Greater China

Zurich-based Swiss Reinsurance Company (Swiss Re) received the first quota in the RMB qualified foreign institutional investors (RQFII) programme among Swiss asset managers on July 29, according to the latest data from the State Administration of Foreign Exchange (Safe).

Chery HuiYin Motor Finance Service Co is seeking to list in Hong Kong via sole sponsor CICC. The automotive financing company filed a preliminary prospectus with the stock exchange on July 31.

A three-day slide in China's A-share market that included the biggest one-day percentage drop in more than eight years on July 27 has led to domestic critics pointing the finger at overseas investors. Mark Boleat, policy chairman at the City of London Corporation, has a different take. He says China needs foreign participation in its markets to ensure its goal of RMB internationalisation is successful.

In this round-up, RMB-denominated oil futures are to be open to foreign investors in China, the Brics-backed New Development Bank is to issue its first loan in RMB, and GF International has launched the first ETF based on the MSCI China A International Index in Asia.

Nikko Asset Management has made several changes to its Asia business with the promotion of two senior executives in Singapore and Hong Kong.

Tingyi (Cayman Island) Holding Corp accessed the offshore renminbi (CNH) bond market for the first time on July 30 with a three year Reg S dim sum trade. Like its debut dollar outing, investors were drawn to the rare credit from China’s food and beverage sector but some stayed away due to renminbi depreciation fears.

Renminbi usage in South Africa has soared, according to data published this week by Swift. But although the country is still the only official offshore RMB hub in Africa, others are increasingly coming into the focus of Chinese regulators' internationalisation agenda. Kenya could soon see its first RMB clearing services, GlobalRMB understands.

China Railway Signal & Communication Corp (CRSC) has released price guidance on its IPO in Hong Kong, with the leads narrowing the range near the bottom to HK$6.50-HK$6.60 ($0.84-$0.85) a share.

Greentown China Holdings has opened books to a new five year non call three dollar bond on July 31 following the end of an exchange offer plus consent solicitation exercise a day earlier.

Chinese conglomerate HNA Group will hit the road ahead of its Reg S offshore bond in dollars, while its subsidiary HNA Capital has been waiting for the right issuance window for a dollar offering. The subsidiary wrapped up investor meetings in Asia and Europe last week.

French lender Natixis has poached two bankers from RBS to form a corporate advisory department for Asia Pacific.

Problems in Chinese and emerging market economies have become the biggest fear for credit investors for the rest of 2015, according to Bank of America Merrill Lynch’s July Credit Investor Survey — having not featured at all as a concern in the bank’s May poll.