payments currency in the world despite a fall in payments value in June, credit rating agencies in China are set to undergo a review by commercial banks, and the asset management arm of UBS starts a fund to tap both onshore and offshore Chinese stocks.

Xi calls on other countries to fight protectionism, the Chinese government modifies fiscal policy to support the central bank’s easing of monetary policy, and the securities watchdog hints at the return of stock index futures.

Web browser Opera has bagged $115m from its Nasdaq IPO after a flood of demand made top-end pricing a certainty, according to a source close to the deal.

A new dawn has broken for RMB business in Japan, as the country prepares to launch its first RMB clearing bank and a local currency swap line with China. For now bankers are focusing on new renminbi investment quotas, which could mobilise the vast pool of Japanese household assets to tap onshore Chinese securities.