Northeast Asia

Last week's comments from Fed Chair Yellen have increased US rate hike expectations, supporting upward momentum in long CNY swap rates and a steeper curve. Sources say the move is likely to be short lived and that domestic data will provide direction again later this week, writes Deirdre Yeung of Total Derivatives

Rici Healthcare Holdings, which delayed bookbuilding for its $200m IPO in Hong Kong due to Brexit, plans to make a comeback at the end of September or early October, said sources.

Crédit Agricole has strengthened its Hong Kong operation with the appointment of a new senior country officer.

Postal Savings Bank of China is set to kick off investor education for its $8bn IPO after the Hong Kong Stock Exchange approved its plan on Thursday.

In this round-up, CIMB signs a custodian deal with China Construction Bank to facilitate investments into China, Asian Infrastructure Investment Bank (AIIB) plans membership expansion and the China Foreign Exchange Trade System (CFETS) starts publishing daily exchange rates for the RMB against the British pound, euro and Japanese yen. Plus, a recap of GlobalRMB’s top stories this week.

Baoxin Auto Group has hiked the size of its latest borrowing to $750m from $550m, after its acquisition by China Grand Auto made the deal more appealing, according to bankers.

The Hong Kong office of law firm Dentons has bulked up its capital markets group with a new partner.

Bank of Communications Co is moving ahead with the IPO of its investment banking subsidiary BoCom International in Hong Kong, after its board approved the planned $300m listing.

Indonesia’s Cikarang Listrindo and Hong Kong’s Far East Consortium International have set sights on the international bond market, having appointed banks to work on their respective dollar offerings.

The China cross-border interbank payment system (CIPS) may struggle to get a large number of banks to sign up as direct participants, but with new features such as netting set to be added, it will become an essential component of China’s renminbi internationalisation strategy.

Poland became the first European country to issue a Panda bond on Thursday, printing a landmark Rmb3bn ($451m) deal. The depreciating renminbi was not enough to put off foreign investors, while the yield pick-up over other sovereign bonds helped ensure a strong order book. Addison Gong reports.

Wanda Commercial Properties Hong Kong has made a rapid return to the syndicated loan market, launching a fresh $500m borrowing barely two months after signing its last facility. Simultaneously, parent Dalian Wanda Group is also understood to be seeking a $700m-$800m club loan, prompting discussions about the company’s appetite for debt. Shruti Chaturvedi reports.