Northeast Asia

China’s renminbi internationalisation (RMBi) strategy has seen a clear shift from pushing for the currency’s usage abroad to bringing investors into the onshore market. It is time to take a more nuanced view of renminbi internationalisation.

Bright Food launched a three year euro bond in Asia on Tuesday, setting initial guidance at 140bp over mid-swaps. The Chinese food and drink producer had roadshowed for a three or five year issue in Asia and Europe last week.

Property company Jinmao has sealed its second Panda bond of the year, raising Rmb2.5bn ($367.7m) from a three year note on Monday. The deal priced towards the tight end of the coupon range, a source told GlobalRMB.

Yinchuan Tonglian Capital Investment Operation Co has mandated two banks for its first international dollar bond, with roadshows to kick off on Wednesday.

Oceanwide Holdings International and Metallurgical Corporation of China (MCC) snagged investors on Monday for their new bonds, with the former going for a 363-day deal despite having regulatory quota for a longer transaction, while the latter capitalised on strong demand for its recent trade to bag $500m from a tap.

South Korea’s Nonghyup Bank reeled in investors for its $500m five year bond at the start of the week, pricing the notes flat to its existing curve.

South Korean food company CJ CheilJedang Corp has hit the equities market to clean up its position in Samsung Life Insurance Co with a view to raise up to W361.4bn ($313.8m).

JQ Pictures Holdings has completed a non-deal roadshow for its $100m IPO in Hong Kong and is preparing to open books in September.

Syndication of a $150m loan for Hong Kong-listed Flat Glass Group has wrapped up with 16 banks coming in.

Tuesday is yet another busy day for China DCM, with Bright Food (Group) Co, Greentown China Holdings and Central China Real Estate in the market for bonds, while China Railway Group is set to meet accounts for its return to the international debt market.

Natixis has promoted from within for the newly created position of head of loan syndication for Asia Pacific, naming Daniel Klinger to the top job.

The China Securities Regulatory Commission is cutting red tape on sales of H-shares by Hong Kong and dual listed firms, making it easier for them to raise equity offshore.