Greater China

China Auto Rental (CAR) pulled off a second successful foray in the US dollar bond market, raising $300m after tightening pricing by nearly 40bp on the back of strong demand.

Deutsche Bank’s head of investment banking advisory and coverage for southeast Asia, Parvati Banati, has exited the German lender, according to sources.

Two Formosa debuts from Korea Development Bank (KDB) and Citi have added to the flurry of issues in Taiwan's offshore renminbi bond market, taking volumes this year to Rmb28.2bn ($4.5bn), compared with Rmb20.8bn for the whole of 2014.

China Construction Bank (CCB) London branch is set to offer its debut multi-currency certificates of deposit (CDs) in the next few weeks. Jinming Hu, co-head of Treasury at CCB London Branch, told GlobalRMB that they would include renminbi-denominated offerings.

Increasing volatility correlation across different asset classes could be an early warning sign of a financial crisis, some investors and strategists have warned, even though options prices have yet to convey any panic.

Despite a flying start, China Railway Signal & Communication Corp’s (CRSC) HK$11.03bn ($1.42bn) IPO in Hong Kong succumbed to the dramatic tumble in China’s stock market, forcing it to price the trade at the bottom of the range.

Korea Development Bank has opened books for an offshore renminbi offering that will be dual listed in Singapore and Taipei, marking the first such deal for the issuer and only the third one ever from a South Korean name.

China Reinsurance Corp (China Re) is looking to list on the Hong Kong Stock Exchange via a $2bn IPO in what could be one of the city’s largest debuts this year.

Greentown China Holdings successfully persuaded bondholders of its two existing dollar notes into a new $500m five year non call three dollar bond on July 31. Bankers on the deal say the exchange offer ended up satisfying both the issuer and investors.

Asia’s US dollar bond market has started the week with a bang, with China Auto Rental (CAR), Peking University Founder Group and Shanghai Electric opening books for their respective transactions on Monday, August 3.

Weak Chinese PMI data and lower repo fixings have supported receiving interest in short CNY swaps and a steeper curve on Monday. Market participants expect the steepening trend to continue in the near-term, with 30bp in 2s/5s NDIRS considered a key level, writes Deirdre Yeung of Total Derivatives.

BMO Financial Group has appointed a new CEO for its private banking unit in Asia, BMO Private Bank Asia, with Monique Chan taking the top spot.