Greater China

Volkswagen Finance (China) wrapped up its third asset-backed securities (ABS) deal on Friday, raising Rmb3.5bn ($531.8m). The company was forced to extend bookbuilding into a second day amid rising bond yield in the Chinese market.

The deputy governor of the People’s Bank of China says markets forces are the main driver behind renminbi internationalisation, Bank of China’s index shows onshore RMB bond yields stayed above their offshore counterparts last month, and Pakistan refuses to use the renminbi in the Gwadar Free Trade Zone – part of the China-Pakistan Economic Corridor.

China Education Group sought approval from the Hong Kong Stock Exchange on Friday for an IPO that is expected to raise around $400m, according to a source close to the deal.

Kingboard Chemical Holdings took out HK$5.5bn ($704.4m) from the syndicated loan market this week, after bringing in nine banks as bookrunners on top of the two original lead banks.

Property developer Country Garden, which holds the record for selling the Panda market’s largest bond, has obtained approval for a Rmb9.5bn ($1.44bn) issuance programme, the company said in a filing on Hong Kong Stock Exchange on Thursday.

The index subsidiary of Deutsche Boerse, Stoxx, on Wednesday highlighted the success of its Asia-Pacific indices, as it taps into smart beta strategies.

UBS has named a top executive in Zurich to take over as its India country head from next year, according to an internal memo seen by GlobalCapital Asia.

Greatship (India) and Sino Horizon Holdings are in the market with their latest financings, each offering three ticket levels.

The Province of British Columbia (BC) completed its second Panda bond on Wednesday, raising Rmb1bn ($150.9m) from a three year deal. The issuer went ahead with the deal despite rising yields in China – pushing the coupon to the top half of the guidance range.

Shandong International Trust is set to be a test case for international investor interest in Chinese trusts, as it readies the first such IPO on the Hong Kong Stock Exchange. The sector’s opaque nature will pose a challenge, but if the company pulls off a successful listing, it will open the doors for others to follow, writes Jonathan Breen.

Chinese local government financing vehicles Binhai Investment Company and Qingdao City Construction Investment (Group) took advantage of their investment grade credentials to raise a collective $1.1bn from bonds on Wednesday.

Times Property Holdings sealed a $300m deal on Wednesday in a market that continued to prove difficult, while Orient Securities raised $500m from a 2022 bond to keep its investor base alive.