Bank of China

Hungary’s latest Panda looks, at least on paper, like a club deal rather than a genuine syndicated bond, with bankers disagreeing on how the deal might have played out in the market.

Bank of China Group Investment, a Hong Kong-based wholly owned subsidiary of Bank of China, will price a Rmb2bn ($290m) three year note on Tuesday. But some rivals have raised questions about whether the deal is a true funding exercise.

Three Chinese local government financing vehicles (LGFVs) managed to push out last-minute dollar deals before the year end on Tuesday, while property developer Kaisa Group Holdings raised $300m from a 365-day bond at a double-digit yield.

Hungary is planning to sell a Rmb2bn ($290m) three year Panda bond on December 17, becoming the first and only sovereign returnee to the market.

Anta Sports Products has mandated six banks for a €2.2bn loan to back the €4.6bn acquisition of Finnish sports brand Amer Sports Oyj.

China’s Haitong Securities priced a dual-currency transaction on Thursday, heading to the euro market for cheaper funding. Another issuer, Peking University Founder Group, was looking to price an up to €100m deal on Friday.

WuXi AppTec priced its IPO at the mid-point of the range to raise HK$7.92bn ($1.01bn), despite the deal being oversubscribed at the upper end of guidance, according to a source close to the listing.

WuXi AppTec is set to raise about HK$7.9bn ($1.1bn) from pricing its Hong Kong listing at the mid-point of the indicative price range, according to a source close to the deal.

Policy lender China Development Bank printed a dual-currency, three-tranche transaction on Tuesday, raising $2.4bn-equivalent. While it paid just a couple of basis points of new issue premium for the dollar bonds amid a short-lived market rally, demand for the euro portion exceeded expectations.

Investor demand for more new issue premium forced China’s Citic Securities Co to price a smaller-than-expected $300m bond on Monday.

Tencent Music Entertainment Group has begun bookbuilding for its long-awaited $1.23bn IPO in the US, around two months after first gauging investor appetite.

Australian coal producer Yancoal has raised HK$1.61bn ($206m) from its Hong Kong IPO after pricing it at the bottom of guidance.