Greater China

The People’s Bank of China announced new measures on Wednesday to facilitate cross-border trading in the country’s gold market. The rules follow the launch of a new pricing benchmark in April, which is expected to draw renewed attention to the gold market internationally, according to the World Gold Council (WGC).

Tianjin Rail Transit Group (TRT) ventured into the international bond market for the first time on Wednesday and is receiving bids for a $500m dual-tranche offering.

Norton Rose Fulbright has named Hong Kong-based US securities and corporate lawyer Harold Tin a partner with the firm.

Shanghai International Port Group (SIPG), the biggest port company in China and majority owned by the state, is set to issue a debut CNH bond in the Shanghai Free Trade Zone as early as this month, two sources have told GlobalRMB.

China’s fast-growing bond market could provider a major new source of corporate financing at a time when the banking sector is under strain, but some analysts are becoming concerned about the risk of a bubble building up.

American International Group has raised HK$9.7bn ($1.25bn) after selling a large portion of its stake in Chinese insurer PICC Property and Casualty Co, in what is the year's biggest block trade so far in Asia.

Dongfeng Peugeot Citroën is planning to start the bookbuilding process for a Rmb1bn ($155m) securitization of auto loan mortgages next week.

Chinese regulators gave Mainland-based corporates more breathing space by simplifying access to offshore borrowing and injecting more dollar liquidity in the onshore foreign exchange (FX) market on April 29.

Electrical appliance maker Midea International Corp has approached the syndicated loan market for a $330m fundraising.

The default by two state owned enterprises this year has stirred fears that the surge in China’s debt to 240% of GDP heralds further problems that could spill over into the offshore bond market with profound negative consequences.

Issuers of consumer asset-backed securities look poised to take advantage of wobbles in the Chinese collateralised loan obligation market in the wake of high-profile defaults by state-owned enterprises.

China Aluminum International Engineering Corp (Chalieco) is planning to issue renewable bonds in China’s domestic debt market to expand its funding channels.