Greater China

China National Chemical Corp has priced a Reg S-only $3bn triple-tranche deal, hitting its targeted size while paying minimum new issue premium. Peak demand was $15.5bn across the board, thanks to an attractive initial price guidance and the company’s strong credentials.

Powerlong Real Estate Holdings managed to price a $200m bond on Wednesday, the same day that China National Chemical Corp and Japan’s Softbank Group snapped up a combined $7.5bn from the debt market.

Chong Hing Bank plans to replace its legacy tier two notes with new Basel III compliant additional tier two bonds. Roadshow for the new money portion will be held this week, with the exchange offer set to expire next Friday.

Australia and New Zealand Banking Group on Monday became a clearing member of OTC Clearing Hong Kong (OTC Clear), the OTC derivatives clearing house of Hong Kong Exchanges and Clearing Limited (HKEX).

Greentown China Holdings snapped up $450m from a hugely popular senior perpetual transaction on Tuesday, while Central China Real Estate became the latest issuer to sell bonds with a tenor less than one year.

Wealth management and brokerage company Sun Hung Kai Financial is tapping the loan market for a HK$1bn ($128m) borrowing.

Shandong Energy Group Co is set to engage investors for its first offshore bond, with roadshows taking place from Thursday in Asia and Europe.

Zhongyuan Bank priced its Hong Kong IPO near the bottom of guidance on Wednesday, raising HK$8.1bn ($1.0bn).

Renminbi non-deliverable interest rate swaps (NDIRS) have been well offered on easier liquidity conditions and a long-end outperformance has driven some curve flattening momentum on Wednesday. Despite this, sources see scope for the curve to flatten further. Offshore interest in CNY bonds is said to be growing, writes Deirdre Yeung of Total Derivatives.

New issue momentum in Asia’s debt market continues to be strong with Powerlong Real Estate Holdings and China National Chemical Corp (ChemChina) collecting bids on Wednesday, as Sinochem International Corp prepares to hit the road.

China’s renminbi internationalisation (RMBi) strategy has seen a clear shift from pushing for the currency’s usage abroad to bringing investors into the onshore market. It is time to take a more nuanced view of renminbi internationalisation.

Bright Food launched a three year euro bond in Asia on Tuesday, setting initial guidance at 140bp over mid-swaps. The Chinese food and drink producer had roadshowed for a three or five year issue in Asia and Europe last week.