Northeast Asia

Bank of Communications Hong Kong branch made an opportunistic move this week to complete its second dollar bond outing of the year. Its floating rate note attracted a multiple times covered book, allowing it to increase the size of the deal while pushing down funding costs.

Ford Auto Finance (China) is set to launch its second auto ABS transaction of 2016 with a Rmb3bn ($450m) offering that is almost identical to its outing earlier in the year.

It has been one year since China shocked the world with a new methodology for generating its official daily USD/CNY fix that caused a sharp fall in the currency. Market participants told GlobalRMB that the new regime has been a step up from the old system, but while more near-term reforms are unlikely, they are bracing for even more volatility.

Investment and merchant bank Ion Pacific has hired a managing director to help expand its coverage of cross-border opportunities between Asia and the West.

Chinese brokerage Changjiang Securities is looking to spin off and list its Hong Kong business, according to a statement from the firm on Tuesday.

Cement producer TCC International Holdings has decided to increase the size of its five year fundraising to $540m from $450m, exercising the full greenshoe.

Greenko Investment Company is building books for what will be India’s first dollar-denominated green bond by a corporate issuer. On the same day, BoCom HK has returned with a three year dollar floater.

China Minsheng Hong Kong International Leasing has hit the loan market for a fresh money borrowing of $200m, via two mandated lead arrangers and bookrunners.

Wisdom Education International Holdings Co is looking to list in Hong Kong via sole sponsor BNP Paribas, filing an A1 on Tuesday.

The usage of renminbi in Africa has long been talked up given China’s status as the continent’s largest trading partner. Developments over the past couple of years have been slow, however, though there are now signs of activity with several African nations visiting Hong Kong in November to learn more about RMB reserves management.

CAR, formerly known as China Auto Rental, is one step further along with its plan to sell a Panda bond, having received approval from China Securities Regulatory Commission (CSRC).

Chailease International Financial Service has upped its three year revolving facility to $195m from an initial size of $130m after some 20 lenders joined during general syndication, sources said.