Greater China

In this round-up, PBoC sets a volatile fix for USD/CNY suggesting it has changed its methodology again, JP Morgan AM gets approval for a new MRF product, BlackRock boosts holdings in Chinese ADRs by 500% and Safe plans more RMB convertibility schemes in FTZs. Plus, a recap of the top GlobalRMB stories this week.

The question of where next for the renminbi continues to be the subject of fevered speculation and speculators as China spends billions to support the currency. The most likely scenario is that China will do more to curb capital outflows, but there is a growing possibility it could allow a free float of the currency, according to the senior investment team at Nikko Asset Management.

China’s first revolving auto ABS successfully priced this week with SAIC-GMAC Automotive Finance bagging Rmb3bn ($456m) from the landmark Rongteng 2016-1 Retail Auto Mortgage Loan Securitization.

A senior syndicate member of UBS's Asia debt capital markets team has left the firm.

Hong Kong’s MTR Corp has a reputation for recalibrating pricing in the region’s syndicated loan market and its latest HK$15bn ($1.9bn) dual-tranche facility is no different. The company has returned to the market after a gap of nearly 10 years, but its long absence is unlikely to pose a challenge, writes Shruti Chaturvedi.

Award ceremonies are a time to drink, catch up with old friends and brag about the success of your business and your team. And for old retirees like me, it appears to be the time to put your foot into your mouth.

SAIC-GMAC is poised to become the third issuer in the China auto ABS market this year. But the auto finance company has set its sights on a landmark trade, opening books on the country’s first auto ABS with a revolving structure.

Deutsche Bank and Australia and New Zealand Bank have lost senior members of their teams in Asia.

Confidence in holding RMB assets may have hit rock bottom with no new incentives from regulators to boost the market, but Geoff Lewis, senior strategist at Manulife Asset Management, believes there are silver linings for those with an investment horizon of 12 months or more.

A senior banker from Deutsche Bank’s Asia leveraged finance team has left the firm, according to sources.

Hong Kong’s MTR Corp is seeking a loan of HK$15bn ($1.9bn) in two tranches and has picked a quartet of banks to helm the trade.

Chinese aluminium manufacturer China Hongqiao Group has wrapped up its HK$3.8bn ($487.8m) rights issue, with shareholders signing up for roughly 80% of the offering.