Greater China

Part science, part art, part mystery: our columnist takes a closer look at the process of allocating deals to investors.

Wuxi Construction and Development Investment Co and Bank of Communications Financial Leasing are getting ready to hit the dollar bond market as early as this month.

Baoxin Auto Group has rolled out a $550m dual tranche financing that is backed by a keepwell from future parent China Grand Automotive Services Co.

Turk Eximbank has invited banks to participate in a €300m ($337m) equivalent loan. It has split the borrowing into a one year and a two year tranche.

A $12.7bn Asia-focused syndication to back China National Chemical Corp’s (ChemChina) acquisition of Swiss firm Syngenta has concluded with eight new lenders joining.

China State Construction Engineering Corporation sealed a dual-tranche offering split between a three year and five year this week, coming to the market in a week that hosted other deals from Chinese state-backed companies. But thanks to its link to the central government, the issuer managed to raise $1bn effortlessly.

BMW Automotive Finance is looking to bring out its Rmb4bn ($609m) Bavarian Sky China 2016-1 Trust next week in what would be the joint largest China auto loan ABS by a foreign company.

Standard Chartered’s Renminbi Globalisation Index (RGI) dropped for the sixth time in seven months, indicating a further decline in offshore renminbi activity globally.

Chinese environmental solutions provider China Everbright International is planning to spin off and list its subsidiary China Everbright Greentech (CEG) on the Hong Kong Stock Exchange, according to a filing with the bourse on Thursday.

In this round-up, China introduces a new calculation for bank’s reserve ratio, trading of RMB futures in Hong Kong drops, the Shenzhen Stock Exchange (SZSE) is ready for Hong Kong Connect, and Singapore’s central bank sees a slowdown in RMB internationalisation. Plus, a recap of GlobalRMB’s coverage this week.

A Bank of China index tracking the yield differential between onshore and offshore renminbi debt shows that dim sum bonds continue to look expensive for issuers although the gap is starting to shrink.

According to the statement emailed by Cathay Financial Holdings to GlobalCapital Asia, the Ultrasonic loan was signed among Nomura and the participants in August 2014. A month later, the CEO of the company Qingyong Wu went missing after which the company defaulted on its obligations.