Asia Pacific

Chong Hing Bank wrapped up the exchange portion of its legacy tier two bonds last Friday, soon after raising $360m from a 7.5x covered new money transaction that was buoyed by its rarity value.

Industrial Bank of Korea (IBK) began marketing a subordinated perpetual bond on Monday morning, the first dollar additional tier one note from a South Korean policy bank.

China Shengmu Organic Milk opened syndication for a Rabobank-led $100m three year financing last week, returning to the loan market after an absence of about one and a half years.

Longfor Properties completed its dual tranche Panda bond debut on July 20, pricing three and five year tranches in the middle of guidance. But the issuer had to make a last minute tweak to its plans as investors gave clear priority to the shorter term notes.

Aluminum Corporation of China (Chinalco) has approached lenders for a $200m two year loan through its Peruvian arm, according to bankers.

The US-China dialogue on trade had a muted ending last week, but there was good news in the bond market – domestic issuance picked up in June, and issuers continue to flock to Panda bonds.

China’s Oceanwide Holdings Co scored $400m from a new three year offering on Thursday, sealing a bigger deal than expected but paying up in the process.

China Life Insurance (Overseas) Company’s $250m bond generated huge demand on Thursday, with final books hitting $3.9bn. Market participants reckon the issuer priced through theoretical fair value.

China Jinjiang Environment Holding Company (CJE) made its debut in the international bond market, raising $200m from a three year on Thursday. The deal won investors over — but finding close comparables proved a challenge.

Chinese property developer Greenland Holdings is planning to increase the size of its loan, launched in late April, to $300m from $250m.

Malaysian lender Maybank priced its first onshore renminbi bond on July 21, with the Rmb1bn ($148m) three year deal closing books early in the afternoon.

A US pension fund has filed a class action lawsuit against ZTO Express and the banks that underwrote its $1.4bn IPO on the New York Stock Exchange last year.