Bank of China

Chinese state banks take a lot of criticism for the amount of lending they do in Africa. But what the detractors fail to acknowledge is the lack of competition from Western banks, especially from US houses. As borrowing needs across Africa grow, the question must be asked: if the Chinese banks don't lend to Africa, which ones in the West will?

Sino Biopharmaceutical has turned to banks for a $700m refinancing loan. It is offering the same price as it paid for the original deal, a club loan sealed in 2016.

Bank of China’s Rmb40bn ($5.9bn) perpetual bond has opened up a possible path for other banks with similar funding needs, but smaller banks may still find it hard to attract investors, said analysts and bankers this week. Widening the scope of perpetual bonds so that insurance companies can purchase them will be key to solving the problem.

Last-minute help from China’s regulators allowed Bank of China to sell the first perpetual bond from a Mainland commercial bank, with the Rmb40bn ($5.94bn) note more than twice subscribed.

Bank of China’s Hong Kong-based debt syndicate head Sebastian Ha is leaving the firm next month.

Bank of China has received the green light to raise as much as Rmb40bn ($5.88bn) from a perpetual additional tier one bond in its domestic market, opening a new funding channel for Chinese banks. But although a flagship bank is leading the way, smaller institutions may find the perpetual format more compelling. Rebecca Feng reports.

Club-style Chinese deals were back this week as Peking University Founder Group Co raised $150m from a three year bond and Yankuang Group grabbed $215m.

Chinese state-owned Shenwan Hongyuan Group and Hong Kong-based restaurant owner Tai Hing Group are preparing their IPOs for this year.

China Development Bank has made a rare visit to the public Hong Kong dollar bond market, raising HK$4.3bn ($548m) from a triple-tranche floating rate transaction that included a 10 times covered decade-long note.

French toll road operator APRR started its funding plans earlier than previous years when it sold a €500m nine year deal on Thursday. Its November deal was its only transaction in 2018, but even in busier years it has waited until May before getting started.

French toll road operator APRR started its funding plans earlier than previous years when it sold a €500m nine year deal on Thursday. The company’s November deal was its only transaction in 2018, but even in busier years it has waited until May to get started.

The Republic of the Philippines threw open the door for emerging market sovereign issuance for 2019, raising $1.5bn in an outing that offered investors just a small concession. The country’s decision to attract new Chinese investors also paid off, writes Morgan Davis.