China

Kaisa Group Holdings battled a volatile market for Chinese high yield issuers on Tuesday when it kicked off a $280m tap, as news around banks’ exposure to peer property credits rattled investors.

Chinese company Sany Heavy Industry Co has returned to the offshore loan market after a nine-year absence for $600m.

China Everbright Bank priced its $600m bond through fair value this week, buoyed by strong demand from the syndicate team helming the deal.

BMW Automotive Finance (China) sold a Rmb8bn ($1.25bn) auto loan ABS on Tuesday, its second outing this year. It slashed the revolving period to one month versus 14 in the last deal.

China Logistics Property Holdings Co built up strong demand for its HK$778.8m ($100.4m) placement on Tuesday evening, but its stock came under selling pressure the following day.

UP Fintech Holding's follow-on offering in the US drew a 10 times oversubscribed book, as its fintech credentials and online operations proved appealing to investors.

Pharmaron Beijing Co brought the first renminbi-linked but dollar settled convertible bond to the market in nearly five years this week, raising $600m from the dual tranche deal. Bankers called it a ‘smashing success’ and said the issue pipeline from the pharmaceutical sector is strengthening. Rashmi Kumar reports.

Bloated syndicate teams running bonds in Asia are becoming the norm yet again. But banks and issuers need to show more restraint.

MUFG has promoted a 30-year veteran banker to lead its China corporate banking franchise in the Mainland.

Three issuers are planning to sell renminbi-denominated Panda bonds this week, bringing up to Rmb7.5bn ($1.17bn) of supply to China’s onshore market.

UP Fintech Holding has launched a follow-on offering of new American depositary shares (ADS) worth around $173.5m.

Chinese online recruitment company Kanzhun has hit the road with an up to $912m Nasdaq listing.