China

Bank of China took its pivot away from Libor-linked bonds further this week by selling a dollar note tied to the secured overnight financing rate (Sofr) and a sterling-denominated deal that was the first Sonia-linked bond from a Chinese issuer. While BOC’s transaction was important, bankers say the new benchmarks are still slow to take off in Asia. Morgan Davis reports.

Beijing Hyundai Auto Finance Co sealed a Rmb4bn ($619m) revolving auto loan ABS this week, paving the way for its peers to tap China’s domestic market in the coming months.

China Ping An Insurance Overseas (Holdings) found strong support for its $550m 10 year bond, defying initial concerns around volatility in longer tenors.

The US regulator’s demand for more disclosures from Chinese companies planning New York listings may be a death knell for the flow of IPOs between the two markets — but it could go a long way towards offering investors some much-needed transparency.

US-listed hybrid electric vehicle maker Li Auto has hit the road for its Hong Kong secondary listing. The deal could raise around HK$13.1bn ($1.68bn) based on the last close of its US stock.

Beijing Hyundai Auto Finance Co has kicked off its onshore auto loan ABS issuance for the second half of the year, returning with yet another revolving deal under the Autopia China series.

China’s securities regulator is pushing for closer co-operation with the US Securities and Exchange Commission to support overseas listings.

Online music platform Cloud Village is drumming up demand for its Hong Kong listing, according to a source familiar with the matter.

In this round-up, China’s official manufacturing Purchasing Managers’ Index (PMI) fails to meet expectation in July, the US puts additional information disclosure requirements in place for Chinese IPO hopefuls, and foreign financial institutions continue expanding in the Mainland.

Chinese online travel agency Tongcheng-Elong Holdings is making its debut in the offshore loan market for $200m.

Chinese stocks were in freefall this week after Beijing tightened rules for the for-profit education sector, sparking a fresh — and severe — bout of volatility in the equities market. While the timing for new IPOs is far from ideal, there is hope yet for companies, say ECM bankers. Jonathan Breen reports.

The Export-Import Bank of China (Chexim) has sold a renminbi-denominated perpetual bond, becoming the first of the country’s three policy lenders to tap the onshore debt market for additional tier one capital. Addison Gong reports.