Agricultural Bank of China

Bank of China has hit the market for its multi-currency green bond, with an offshore renminbi portion in only the second time a green dim sum bond has been sold.

Two entities of China’s Chonqing municipality — the Nan’an district financing vehicle and the Chonqing Grain Group — have mandated banks for potential deals while Huai’an’s local government financing vehicle is also seeking a new bond.

ABC Financial Leasing found a window on Monday to sell its maiden offshore bond ahead of what is expected to be a volatile second half of the week. Unsurprisingly, the deal was largely bought by onshore Chinese accounts, which helped the issuer achieve its fundraising goal.

ABC Financial Leasing has launched bookbuilding for its maiden outing to the international bond market, becoming the latest Chinese firm in the financial leasing sector to seek dollars.

ABC Financial Leasing has picked banks as it gets ready for a dollar appearance as early as next week.

China Resources Land successfully sold a Rmb5bn (759m) dual-tranche Panda bond this week, becoming the first real estate company to print this format in China’s interbank bond market.

The four month hiatus in Panda bond issuance in China’s interbank bond market has ended with Chong Hing Bank’s Rmb1.5bn ($229m) note.

The US has finally engaged with the internationalisation of the renminbi after years of stubbornly ignoring the currency’s rise. Market participants have welcomed the Rmb617m ($94.15m) worth of instruments issued by the New York branches of Agricultural Bank of China (ABC) and Industrial and Commercial Bank of China (ICBC), but say the developments are long overdue. Rev Hui reports.

Agricultural Bank of China New York raised $1.25bn from a dual-tranche offering on Monday, hitting the market early given expectations of more supply over the week. The issuer sealed a bigger floating rate note as it provides protection against volatility induced by the Federal Reserve, but executed the trade in an unusual manner.

Agricultural Bank of China New York has returned to the offshore bond market, having started bookbuilding for a dual-tranche dollar transaction on Monday morning.

Dongfeng Peugeot Citroën is planning to start the bookbuilding process for a Rmb1bn ($155m) securitization of auto loan mortgages next week.

The securitization of non-performing loans by Chinese banks is gaining plenty of traction as they are set to achieve off-balance sheet accounting treatment — one of the major hurdles for the development of the asset class.