Greater China

The ability to tap into a liquid CNH swap market is one of most important considerations for international companies with operations in China such as IKEA, according to a joint report from the Hong Kong Monetary Authority and InvestHK.

The Dubai Gold and Commodities Exchange has signed up the Industrial and Commercial Bank of China as a clearing and settlement bank, which it hopes will ease its introduction of Shanghai gold futures.

China Aluminum International Engineering Corp (Chalieco) and Ping An Real Estate are conducting roadshows this week to test investor interest for new dollar offerings.

China’s Yancheng Oriental Investment & Development Group Co priced its maiden dollar-denominated offering on Tuesday off strong anchor orders post roadshow.

China Huarong Asset Management went three for three on Tuesday, raising $3bn over three tranches in its third deal of the year. But given the timing of its transaction, the bad debt manager was forced to pay a juicy premium as markets remain volatile after the US election.

Credit Suisse has allocated a three year bullet loan for China Auto Rental (CAR), with the company raking in $250m after general syndication.

Cancer drugs maker BeyondSpring has filed to list on Nasdaq to raise $100m, according to a Securities and Exchange Commission filing.

Country Garden Holdings launched a 10 put five dollar deal on Wednesday, marking its second transaction in less than two months, while Fosun International is pursuing a tap of its $300m 2023s.

Volkswagen Finance (China) has opted for a new structure with its latest return to the China auto ABS market with its upcoming Rmb3.98bn ($587m) Driver China Auto five trust set to feature a revolving pool for the first time.

The Mutual Recognition of Funds (MRF) scheme continues to attract interest from mainland retail investors nearly a year after its launch. However, it is being stifled by poor distribution efforts, scarcity of eligible funds, as well as foreign fund manager uncertainty about what is the best route into China.

The Chinese government is starting to sound like a broken record by repeating over and over again that there is nothing to fear from the continued depreciation of the renminbi. But with the currency hitting an eight-year low against the dollar, it’s time for Beijing to provide some genuine guidance before the markets stop listening for good.

Studio City, Shandong Ruyi Technology Group Co, Yanlord Land (HK) and Chengdu Xingcheng Investment Group Co are wooing investors for their respective Reg S bonds. Meanwhile, Shaanxi Xixian New Area Fengxi New City Development & Construction will go on a non-deal roadshow.