Greater China

China’s eHi Car Services has thrown in the towel on its first attempt to issue a maiden dollar bond due to weak demand. Bankers away from the deal and investors say that a combination of bad timing and bad pricing was to blame.

Filipino property firm DM Wenceslao and Associates Inc has filed for a listing to raise $200m, in a deal led by BPI Capital, Citic CLSA Securities, Deutsche Bank and Maybank. The float is expected to go live in the fourth quarter of this year, say bankers.

Recommendations on foreign exchange and interest rate reform in China were at the heart of this week's International Monetary Fund's interim report on its Special Drawing Rights (SDR) review, despite the market's more immediate focus on the report's suggestion that addition of the renminbi to the SDR could involve a nine-month preparation period after any decision later this year.

The inclusion of A-shares in institutional investors' portfolios is inevitable, although the process will be a gradual one for index providers, exchanges and money managers, FTSE Russell chief executive Mark Makepeace has told GlobalRMB.

The renminbi is unlikely to be added to the basket of currencies underlying the International Monetary Fund's Special Drawing Rights (SDR) facility until October 2016, even if the IMF Executive Board were to recommend inclusion when it announces the results of its review later this year, according to an IMF report on Tuesday night.

Export Development Canada (EDC) has priced its inaugural public bond in offshore renminbi and, having beaten its initial size target on the deal, could soon be back in the market.

Dongfeng Nissan Auto Finance is back in the Chinese auto loan ABS market this week after a hiatus of more than a year. But unlike its debut in 2014, the joint venture firm is now eyeing a much larger Rmb1.5bn ($242m) transaction that features an international rating from Moody’s.

Shanghai Electric Power Finance raised $500m from its debut five year Reg S bond, attracting a near five times covered book for its offering.

The Asia ex Japan bond market was crowded on August 4 with Oceanwide Holdings and eHi opening books for respective dollar bonds, and Export Development Canada (EDC) and HNA Tourism opting for offshore renminbi (CNH) offerings.

Nomura has hired Shantanu Sahai from Barclays as its executive director in debt capital markets Asia ex-Japan to drive its Indian bond business, according to an internal memo seen by GlobalCapital Asia.

ICBC has established the first round-the-clock RMB clearing facility in its Singapore branch, the bank said in an August 4 statement.

Peking University Founder Group (Founder Group) made a quick return to the offshore bond market on August 3 with a $185m tap to its maiden issue from May.