China

China Evergrande Group got a boost to its bond and stock prices on Monday, after its flagship subsidiary convinced a large group of equity holders not to exercise a put option. The company also secured two new state-backed investors.

In this round-up, Beijing says it has suspended $2.1bn in debt payments from two dozen nations under the G20 framework, and the top Chinese financial regulators send strong signals to the onshore market in the wake of a string of domestic bond defaults.

China's Evergrande Property Services Group has kicked off its IPO, aiming to raise up to HK$15.8bn ($2bn) with strong support from friends-and-family investors.

Two Chinese banks have agreed to arrange a $1.1bn loan to support China Biologic Products Holdings’ delisting from the Nasdaq stock exchange.

In this round-up, the interbank bond market regulator announces stricter rules for domestic bond issuance, the investigation into firms linked to a defaulted state-owned issuer widens, and China reduces its holding of US Treasury bonds for four straight months.

China Development Bank returned to the offshore renminbi bond (CNH) market after six years with the largest print in the currency for 2020.

Changxing Urban Construction Investment Group Co, a Chinese company focused on construction services, announced its debut dollar transaction on Thursday. But the deal was not priced as of Monday, GlobalCapital Asia understands.

Chinese cosmetics company Yatsen Holdings saw its shares spike 75% on their New York Stock Exchange debut on Thursday, after the firm priced its IPO at the top of the marketed range.

Chinese housing-related platform operator Ke Holdings has raised $2.05bn from a fresh follow-on offering of its New York-listed shares, returning to the equity market less than three months after its IPO.

The tripling of Chinese e-commerce firm Pinduoduo’s shares this year did little to deter investors from pouncing on its follow-on and convertible bond outing. It raised about $5.3bn from the combined transactions, paving the way for further expansion and growth.

China’s onshore bond market has been hit with a number of high-profile defaults from state-owned issuers, undermining primary supply and leading to a spike in secondary yields. Addison Gong reports.

The People’s Republic of China returned to the European market on Wednesday, part of its plan to make euro bond outings an annual exercise. The €4bn transaction was a blow-out, with the order book well oversubscribed — and one of the three tranches achieving the sovereign’s first negative yield. Morgan Davis reports.