China

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.

China Gezhouba Group Co raised $200m from a subordinated perpetual bond on Wednesday.

Central China Real Estate paid up for its $300m return to the bond market on Tuesday, navigating weaker investor sentiment to get its deal over the finish line.

CapitaLand Retail China Trust (CRCT) took advantage of strong investor demand for its placement to fully exercise a greenshoe option and raise S$245.4m ($182.8m) on Tuesday.

Dongfeng Nissan Auto Finance Co is set to launch a Rmb4.9bn ($747m) auto loan asset backed securitization next week.

Baoshang Bank’s complete write-down of close to $1bn of tier two debt offers an invaluable lesson to investors in China’s domestic bond market.

CapitaLand Retail China Trust is tapping equity investors for S$300m ($223.16m) to fund a spate of property acquisitions.

Chinese housing-related platform operator Ke Holdings, which listed in August in New York, is back again to the equity market. It is looking to raise around $2.6bn from a follow-on offering.

Chinese e-commerce giant Pinduoduo has kicked off a multi-billion-dollar equity fundraising exercise, taking advantage of a sharp rally in its share price this year to aim for as much as $4.85bn.

High yield property company Jingrui Holdings raised $240m on Monday as part of an exchange and new money exercise.

The People’s Republic of China is planning a comeback to the euro bond market this week, one month after selling its first dollar trade in the US.

Chinese company Tianqi Lithium Corp has warned of a possible default on an acquisition loan amid a liquidity crunch, as it struggles to make a repayment by the end of November.