China Merchants Bank Co

China welcomed its first pair of non-performing loan securitizations in more than eight years as Bank of China and China Merchants Bank tied up their long-awaited trades on Thursday.

The securitization of non-performing loans in China is finally about to restart after having been mooted for months, with transactions from Bank of China and China Merchants Bank scheduled to launch 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.

A pair of Chinese regional lenders, China Zheshang Bank and Bank of Tianjin, have created a stir in the market, pricing the year’s two largest IPOs globally. The firms raised a combined HK$20.4bn ($2.6bn) and pushed Hong Kong’s stock exchange to the top spot for primary market volume so far in 2016.

China Zheshang Bank has net HK$13bn ($1.7bn) after wrapping up the world’s largest IPO so far in 2016, but had to price low to stay in line with investor interest.

A $300m three year loan for Development Bank of the Philippines (DBP) has been allocated, with the borrowing capped at the launch size despite an oversubscription.

Chinese aluminium manufacturer China Hongqiao Group has wrapped up its HK$3.8bn ($487.8m) rights issue, with shareholders signing up for roughly 80% of the offering.

China Railway Rolling Stock Corp hit the equity-linked market this week for $600m, becoming only the second firm to print an H-share CB in Asia since 2007. The deal, which follows a similar issue from a Chinese peer earlier this month, has set in motion the transition from a rare deal type into a regular funding option.

Haitong International Securities has hit the market for a HK$8bn ($1bn) three year bullet, which could increase in size depending on demand.

Chinese aluminium manufacturer China Hongqiao Group plans to raise HK$3.8bn ($489.6m) from a rights issue in early February, according to a document filed with the Hong Kong Stock Exchange.

Qihoo 360 Technology is raising a $3.4bn equivalent renminbi loan to back its delisting from the New York Stock Exchange, picking China Merchants Bank to supply the funds.

YiChang HEC ChangJiang Pharmaceutical Co has priced its HK$1.67bn ($215.4m) IPO in the middle of the range, driven by price sensitive investors in the final book.