Northeast Asia

Export-Import Bank of China managed to achieve the lowest spread for a euro bond from a Chinese name this year with its three year in the currency, part of a $3bn-equivalent Reg S deal.

JP Morgan taps Tan for SEA DCM — RHB loses SG equities banker — SMBC loans banker leaves

The renminbi continues to come under pressure, in part as a result of the dollar's continued upward trajectory. But while the Chinese currency is treated with suspicion and even enmity by some stateside, economist say their arguments miss the bigger picture.

Chinese high yield names KWG Property Holding and Kangde Xin Composite Material Group Co, as well as unrated Lenovo Group, launched dollar deals on Thursday morning — just one day after Indian high yield issuer Eros International pulled its bond because of weak demand.

Renminbi depreciation has been one of the market's most talked about issues with many predicting the trend to continue well into 2017. But ICBC Asia’s co-head of global markets Jimmy Jim told GlobalRMB that such fears are overblown and he believes the renminbi is maturing into a two-way fluctuating currency.

Minsheng Education Group Co rapidly covered books for its Hong Kong IPO, which was launched on Wednesday and is expected to raise up to HK$1.5bn ($195.7m), according to a source close to the deal.

Citi and Bloomberg Barclays may have taken the leap by moving to include Chinese bonds in their indices, but index providers and investors remain cautious on the market impact of the decisions.

Export-Import Bank of China made a strong comeback to the Asia debt market on Tuesday with a $3bn equivalent three tranche dual-currency Reg S deal. Its three year euro bond achieved the lowest spread in the currency from a Chinese name this year.

After launching an indirect connect scheme last October, Deutsche Borse's Clearstream platform is now prepping a direct route into the China interbank bond market (CIBM) for its client base by next year, Philip Brown, the firm's co-CEO, told GlobalRMB.

Guorui Properties and Kangde Xin Composite Material Group are preparing for their respective debuts in the international debt market.

HSBC is understood to be considering transferring a banker from London to take over leveraged and acquisition finance responsibilities for Asia Pacific. This follows the departures of senior Hong Kong-based bankers from the levfin and sponsor coverage teams last month.

Citi has appointed a new markets and securities services head for Hong Kong, tapping a veteran banker to the position.