China

Guangzhou R&F Properties Co made a rapid return to the debt market this week for a $325m bond that proved popular with investors in the primary and secondary markets.

The Export-Import Bank of Korea has returned to the offshore renminbi (CNH) bond market after nearly three years, to take advantage of a recent rally in the CNH swap rate and investor demand for high quality Korean deals.

Agricultural Bank of China (ABC) took a three-pronged approach to its deal on Tuesday, raising nearly $1bn across two dollar bonds and one Hong Kong dollar tranche. The bank was able to squeeze the spread on its notes to new lows, riding on the strong secondary market performance of deals from the big Chinese banks.

Toyota Motor Finance (China) Co plans to launch its first auto loan securitization deal of 2021 under the Toyota Glory series next week. The originator will open the onshore auto ABS market after the Lunar New Year break with a Rmb5bn ($774m) transaction — its largest to date.

Hong Kong-listed Hope Education Group has tapped equity investors for $595.5m from a combined top-up share placement and debut convertible bond.

China Merchants Group’s leasing subsidiary has returned to the loan market for a $479.75m borrowing.

Bank of Qingdao has become the latest Chinese bank looking to sell tier two bonds in the onshore market, as the country's lenders step up their issuance this year.

China Aoyuan Group had to pay up to sell a $350m bond on Monday, as investors demanded compensation for the property company’s low rating and the deal’s long tenor.

Bank of America has promoted one of its telecommunication, media and technology (TMT) bankers to the newly created position of China technology investment banking head, in a bid to capture growth opportunities in the sector.

International law firm Davis Polk &Wardwell has hired capital markets lawyer Jason Xu for its Beijing team.

Joinn Laboratories has sealed its HK$6.54bn ($843.8m) listing at the top of the price range, tapping into Hong Kong’s IPO market as demand hits fever pitch, according to a source familiar with the matter.

In this round-up, China urges the US to help improve their bilateral relationship, the banking and insurance regulator sets restrictions on lenders participating in the online loan market, and FTSE Russell decides to include 11 Star market stocks in its global equity benchmarks.