China Merchants Bank Co

Chinese property developer Country Garden Holdings was forced to pull a Rmb1.8bn ($281.2m) three year Panda bond this week after investors demanded a better return amid rising volatility, writes Noah Sin.

Onshore investors forced red chip issuer Country Garden Holdings to pull a Rmb1.8bn ($281.2m) three year bond on Tuesday. It would have been the real estate company’s first deal in the Panda market since September 2016.

Property developer Country Garden Holdings is planning a return to the Panda bond market on Friday, after approaching onshore investors with a Rmb1.8bn ($279.8m) three year bond. It will be the first time the company has sold a Panda in the interbank bond market.

China Hongqiao Group's shares fell after it completed a HK$6.2bn ($798m) top-up placement on Monday to pay down some of its debt.

Bank of Gansu Co has raised HK$5.9bn ($756.4m) after pricing its IPO at the midpoint of guidance, according to a banker on the deal.

Chinese regional lender Bank of Gansu Co has covered the books for its Hong Kong IPO, which could raise HK$6.1bn ($783.9m) at the top of guidance, according to a banker on the deal.

Hong Kong-listed China Mengniu Dairy has won regulatory approval to tap the Panda bond market for the first time, and is seeking as much as Rmb15bn ($226.7m) from short and medium term notes.

Three Asian issuers, China Fortune Land Development Co, Luso International Banking and Shandong Hi-Speed Group Co, sold their inaugural bonds on Thursday, taking home $1.15bn between them.

Chinese banks have enjoyed a stellar year for dollar additional tier one capital issuance, with Bank of Chongqing becoming the latest to join the party, achieving its target size and price on Wednesday.

Macau’s Luso International Banking, a subsidiary of Xiamen International Bank Co, began marketing a subordinated dollar bond on Thursday morning.

Bank of Chongqing Co started bookbuilding for its Basel III compliant additional tier one dollar bond on Wednesday, adding to a sector that has seen plenty of action this year.

Luso International Banking, a subsidiary of Xiamen International Bank Co, will meet fixed income investors this week for a subordinated dollar bond.