China

Red chip issuer Yuexiu Transport Infrastructure ditched its usual bullet bond structure in favour of a five year puttable Panda outing this week.

Tencent Holdings is testing bank appetite for a jumbo loan of $6bn as it gets ready to once again shun syndication in favour of a club deal. But the razor-thin pricing on offer is likely to pose a challenge — as will a recent crackdown on some of China’s largest technology companies. Pan Yue reports.

Hainan State Farms Investment Holdings Group Co debuted in the dollar market on Wednesday with a three year bond.

Chinese property company Kaisa Group Holdings raised $200m from a rapid return to the debt market this week.

China Education Group Holdings sealed a HK$2.03bn ($261.3m) top-up placement this week, raising capital for the expansion of its school network. But its stock took a hit in the aftermarket, dropping more than 10%.

Chinese domestic bonds plummeted on Tuesday and continued their fall on Wednesday morning, amid growing concerns around recent tight liquidity conditions onshore and a potential tightening in monetary policy.

More Chinese real estate borrowers headed to the dollar bond market on Tuesday, as bankers tackle a supply rush in the lead up to the Chinese New Year holidays in mid-February.

Hong Kong-listed Sun Hung Kai Properties has returned to the loan market for a HK$5bn ($645m) club deal. It is testing lender appetite at a time of growing selectiveness around the sector.

China Citic Bank Corp has raised $550m from its return to the public dollar debt market after a break of more than three years. The bank priced inside fair value estimates, leading to a large drop in the final order book.

Chinese conglomerate Fosun International has cut pricing on a new $560m-equivalent multi-currency loan, as it counts on banks’ hunger to lend amid slow deal flow to push its transaction past the finish line.

Chinese technology giant Tencent Holdings is talking to its relationship banks for a jumbo $6bn loan, opting to once again favour a club deal over syndication in a bid to save on funding costs.

Chinese healthcare duo MicroPort CardioFlow Medtech Corp and Suzhou Basecare Medical Corp have kicked off their Hong Kong IPOs after a week of pre-marketing.